Senate Omnibus Property Insurance Package Scheduled for Banking and Insurance Committee Reconsideration

The Florida Senate Committee on Banking and Insurance (“Committee”) will resume its consideration of the omnibus property insurance strike-everything amendment on March 10, 2010.  To view the Committee packet, click here.

After having run short of time last week during its consideration of amendments to the omnibus package, the Committee is expected to continue its deliberations on this legislation. 

Last week, a handwritten amendment to the omnibus package by Senator Ronda Storms was being debated. This amendment would delete a provision in the legislation that would allow an insurance company to pay actual cash value for property losses until the policyholder furnishes the insurer with a final repair contract.  At that time, the insurer would then pay replacement cost value. 

The omnibus strike-everything amendment is expected to be amended onto Senate Bill 2044 during the March 10 meeting.

Since the previous Committee meeting, two other amendments have been filed to the omnibus package.  Specifically, these are:

• 802406 by Senator Chris Smith, which provides a definition for “valid claims” that may be included in evaluations for the annual residential property insurer report card; and
• 714612, a technical amendment by Senator Mike Fasano.  

The Committee also will consider SB 740 by Senator Mike Bennett that requires the Florida Financial Services Commission to reconfirm the Florida Insurance Commissioner every two years.  The House companion bill, HB 1011 by State Representative Scott Plakon, has not yet been heard in any House committees.

Additional Insurance-Related Bills To Be Considered on March 10

• The Senate Committee on Governmental Oversight and Accountability will consider SB 2186 by Senator Jeremy Ring that would add two members to the State Board of Administration (“SBA”) Board of Trustees, as well as establish an SBA audit committee.  A proposed committee substitute has been filed that would remove portions of SB 2186.
• The House Governmental Operations Policy Committee will consider bills relating to two public records exemptions that have currently been approved for extension in comparable legislation passed by the Senate Committee on Banking and Insurance.  Two proposed committee bills would extend public records exemptions that currently exist for trade secret information used by the Florida Commission on Hurricane Loss Projection Methodology and the Florida Public Hurricane Model.

Should you have any questions or comments, please contact Colodny Fass.

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