Florida House Insurance and Banking Subcommittee Approves Six Insurance-Related Bills
Feb 4, 2015
At its meeting today, February 4, 2015, the Florida House of Representatives’ Insurance and Banking Subcommittee (“Subcommittee”) approved the following bills:
- HB 53 relating to the Florida Catastrophic Storm Risk Management Center by State Representative Doug Broxson
- HB 189 relating to Insurance Guaranty Associations by State Representative Travis Cummings
- HB 221 relating to Long-Term Care Insurance by State Representative Brad Drake
- HB 233 relating to Insurance by State Representative David Santiago
- HB 273 relating to Insurance by State Representative Keith Perry
- HB 4011 relating to Motor Vehicle Insurance by State Representative Tom Goodson
A summary of the meeting is below:
First on the agenda, Representative Broxson presented HB 53, which requires that a portion of the Florida Hurricane Catastrophe Fund investment income be transferred to the Florida Catastrophic Storm Risk Management Center to fund its operations.
HB 273 was then presented by Representative Perry. The bill would allow an insurer to electronically deliver a personal lines insurance policy to a policyholder if the policyholder affirmatively elects electronic delivery. H 273 also would allow the Notice of Change in Policy Terms to be sent to policyholders separately from the Notice of Renewal Premium and requires insurers to send a copy of the Notice of Change in Policy Terms to the policyholder’s agent.
The Subcommittee adopted an amendment to HB 273, which would require policyholders to affirmatively agree to any optional coverages that would increase premiums.
Members next heard HB 189 by Representative Cummings. The bill clarifies the accounting treatment of regular assessments levied by the Florida Insurance Guaranty Association and mitigates the negative impact to insurers’ net worth due to a 2011 change to statutory accounting principles relating to the treatment of assessments. The bill also clarifies the Florida Life and Health Insurance Guaranty Association statutory duty to review policies, contracts, and claims of insolvent life and health insurers following either domestic or foreign liquidations or rehabilitations.
Representative Drake presented HB 221, relating to long-term care insurance policies. This bill allows non-forfeiture benefits of a long-term care insurance policy, certificate, or rider to be offered in the form of a return of premiums paid in the event of the death of the insured or a complete surrender or cancellation of the policy.
Representative Goodson explained his bill, HB 4011, which deletes a prohibition against insuring four automobiles in a single motor vehicle insurance policy. The Subcommittee adopted a technical amendment to the bill.
HB 233 by Representative Santiago, which clarifies that the lack of an agent’s countersignature on an insurance policy does not affect the validity of the policy, was revised with a technical amendment to the bill.
To view the meeting packet, click here.
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