FPCA Homeowners Division Member Review and Feedback Needed: Amendment to Senate Omnibus Property Insurance Bill Would Increase Surplus Action Level Trigger

Apr 27, 2010

FPCA Homeowners Division Members:

Review and feedback is needed immediately on a strike-everything amendment filed to CS/CS/1st Eng./SB 2044 late yesterday by State Representative Bill Proctor in advance of the bill’s scheduled hearing in the Florida House of Representatives today, April 27, 2010.  A copy of Representative Proctor’s amendment is attached for review.

One of the significant differences between this version and a previous draft of this amendment is that the “surplus action level” trigger equates to a 20 percent decline in surplus, rather than 15 percent.  The provisions of the amendment also extend the prohibition on use and file rates for six months until July 1, 2011.

Both the Senate and House versions (CS/CS/1st Eng./SB 2044 and CS/CS/1st Eng./HB 447) of the omnibus property insurance package are on today’s House agenda.