Member Comments, Questions Requested on SB 2860 by June 20

On May 28, 2008, Governor Charlie Crist signed into law SB 2860, which is also known as the “Homeowners’ Bill of Rights Act.”

However, the Governor vetoed Section 16 of the bill, which would have provided an appropriation of $250 million for the Insurance Capital Build-up Incentive Program funded from Citizens Property Insurance Corporation surplus.

The Governor recently vetoed HB 5057, which also related to funding for the Insurance Capital Build-up Incentive Program

We have received inquiries from FPCA members regarding the interpretation of some of the language in SB 2860 and the regulatory ramifications of its passage.  Presently, we are in the process of collecting these questions from FPCA members.

Once the questions are pooled, we will arrange to discuss them with the Florida Office of Insurance Regulation on behalf of the Florida Property Casualty Association.

Please review the attached summary of SB 2860 (note:  includes now-vetoed Section 16)and return your questions about the bill to Katie Scott Webb at kwebb@cftlaw.com by June 20, 2008.