Insurance Bill Action: Friday, April 25

Insurance-Related Bill Activity for April 25: Day 53 of the 2008 Florida Regular Legislative Session

 

House Bill 7021 Relating to the General Florida Hurricane Catastrophe Fund (“FHCF”): Creates Division of the Florida Hurricane Catastrophe Fund (“Division”) within State Board of Administration (“SBA”); transfers powers, duties, and responsibilities of administration of the FHCF from SBA to the Division; requires the SBA to appoint a director; extends for an additional year the offer of reimbursement coverage of up to $7 billion for specified insurers; revises qualifying criteria for such insurers; provides penalties and interest for failing to collect and remit specified assessments; increases membership of the Florida Hurricane Catastrophe Fund Finance Corporation Board of Directors; revises methodology for calculating Temporary Increase in Coverage Limits (“TICL”) coverage multiples for purposes of reducing an insurer’s fund coverage limit; increases percentage of reimbursement of insurer’s TICL coverage under TICL options addendum; assigns Florida Commission on Hurricane Loss Projection Methodology to the Division. Effective Date: July 1, 2008.

Friday, April 25 Update:  Read a second time in the House; two amendments adopted

• Amendment 1- changes effective date to June 1, 2008.
• Amendment 2- increases the FHCF reimbursement for limited apportionment companies from $7 billion to $10 billion

 

House Bill 7103 Relating to Mitigation Enhancement Revises eligibility criteria for qualifying as wind certification entity; requires the Florida Department of Financial Services (“DFS”) to implement quality assurance program; revises DFS authority to require improvements to be made as condition of reimbursing homeowner approved for grant; authorizes DFS to transfer specified funds to not-for-profit entity other than Volunteer Florida Foundation, Inc.; requires DFS to develop no-interest loan program; expands DFS authority to contract with additional third parties for specified purposes; requires insurers to account for county ordinances & local amendments to Florida Building Code in rate filings; requires insurers to accept as valid uniform mitigation verification forms certified by DFS or signed by specified professionals. Effective Date: July 1, 2008

Friday, April 25 Update:  Read a second time in the House with one amendment

• Amendment 1- revises the no-interest loan program

 

Senate Bill 648 Relating to General Insurable Interests/Insurance Contracts provides that any individual having legal capacity to contract, may procure or effect an insurance contract on his or her own life or body for the benefit of any person. Provides that no person shall procure or cause to be procured or effected an insurance contract on the life or body of another individual unless the benefits under such contract are payable to the individual insured, or his or her personal representatives.  Effective date:  July 1, 2008.

Friday, April 25 Update: Passed the Senate

 

Senate Bill 1012– Relating to General Health Insurance Claims Payments; authorizes the Florida Office of Insurance Regulation to waive the requirement that each multiple-employer welfare arrangement maintain its principal place of business in the State if the arrangement meets certain specified conditions and has a minimum specified fund balance at the time of licensure. Provides requirements, limitations, and procedures for leasing, renting, or granting access to participating providers by third parties. Effective date:  November 1, 2008.

Friday, April 25 Update:  Substituted for House Bill 405 and read a second time

 

Senate Bill 1488– Relating to General Health Care Consumer’s Right to Information Act; revises requirements for health care providers and facilities in notifying insured persons of charges for health care services. Requires an itemized, comprehensible estimate of charges. Requires a licensed facility not operated by the State of Florida to make available to the public on its Internet Web site a description of, and a link to, the performance outcome and financial data that is published by the Florida Agency for Health Care Administration.  Effective date: July 1, 2008.

Friday, April 25 Update:  Passed the Senate 37 (Y) 0 (N)

 

Senate Bill 1598 Relating to General Health Insurance Coverage/Amino-acid-based Formula; requires Florida health insurance policies and health maintenance contracts to provide additional premium coverage for amino-acid-based elemental formulas for the treatment of certain medical conditions. Revises a prerequisite concerning such coverage to authorize persons holding certain licenses to prescribe or order such formulas. Limits application to children of certain age.  Effective date:  October 1, 2008.

Friday, April 25 Update:  Read a second time in the Senate

 

Senate Bill 1684 Relating to General Title Insurance; creates the Florida 2008 Title Insurance Study Advisory Council to undertake a comprehensive examination of the title insurance delivery system of this state with the goal of making recommendations for legislation to promote a sound and stable system to promote the safety of real property transfers. Effective date: Upon becoming law.

Friday, April 25 Update:  Read a second time in the Senate

 

House Bill 535 Relating to General Health Insurance: Revises definition of “bone marrow transplant”; requires identification card containing specified information be given insureds under health benefit plans and group health insurance policies and persons having health care services through health maintenance contracts; provides for exception to specified identification card requirements for cards issued before specified date. Effective Date: January 1, 2009

Friday, April 25 Update:  Passed Senate on April 24, 39 (Y) 0 (N), in Messages to House

 

Updates on these and other insurance-related bills will be provided as they become available.

 

Should you have any questions or comments, please do not hesitate to contact this office.

 

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