Florida Senate Committee on Banking and Insurance Advances Bills at March 19, 2014 Meeting
Mar 20, 2014
The Senate Committee on Banking and Insurance (“Committee”) met yesterday, March 19, 2014.
Senator Bradley presented SB 754 relating to certificates of destruction to the Committee. Senator Hays offered an amendment to the bill as a courtesy. Senator Bradley explained to the Committee that the amendment represented a compromise among the interested parties. The amendment increases the threshold for determining if a motor vehicle is declared unrebuildable if the estimated costs of repair are equal to 90 percent of the cost of the vehicle. The amendment was adopted and the Committee passed the bill as a Committee Substitute.
SB 1344 was presented to the Committee. SB 1344 corrects the names of trade associations that make recommendations to the boards of the Medical Malpractice Joint Underwriting Association and the Florida Birth-Related Neurological Injury Compensation Association. Two amendments were adopted to the bill that would add an additional insurance trade association to make recommendations to Florida’s Chief Financial Officer for appointment to the boards and correct the name of another association. SB 1344 was passed by the Committee unanimously and will be reported as a Committee Substitute.
Senator Brandes presented SB 1260, also known as the omnibus insurance bill. A strike-all amendment was offered to the bill. Three technical amendments were adopted to the strike-all amendment. An amendment that would removes sections of law revising the amount of risk that may be assumed by a title insurer also was adopted. Senator Margolis offered an amendment to remove the sections of the bill that allow motor vehicle insurers to rate policies by ZIP code, but the amendment was not adopted. The bill passed the Committee as a Committee Substitute. Two bills, SM 1538 and SB 1274, were not heard by the Committee due to lack of time.
To view the Committee packet, click here.
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