Bill > S0742

This bill makes several changes to Florida's insurance laws: 1. It redefines the term "covered policy" under the Florida Hurricane Catastrophe Fund to include certain collateral protection insurance policies. 2. It allows associations, trusts, or pools created for public entities to establish a quorum and conduct business through communication media technology. 3. It adds a new insurance designation to the qualifications for a customer representative's license. 4. It amends provisions related to loss run statements for insurers, including shortening the reporting period from 5 to 3 years and specifying requirements for group health insurance. 5. It allows insurers to use a weighted or straight average of hurricane loss projection models approved by the Florida Commission on Hurricane Loss Projection Methodology. 6. It authorizes insurers to provide premium discounts for residential properties that meet certain windstorm mitigation standards. 7. It modifies the factors used in ratemaking for workers' compensation and employer's liability insurance. 8. It makes various changes related to the eligibility and operations of Citizens Property Insurance Corporation. 9. It allows insurers to electronically transmit policy documents and claims communications if certain disclosure requirements are met. 10. It exempts licensed insurance agents from having to also obtain certain other licenses to sell motor vehicle service agreements, home warranty contracts, and service warranties.

Budget and Finance, Business and Industry, Justice

Banking and Insurance (Senate)

https://www.flsenate.gov/Session/Bill/2021/742