Insurance Open Rating Bill Withdrawn From Final Senate Committee
Apr 23, 2009
Senate Bill 2036 relating to Residential Property Insurance was withdrawn from its final committee of reference, the Senate Policy and Steering Committee on Ways and Means, today, April 23, 2009. However, the bill has not yet been placed on the Senate Special Order calendar.
Concurrently, the bill’s House of Representatives counterpart, HB 1171, was amended and passed by a vote of 105-13 on the House Floor yesterday, April 22, and is presently in Senate Messages.
Both bills would authorize certain insurers to use a rate in excess of the otherwise applicable filed rate and prohibit the consideration of certain policies by insurers when making a specified calculation. The bills also would preserve the Florida Office of Insurance Regulation’s (“OIR”) authority to disapprove rates as inadequate, or disapprove a rate filing for using an unlawful rating factor.
For additional information on Florida’s legislative process and terminology, click here.
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