summary
Introduced
01/25/2021
01/25/2021
In Committee
04/26/2021
04/26/2021
Crossed Over
04/30/2021
04/30/2021
Passed
04/30/2021
04/30/2021
Dead
Signed/Enacted/Adopted
06/14/2021
06/14/2021
Introduced Session
2021 Regular Session
Bill Summary
Providing that, for certain attorney fees awarded for claims arising under surplus lines property insurance policies, a strong presumption is created that a lodestar fee is sufficient and reasonable; providing that certain provisions relating to homeowners' policies, offers of replacement cost coverage, and offers of law and ordinance coverage do not prohibit insurers from providing specified property insurance policies by including roof covering reimbursement schedules; revising property insurance coverages for which a notice of claim must be given to the insurer within a specified timeframe; requiring notice of intent to initiate litigation, etc.
AI Summary
This bill makes several changes to Florida's insurance laws:
1. It prohibits contractors from engaging in certain practices related to soliciting and handling insurance claims, such as offering rebates or inducements in exchange for making an insurance claim, and imposes fines for violations.
2. It requires insurers to file an annual report with detailed information on closed property insurance claims, including data on attorney fees, costs, and contingency risk multipliers.
3. It amends various provisions related to Citizens Property Insurance Corporation, including changes to eligibility requirements, rate increases, and budgeting for employee compensation.
4. It creates new requirements for providing notice before filing a lawsuit under a residential or commercial property insurance policy, and establishes a formula for determining the award of attorney fees in such cases.
5. It allows for the consolidation of multiple lawsuits involving the same residential property insurance policy and property.
6. It expands the Office of Insurance Regulation's authority to examine insurance holding companies and their affiliates.
Committee Categories
Business and Industry, Justice
Sponsors (2)
Other Sponsors (3)
Banking and Insurance (Senate), Judiciary (Senate), Rules (Senate)
Last Action
Chapter No. 2021-77, companion bill(s) passed, see CS/CS/SB 1598 (Ch. 2021-104) (on 06/14/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
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