Sunday, April 10, 2011

Property reform bills get serious attention during week 5

Three property insurance reform bills were voted out of committees last week (week 5 of the Florida 2011 legislative session).  There are now only four weeks left in the session, which ends May 6 (although no action is expected during the week of April 18, when the legislature takes a recess for the Easter/Passover Holidays).  Here is a summary of last week's action:
  • Big Property/Sinkhole Package.  This legislation made significant progress in both the Senate and the House.  In the Senate, S 408 was voted out of the Senate Rules Committee and is now ready for consideration by the full Senate.  In the House, H 803 was approved by the Insurance & Banking Subcommittee (it is scheduled for review by other House committees).
  • Rates for Property Insurance.  In the House, H 885 (limited to recoupment of reinsurance costs) was approved by its last House committee.  Both it and the Senate flex-rating bill (S 1330) are ready for consideration by the full House and Senate.
  • Citizens reform.  The House bill (H 1243) was approved by the Economic Affairs Committee.  There was no movement on the Senate version (S 1714), which requires additional committee action.  Both bills are intended to restore Citizens Property Insurance Corporation back to an “insurer of last resort.”
  • Commercial rate deregulation (additional products).  No action.
  • Report card for residential insurers (repeal of).  No action.
  • Non-renewal & cancellation (notice to 1st named insured).  No action.
This summary was prepared by Perry Cone and posted at

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