FloridaENROLLED SenateLegislature - 2022 SB 2-A By20222Aer Senator2 Boyd 20-00001C-22A 20222A__ A bill to be entitled An act relating to property insurance;
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ against a property insurer;
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ Surplus Lines Service Office;
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ proof for corporation policyholders making claims for water damage;
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ claims, and supplemental claims under property insurance policies must be given to insurers or be barred;
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ judgment or settlement that is conditioned on the mutual acceptance of all joint offerees;
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ insurer as of November 30, 2022.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ defined in s.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ (b) The board must enter into a FORA reimbursement contract effective June 1, 2023, with each FORA eligible insurer electing to purchase coverage.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ 3.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ FORA retention.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ insurer’s FORA layer 1 limit.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ and treat the authorized insurer or the Citizens Property Insurance Corporation as if it were the unsound insurer for the remaining term of the FORA reimbursement contract, with all rights and duties of the unsound insurer beginning on the date it provides coverage for such policies.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ (11) APPROPRIATION.— (a) Within 60 days after a covered event, the board shall submit written notice to the Executive Office of the Governor if the board determines that funds from FORA coverage established by this section will be necessary to reimburse FORA insurers for losses associated with the covered event.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ shall instruct the Chief Financial Officer to draw a warrant from the General Revenue Fund for a transfer to the board for FORA in the amount requested.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ no action shall lie until a named or omnibus insured or a named beneficiary has established through an adverse adjudication by a court of law a claimant must establish that the property insurer breached the insurance contract and a final judgment or decree has been rendered against the insurer.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ conduct exam for any other reason.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ Section 5.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ 12.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ deceptive acts or practices defined.— (1) UNFAIR METHODS OF COMPETITION AND UNFAIR OR DECEPTIVE ACTS.—The following are defined as unfair methods of competition and unfair or deceptive acts or practices:
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ claim is being investigated, upon the written request of the insured within 30 days after proof-of-loss statements have been completed;
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ actions by the insured or claimant that constitute fraud, lack of cooperation, or intentional misrepresentation regarding the claim for which benefits are owed.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ (I) A personal lines account for personal residential policies issued by the corporation which provides comprehensive, multiperil coverage on risks that are not located in areas eligible for coverage by the Florida Windstorm Underwriting Association as those areas were defined on January 1, 2002, and for policies that do not provide coverage for the peril of wind on risks that are located in such areas;
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ excluding wind.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ primary insurance under subparagraph (c)2.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ subparagraph and subparagraph 3.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ be recovered through regular assessments of assessable insurers under paragraph (q) and assessable insureds.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ surplus lines agent pays the surplus lines tax to that office.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ particular year must be a uniform percentage of that year’s direct written premium for subject lines of business and all accounts of the corporation, excluding National Flood Insurance Program policy premiums, as annually determined by the board and verified by the office.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ interest, fees, commissions, required reserves, and other costs associated with financing the original deficit, or 10 percent of the aggregate statewide direct written premium for subject lines of business and all accounts of the corporation for the prior year, plus interest, fees, commissions, required reserves, and other costs associated with financing the deficit.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ indebtedness incurred with respect to a deficit for which the assessment was imposed remain outstanding, unless adequate provision has been made for the payment of such bonds or other indebtedness pursuant to the documents governing such bonds or indebtedness.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ the proper application by surplus lines agents of assessment percentages for regular assessments and emergency assessments levied under this subparagraph on assessable insureds and assist the corporation in ensuring the accurate, timely collection and payment of assessments by surplus lines agents as required by the corporation.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ of the deficits, such excess amounts shall be remitted to and retained by the corporation in a reserve to be used by the corporation, as determined by the board of governors and approved by the office, to pay claims or reduce any past, present, or future plan-year deficits or to reduce outstanding debt.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ eligible for coverage by the Florida Windstorm Underwriting Association, as those areas were defined on January 1, 2002.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ subparagraph (c)2.:
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ issuance of a new policy by the corporation within the first 12 months after the date of the levy or the period of time necessary to fully collect the surcharge amount.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ assessable insurers shall begin to collect and assessable insureds shall begin to pay such assessment.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ surcharges and other surcharges, and other funds available to the corporation as the source of revenue for and to secure bonds issued under paragraph (q), bonds or other indebtedness issued under subparagraph (c)3., or lines of credit or other financing mechanisms issued or created under this subsection;
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ sub-subparagraph, the term “property and casualty lines of business” includes all lines of business identified on Form 2, Exhibit of Premiums and Losses, in the annual statement required of authorized insurers under s.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ as determined by the board of governors and approved by the office, to pay claims or reduce any past, present, or future plan-year deficits or to reduce outstanding debt.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ (b)2.a.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ responsibility of the corporation or authorized insurer to pay its specified percentage of hurricane losses of an eligible risk, as set forth in the agreement, may not be altered by the inability of the other party to pay its specified percentage of losses.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ for a uniform specified percentage of coverage of hurricane losses, by county or territory as set forth by the corporation board, for all eligible risks of the authorized insurer covered under the agreement.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ not limited to, the sale and servicing of policies issued under the agreement by the insurance agent of the authorized insurer producing the business, the reporting of information concerning eligible risks, the payment of premium to the corporation, and arrangements for the adjustment and payment of hurricane claims incurred on eligible risks by the claims adjuster and personnel of the authorized insurer.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ actions needed to facilitate tax-free status for such bonds or indebtedness, including formation of trusts or other affiliated entities.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ officer.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ representatives appointed by the insurers with the three highest voluntary market share of residential property insurance business in the state;
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ renewal from an authorized insurer, if the offer is equal to or less than the corporation’s renewal premium for comparable coverage, the risk is not eligible for coverage with the corporation for policies that renew before April 1, 2023;
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ a policy is issued to the risk by the corporation or during the first 30 days of coverage by the corporation, and the producing agent who submitted the application to the plan or to the corporation is not currently appointed by the insurer, the insurer shall:
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ continue servicing the policy for at least 1 year and offer to pay the agent the greater of the insurer’s or the corporation’s usual and customary commission for the type of policy written.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ end of the policy term assumption period.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ customary commission for the type of policy written or a fee equal to the usual and customary commission of the corporation;
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ corporation and the authorized insurer;
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ deficits in that account as to future years and used for that purpose before assessing assessable insurers and assessable insureds as to any calendar year;
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ the board of governors.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ the requirements and procedures may not provide an effective date of coverage later than the date of the closing of the transfer as established by the transferor, the transferee, and, if applicable, the lender.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ b.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ enclosures that are not covered by the same or substantially the same materials as those of the primary dwelling;
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ from the corporation an acknowledgment signed by the applicant, which includes, at a minimum, the following statement:
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ b.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ CORPORATION IS NOT SUPPORTED BY THE FULL FAITH AND CREDIT OF THE STATE OF FLORIDA.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ order of the office.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ 6.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ 1.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ be deactivated in an account, or in the Citizens account if established by the corporation, on the basis that the conditions giving rise to its activation no longer exist.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ bonds as defined in s.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ 3.a.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ the first year, an amount which is the greater of the insurer’s usual and customary commission for the type of policy written or a policy fee equal to the usual and customary commission of the corporation;
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ or impair the solvency of the insurer.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ liabilities of the association, including bonds, note and debt obligations, and the financing documents pertaining to them become those of the corporation as of July 1, 2002.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ Subject to the relevant financing documents pertaining to their outstanding bonds, notes, indebtedness, or other financing obligations, the moneys, investments, receivables, choses in action, and other intangibles of the Florida Windstorm Underwriting Association shall be credited to the coastal account of the corporation, and those of the personal lines residential coverage account and the commercial lines residential coverage account of the Residential Property and Casualty Joint Underwriting Association shall be credited to the personal lines account and the commercial lines account, respectively, of the corporation.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ provided by the fund to the Residential Property and Casualty Joint Underwriting Association based on its exposures as of June 30, 2002, and each June 30 thereafter, unless the corporation has established the Citizens account, shall be transferred to the personal lines account and the commercial lines account of the corporation.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ similar proceeding against the corporation under the laws of this state.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ contract rights, or other rights or assets of the corporation shall constitute a lien and security interest, or sale, as the case may be, that is immediately effective and attaches to such assessments, revenues, or contract rights or other rights or assets, whether or not imposed or collected at the time the pledge or sale is made.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ chapter 631, under such forms, rates, terms, and conditions as the corporation deems appropriate, subject to approval by the office.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ c.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ cycles during which an insurer may identify, and notify the corporation of, policies that the insurer is requesting to take out.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ offered by the insurer to the estimated premium and coverage provided by the corporation.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ corporation;
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ structure exposure subject to wind coverage by 25 percent or more over its exposure for the preceding calendar year is, with respect to that year, exempt from deficit assessments imposed pursuant to s.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ commercial residential policies until the earlier of:
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ insurer through the program which is at or below the eligibility threshold for policyholders of the corporation established in s.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ Section 12.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ or compensation for the insured’s or beneficiary’s attorney prosecuting the suit in which the recovery is had.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ WITH YOUR INSURANCE AGENT.” Section 15.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ the property, the licensed adjuster assigned by the insurer must provide the policyholder with a printed or electronic document containing his or her name and state adjuster license number.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ inspect the property.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ 5.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ reasonably prevent such payment.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ provided for in the insurance contract.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ (1) APPLICATION.—This section applies exclusively to all suits not brought by an assignee arising under a residential or commercial property insurance policy, including a residential or commercial property insurance policy issued by an eligible surplus lines insurer.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ documentation to support the information provided in the notice:
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ costs under s.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ or premium discount, including, but not limited to, the right to a trial by jury.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ that a request for neutral evaluation has been made under this section.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ loss.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ policy.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ after your claim is filed.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ property, if feasible, keep all receipts, and take photographs or video of damage before and after any repairs to provide to your insurer.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ 2019, and before January 1, 2023.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ 7.6.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ 3.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ obtain insurance from the Citizens Property Insurance Corporation.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ conduct examination that found the insurer exhibited a pattern or practice of one or more willful unfair insurance trade practice violations with regard to its use of appraisal, including, but not limited to, compelling insureds to participate in appraisal under a property insurance policy in order to secure full payment or settlement of claims, and a summary of the findings of such market conduct examination.
FloridaENROLLED SenateLegislature - 2022 SB 2-A 20-00001C-22A20222Aer 20222A__ Section 24.