summary
Introduced
03/03/2023
03/03/2023
In Committee
03/09/2023
03/09/2023
Crossed Over
Passed
Dead
05/05/2023
05/05/2023
Introduced Session
2023 Regular Session
Bill Summary
Provides & revises provisions related to recovery of damages, writing of private passenger automobile insurance, surplus requirements, homeowners' insurance, unfair methods of competition or unfair or deceptive acts or practices, payment of certain bonuses by insolvent insurers, claims for water damage, inspections, roof deductibles, insured in active military service, appraisals, evidence in certain proceedings, alternative dispute resolution, & joint offers of judgment or settlement.
AI Summary
This bill makes several changes to Florida's insurance laws. It:
- Clarifies that the common law remedy of bad faith is not preempted by the statutory civil remedy and allows for the recovery of extracontractual, consequential damages under the common law remedy.
- Requires certain property insurers to be subject to additional market conduct examinations after a hurricane.
- Restricts insurers writing private passenger automobile insurance from continuing to write such insurance if they do not also write homeowners' insurance in the state.
- Increases the minimum surplus requirements for certain residential property insurers.
- Requires insurers to make publicly available certain data on closed property insurance claims.
- Prohibits insurers from canceling or nonrenewing homeowners or commercial property insurance policies during a pending claim, except for nonpayment of premium.
- Makes various other changes related to unfair insurance practices, homeowner's insurance policy requirements, inspections, claims handling, alternative dispute resolution, and joint offers of judgment or settlement.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Died in Insurance & Banking Subcommittee; companion bill(s) passed, see CS/SB 7052 (Ch. 2023-172) (on 05/05/2023)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2023/1431 |
| BillText | https://www.flsenate.gov/Session/Bill/2023/1431/BillText/Filed/PDF |
Loading...