Four Insurance-Related Bills Approved by Florida Senate Banking and Insurance Committee In February 2 Interim Meeting

The Florida Senate Committee on Banking and Insurance met today, February 2, 2010, during which it considered several insurance-related legislative proposals and a life insurance-related bill by Senator Mike Bennett.  To view the Committee packet, which contains individual bill analyses and related presentations, click here.

The three Senate Proposed Bills (“SPBs”), all of which were based on Senate interim project reports, were approved for submission as Committee bills.  Summaries of each bill are provided below:

• SPB 7052 relating to Open Government Sunset Review (“OGSR”)/Hurricane Loss/Associated Exposure Data would preserve, but narrow a public records exemption for hurricane loss data and associated company-specific insurer exposure data reports. Beginning on October 1, 2011, the bill would require Florida International University to publish an annual report summarizing loss and associated exposure data collected from residential property insurers and licensed rating and advisory organizations.

• SPB 7044 relating to OGSR/Florida Self-Insurers Guaranty Association would preserve a public records exemption for certain records of the Florida Self-Insurers Guaranty Association (“Association”), as well as an exemption from public meetings requirements for certain meetings of the Association’s Board of Directors or subcommittees.

• SPB 7042 relating to OGSR/Hurricane Loss Projection Methodology/Florida Office of Insurance Regulation (“OIR”) would preserve a public records exemption for trade secrets submitted by private companies to the Florida Commission on Hurricane Loss Projection Methodology, the OIR or the Office of the Florida Insurance Consumer Advocate. Public records exemptions for certain meetings or rate proceedings in which trade secrets are discussed also would be preserved.

Senate Bill 844 relating to Insurance by Senator Bennett was described as a continuation of the “Safeguard Our Seniors Act,” which Senator Bennett sponsored in 2009 on behalf of Florida Chief Financial Officer Alex Sink.  SB 844 makes several changes in the Florida Insurance Code to enhance penalties for unethical annuities sales practices.  It also provides certain consumer protections for seniors who purchase annuities contracts.  SB 844 expands the definition of “affiliated party” to include certain third-party marketers and family members of life insurance agents.

Senator Bennett, who initially offered an amendment to SB 844 during the Committee meeting, withdrew it and recommended that it should be considered at a later time.  The bill was approved.  

Should you have any comments or questions, please contact Colodny Fass.

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