Bill > S7052

This bill, titled "Insurer Accountability", proposes several key changes: 1. It requires the Office of Insurance Regulation (OIR) to refer any potential criminal violations discovered during investigations or examinations to appropriate law enforcement agencies. 2. It authorizes electronic responses to consumer complaint requests from the Division of Consumer Services and increases the maximum fine for non-compliance. 3. It requires OIR to create reports detailing their enforcement actions against insurers, including revocations, suspensions, fines, and consent orders, and to publish these reports quarterly and annually. 4. It mandates a risk-based approach to scheduling insurer examinations and market conduct exams, with specific factors to consider, and directs OIR to create rules to implement this new methodology. 5. It allows OIR to impose enhanced enforcement penalties, including higher fines, on liability insurers that exhibit a pattern of failing to properly handle claims. 6. It increases the maximum fines for unfair insurance trade practices and other violations. 7. It requires residential property insurers to create and submit claims-handling manuals that comply with state law and industry standards, and to annually certify their compliance. 8. It prohibits OIR from exempting insurers from form filing requirements for 36 months after a final order finding the insurer violated insurance laws. 9. It provides additional protections for consumers related to deductibles, policy cancellations, and tolling of claim filing deadlines. Overall, the bill aims to enhance OIR's oversight and enforcement powers over insurers operating in Florida, with a focus on improving claims-handling practices and protecting consumers.

Banking and Insurance (Senate), Fiscal Policy (Senate)

https://www.flsenate.gov/Session/Bill/2023/7052