Senate Banking and Insurance Meeting: March 18

The Senate Banking and Insurance Committee (“Committee”) held its third meeting of the 2008 Regular Legislative Session on March 18, 2008. To view the meeting packet, click here.

Although the Committee spent most of its time debating and analyzing a bill relating to health insurance accessibility, it did approve Senate Bill 1684 by Senator Baker (R – Eustis), which would increase criminal penalties for persons convicted of committing automobile insurance fraud under a no-fault automobile policy to minimum mandatory terms of imprisonment and fines.

SB 1684 has three additional Committees of Reference before it moves to the Senate floor for debate.

Its House companion bill, House Bill 267 by Representative Hays (R-Umatilla), is scheduled to be heard in the House Safety and Security Council, its last Committee of Reference today (March 19).

On March 20, the House Insurance Committee will consider six bills relating to insurance, including House Bill 1493 by Representative Shelley Vana (D-West Palm Beach).

House Bill 1493 would require insurers that intend to place conditions on the renewal of a motor vehicle insurance policy such as a change of limits, elimination of coverage, or an increase in premium to provide the named insured and the insured’s agent with written notice of the placement of such conditions at least 45 days prior to the policy renewal date.

The bill provides that this notice must be mailed or delivered to the named insured at the address listed on the policy and to the insurance agent’s business address, and must include specific reasons for the conditional renewal or the increase in premium. The notice requirement established by HB 1493 does not apply if the insured or the insured’s agent has mailed or delivered written notice to the insurer that the insured intends to cancel or not renew the policy, or that the insured has replaced the policy.

HB 1493 has another Committee of Reference before it can proceed to the House floor for debate. The Senate companion bill, SB 752, has not been heard at this time, but was passed unanimously by the Senate Banking and Insurance Committee on March 18.

 

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