Signed, Sealed, Delivered: Florida’s 2015 Insurance Legislation Takes Effect

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Below is a list of insurance-related Florida legislation passed by lawmakers in the 2015 regular session. All legislation has been approved by Governor Rick Scott and became effective as of July 1, 2015.

HB1133 – Florida Agent Licensing

Aligns college coursework with current Florida agent pre-licensing requirements (Read more: Florida Governor Signs Insurance Licensing, Workforce Development Bill)

SB 1094: Peril of Flood

Specifies requirements for the coastal management element required for a local government comprehensive plan; requiring a surveyor and mapper to submit a copy of each elevation certificate that he or she completes to the Division of Emergency Management within a specified period beginning on a specified date; authorizing the redaction of certain personal information from the copy; deleting a provision that prohibits supplemental flood insurance from including excess coverage over any other insurance covering the peril of flood, etc.

HB 4011: Motor Vehicle Insurance

Revises terms “motor vehicle insurance” & “policy” to remove exclusions for policies that insure more than four automobiles from provisions regulating insurance rates & cancellation or nonrenewal of motor vehicle insurance contracts.

HB 715: Eligibility for Coverage by Citizens Property Insurance Corp.

Removes provision that prohibited certain improvements to major structures from being eligible for Citizens Property Insurance coverage; revises provisions regarding coverage for major structures that have undergone specified changes after a date certain.

SB 836: Florida Insurance Guaranty Association

Revises provisions relating to the levy of assessments on insurers by the Florida Insurance Guaranty Association; requiring charges or recoupments to be displayed separately on premium statements to policyholders and prohibiting their inclusion in rates, etc.

HB 157: Fraud

Defines “business entity”; provides for restitution for certain out-of-pocket costs of victims; requires business entities to provide copies of business records of fraudulent transactions involving identity theft to victims & law enforcement agencies in certain circumstances; provides exception; includes counties & other political subdivisions in provisions prohibiting false marking of goods or packaging with location of origin; prohibits fraudulent issuance of indicia of membership interest in limited liability company; specifies that electronic statements are included in provisions prohibiting certain false representations; prohibits sale of counterfeit security company signs or decals; increases criminal penalties for fraudulently obtaining goods or services from health care provider; expands specified identity theft offenses to include all persons rather than being limited to natural persons; prohibits knowingly providing false information that becomes part of public record to facilitate or further commission of certain offenses.

HB 165: Property and Casualty Insurance

Restricts to certain property rate filings a requirement that the chief executive officer or chief financial officer and chief actuary of a property insurer certify the information contained in a rate filing;

Also requires an insurer to employ in certain rate filings actuarial methods, principles, standards, models, or output ranges found by the Florida Commission on Hurricane Loss Projection Methodology to be accurate or reliable in determining probable maximum loss levels, etc.

HB 189: Insurance Guaranty Associations

Revises definition of term “asset” to include Florida Insurance Guaranty Association assessments for purposes of determining financial condition of insurer; transfers provision relating to obligation of Florida Life and Health Insurance Guaranty Association to pay valid claims.

SB 252: Insurance

Increases the number of years that a specified examination report remains valid and may be considered for the purpose of applying for a certificate of authority; providing that the absence of a counter signature does not affect the validity of a policy or contract of insurance; providing that the term “financial guaranty insurance” does not include guarantees of higher education loans unless written by a financial guaranty insurance corporation, etc.

HB 273: Insurer Notifications

Authorizes policyholder of personal lines insurance to elect delivery of policy documents by electronic means; defines “optional coverage”; revises requirements applicable to insurers when providing notice of change in policy terms for renewal policy to include requirement that notice be an advance notice; authorizes such notice to be sent separately from notice of renewal premium within specified timeframe; requires insurer to provide sample copy of notice of change in policy terms to insurance agent at specified time; prohibits use of such notice to add optional coverage that increases policy’s premium unless policyholder approves additional optional coverage.