Florida surplus lines News

What Passed, What Didn’t: New Florida Laws Taking Effect July 1

The Florida Legislature looked at and passed many pieces of legislation in the 2019 session that will impact the insurance industry. The following are summaries of what passed — and what didn’t. What Passed HB 7065 – AOB Reform Provides …

How the Florida ‘Omnibus’ Insurance Bill Will Impact Insurer Duty to Defend, Appraisal

While most of the news out of the 2019 Florida Legislative Session surrounding insurance has focused on House Bill 7065 and the wide-spread assignment of benefits (AOB) reform it promises, another piece of legislation that makes some big insurance-related changes …

Florida Passes ‘Catch All’ Insurance Bill Impacting Surplus Lines, Catastrophe Fund

A Florida bill that the insurance industry says will help modernize the state’s surplus lines system, as well as impact property insurer contracts under the Florida Hurricane Catastrophe Fund and reduce “bad faith” lawsuits, is now awaiting the governor’s signature …

Florida Announces Exit from Multi-State Surplus Lines Clearinghouse NIMA

The Florida Surplus Lines Office (FLSLO) has announced that Florida has made the decision to withdraw from the Nonadmitted Insurance Multi-State Agreement (NIMA), effective June 1, 2016. The decision marks the second state to leave the Agreement, with Louisiana previously …

Florida Opens, Closes Surplus Lines Opportunities

The recent legislative session in Tallahassee was relatively quiet, a matter some attribute to this being an election year. But even in quiet years, Florida lawmakers tend to make some noise about the insurance industry and this year was no …

Florida House Nixes Shifting Citizens Policies to Surplus Lines

The Florida House has rejected a proposal that could shift homeowners away from the state-backed Citizens Property Insurance and into private surplus lines insurers. The Florida Senate last week narrowly voted for a property insurance bill that would allow homeowners …

Surplus Lines Insurers Could Pick Up Citizens Policies Under Senate Bill

Homeowners seeking coverage from Citizens Property Insurance could wind up getting policies from out-of-state insurers that are exempt from many of the state regulations other insurers must honor. The Florida Senate on Friday voted 22-16 for a property insurance bill …

Florida Bill to Let Surplus Lines Assume Citizens Policies Advances

Legislation designed to help state-backed Citizens Property Insurance Co. spin off customers to reduce its hurricane risk cleared the Florida House after a heated debate Friday. The bill (HB 245) would let surplus lines companies, which have unregulated rates, take …