summary
Introduced
12/28/2023
12/28/2023
In Committee
01/08/2024
01/08/2024
Crossed Over
03/04/2024
03/04/2024
Passed
Dead
03/08/2024
03/08/2024
Introduced Session
2024 Regular Session
Bill Summary
An act relating to policy cancellations and nonrenewals by property insurers; amending s. 626.9201, F.S.; prohibiting insurers from canceling and nonrenewing, within certain timeframes, policies covering personal residential or commercial residential properties damaged by hurricanes or wind losses; providing exceptions; providing construction; authorizing the Financial Services Commission to adopt rules and the Commissioner of Insurance Regulation to issue certain orders; authorizing the Commissioner of Insurance Regulation to waive certain provisions; providing construction; requiring that certain policies contain similar terms under certain circumstances; amending s. 627.4133, F.S.; prohibiting insurers from canceling and nonrenewing, within certain timeframes, policies covering personal residential or commercial residential properties damaged by hurricanes or wind losses; providing that such prohibition applies to flood damages caused by hurricanes under certain circumstances; providing that an insurer may not cancel personal residential or commercial residential property insurance policies until certain repairs are made or a specified policy renewal expires; providing that certain claims for loss or damage will not be covered under an extended or renewed policy; providing applicability; revising exceptions; authorizing the Commissioner of Insurance to waive certain provisions; providing construction; deleting applicability; revising construction; requiring that certain policies contain similar terms under certain circumstances; providing an effective date.
AI Summary
This bill prohibits insurers from canceling or nonrenewing personal residential or commercial residential property insurance policies covering dwellings or residential properties damaged by hurricanes or wind losses for a period of 90 days after the property has been repaired. The bill also requires insurers to extend or renew such policies for up to one year after the final claim payment if the property was damaged by a covered peril, with certain exceptions. The bill authorizes the Financial Services Commission to adopt rules and the Commissioner of Insurance Regulation to issue orders, as well as waive certain provisions, to implement these requirements. The bill also includes provisions related to when a structure is deemed repaired and requires policies extended or renewed under the bill to contain similar terms as the original policy.
Committee Categories
Justice
Sponsors (1)
Other Sponsors (2)
Judiciary (Senate), Rules (Senate)
Last Action
Died in Messages (on 03/08/2024)
Taxonomy
Banking, Finance, and Domestic Commerce
- ‐ Domestic Disaster Relief
- ‐ Insurance Regulation
Official Document
bill text
bill summary
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bill summary
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bill summary
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