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Regulation of Insurance Companies


   

CS/HB 359

The bill makes several changes relating to the regulation of insurance companies.

p. 5–10, §215.555 

Deletes the future repeal of the exemption of medical malpractice insurance premiums from the Florida Hurricane Catastrophe Fund assessments.

Under current law, the exemption is repealed May 31, 2019. 

pp. 10–13, §624.407 and §624.408 

Allows an insurer issuing only renter’s insurance, tenant’s coverage, or cooperative unit owners insurance to maintain a surplus of $10 million to do business in the state.

pp. 13–14, §624.424 

Removes the requirement that all members of an audit committee for an insurer must be free of any relationships that could interfere with the member’s independent judgement.

pp. 14–15, §FS 625.012 

Allows Florida Workers’ Compensation Insurance Guaranty Association surcharges to be counted as insurer assets if those surcharges are paid to the association before the surcharges are collected from the insureds.

pp. 15–16, §627.062 

Removes the requirement on insurers writing certain lines of medical malpractice insurance to make a full rate filing annually; these insurers will have the option to certify their rates with the Office of Insurance Regulation (OIR).

pp. 3–5, 19–21, §177.041, §177.091, and §627.7843 

Renames “owners and encumbrance” reports to “property information” report and clarifies such reports are not title insurance.

pp. 16–19, §627.435 

Allows electronic checks and drafts as acceptable methods of payment for specified lines of insurance and allows insurers to charge a $15 insufficient funds fee.

pp. 18–19, §627.421 

Specifies display requirements for the electronic delivery of documents.

Effective date: June 26, 2017
Chapter No. 2017-132, LOF
 

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