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Loss Run Statements


PROBLEM: Insurance consumers need claims information or loss runs from their previous policies to be able to shop for insurance. The practice of requesting this information happens daily in the marketplace, but some insurers are more responsive to requests than others. 

BACKGROUND: A loss run statement is a report from an insurer that shows how many claims an insured has filed under their policy during a particular period of time. Although most personal lines loss histories can be obtained from public sources, commercial lines and health insurance claims data is not readily available, and claims history obtained directly from an insurer (for all lines) is more reliable for the consumer. 

While insurers routinely provide loss run information to insureds, Florida has no existing statutory framework regarding when and how insurers must provide this information. Approximately 11 other states currently have statutory requirements for insurers providing loss run statements to insureds.

SOLUTION: Senate Bill 292 by Sen. Broxson and House Bill 269 by Rep. Perez are pro-consumer bills that establish transparency and access to data for insurance consumers to allow them to knowledgeably shop for insurance. The bills: 

  1. ESTABLISH a framework for insureds to request loss runs and claims data directly from their insurers and to receive the requested information in a timely manner (15 days) that allows them to obtain quotes from other insurers should they choose to do so.
  2. APPLY to all lines of insurance, for both admitted and surplus lines insurers.
  3. DEFINE “loss run statement” and what must be included in such statements.
  4. SPECIFY that the loss run statement must contain claims history for the preceding five years, or a complete claims history if the history is less than five years.
  5. PROHIBIT an insurer from charging an insured for their first requested loss run statement per year.

CALL TO ACTION: Support SB 292 and HB 269

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