Florida House Insurance, Business and Financial Affairs Committee Approves Three Proposed Bills To Update Florida Insurance Code
Date Published: 02-03-2010
The Florida House Insurance, Business and Financial Affairs Committee ("Committee") met today, February 3, 2010, and considered three bills that would repeal outdated or obsolete provisions of Florida insurance law.
These bills were offered by the Committee Chairman, State Representative Pat Patterson (R-DeLand), as proposed committee bills ("PCBs"), all of which were approved for introduction by the Committee. If passed, the bills would have the following effect:
PCB IBFA-05 would repeal section 215.55951, F.S., which states that Citizens Property Insurance Corporation ("Citizens") may not use any amendments made to section 215.5595, F.S. (Florida Insurance Capital Build-Up Incentive Program) or any transfer of funds authorized by the bill as justification or cause in seeking any rate or assessment increase.
PCB IBFA-03 would repeal outdated, obsolete or antiquated insurance provisions. The provisions repealed are outlined below:
- Section 627.311, 3 F.S. relating to the presuit notice for the Florida Automobile Joint Underwriting Association
- Section 627.351, F.S. relating to the report required from Citizens on the feasibility of requiring authorized insurers to issue and service specified Citizens policies
- Section 627.706, F.S. relating to a form filing deadline for sinkhole coverage
- Section 627.7065, F.S. relating to a report of activities relating to the sinkhole database
- Section 627.7077, F.S. relating to a feasibility and cost-benefit study of a potential Florida Sinkhole Insurance Facility and other matters relating to sinkhole insurance
- Section 627.712, F.S. relating to the effective date for the exclusion of windstorm and contents coverage
PCB IBFA-04 would repeal the mitigation grant program for Citizens policyholders outlined in section 627.0629, F.S.
To view today's Committee meeting packet, click here.
Should you have any comments or questions, please contact Colodny, Fass, Talenfeld, Karlinsky & Abate.
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