Florida Senate Banking and Insurance Committee Report: January 26
Jan 26, 2012
The Senate Committee on Banking and Insurance (“Committee”) met today, January 26, 2012, and took action on a number of insurance-related bills.
The Committee heard SB 1404 relating to Title Insurance by Senator Thad Altman, adopted one amendment to the bill and passed it as a committee substitute. The vote was unanimous.
Also unanimously approved as a committee substitute was SB 1406, a public records-related bill by Senator Thad Altman. This bill creates a public records exemption for proprietary business information provided to the Florida Department of Financial Services (“DFS”) by title insurance agents and title insurers.
Senator Steve Oelrich presented SB 1262 relating to Warranty Associations and motor vehicle service agreement companies, which was amended and approved as a committee substitute.
The Committee took up two Senate Memorials: SM 1778 by Chairman Garrett Richter, which urges the United States Congress to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and SM 1822 by Senator Alan Hays, which urges Congress to repeal the Sarbanes-Oxley Act of 2002. SM 1778 was passed by a vote of 7 to 3; SM 1822 passed by a vote of 6 to 4.
Senator Mike Bennett presented SB 826, which requires title insurers to pay full claims within 90 days after a challenge to title is filed, or to cover additional costs incurred by an insured while a dispute to title is being cured. The Committee amended, then approved the bill as a committee substitute.
Also unanimously approved was SB 1152 by Chairman Richter, which repeals the requirement of an independent actuarial peer review of a licensed rating organization that makes rate filings for workers’ compensation insurance.
Three bills that extend expiring public records exemptions were approved as well: SB 1208 relating to Open Government Sunset Review (“OGSR”)/Unclaimed Property/Department of Financial Services, SB 1230 relating to OGSR/Public Records Exemption/Consumer Complaints and Inquiries, and SB 1232 relating to OGSR/Personal Injury Protection and Property Damage Liability Insurance Policies, specifically insurance information provided to the Florida Department of Highway Safety.
The Committee also approved two non-insurance bills: Committee Substitute for SB 752 by Senator Anitere Flores relating to the Equitable Distribution of Marital Assets and Liabilities, and SB 1090 by Chairman Richter relating to the Uniform Commercial Code.
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