summary
Introduced
01/03/2024
01/03/2024
In Committee
02/26/2024
02/26/2024
Crossed Over
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 authorized insurers and eligible surplus lines insurers from canceling and nonrenewing policies covering dwellings and residential properties damaged by covered perils within certain timeframes; providing exceptions to prohibitions against insurers' policy cancellations and nonrenewals within certain timeframes under certain circumstances; providing construction; providing definitions; providing applicability; authorizing the Financial Services Commission to adopt rules and the Commissioner of Insurance Regulation to issue orders; amending s. 627.4133, F.S.; prohibiting eligible surplus lines insurers from canceling and nonrenewing policies covering dwellings and residential properties damaged by covered perils within certain timeframes; revising the circumstances and timeframes under which authorized insurers are prohibited from canceling and nonrenewing policies covering dwellings and residential properties damaged by covered perils within certain timeframes; providing exceptions to prohibitions against eligible surplus lines insurers' policy cancellations and nonrenewals, and revising exceptions to prohibitions against authorized insurers' policy cancellations and nonrenewals, within certain timeframes under certain circumstances; revising construction; revising conditions under which a structure is deemed to be repaired; revising the definition of the term "insurer" to include eligible surplus lines insurers; defining the term "damage"; authorizing the commissioner to issue orders under certain circumstances; providing applicability; providing an effective date.
AI Summary
This bill prohibits authorized insurers and eligible surplus lines insurers from canceling or nonrenewing personal residential or commercial residential property insurance policies covering dwellings or residential properties that have been damaged by covered perils until the earlier of the completion of repair or the expiration of one subsequent renewal of the policy. However, it provides exceptions allowing insurers to cancel or nonrenew such policies in certain circumstances, such as for nonpayment of premium or if the insured no longer has an insurable interest in the property. The bill also authorizes the Financial Services Commission to adopt rules and the Commissioner of Insurance Regulation to issue orders necessary to implement these provisions. Additionally, the bill allows the Commissioner to issue orders preventing insurers from canceling or nonrenewing policies in the event of widespread, significant flooding caused by a hurricane or other natural event.
Committee Categories
Business and Industry
Sponsors (5)
Other Sponsors (2)
Commerce Committee (House), Insurance & Banking Subcommittee (House)
Last Action
Died on Second Reading Calendar (on 03/08/2024)
Taxonomy
Banking, Finance, and Domestic Commerce
- ‐ Insurance Regulation
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2024/1149 | 01/03/2024 |
| BillText | https://www.flsenate.gov/Session/Bill/2024/1149/BillText/c2/PDF | 02/24/2024 |
| Analysis - Commerce Committee (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2024/1149/Analyses/h1149b.COM.PDF | 02/24/2024 |
| https://www.flsenate.gov/Session/Bill/2024/1149/Amendment/429655/PDF | 02/22/2024 | |
| https://www.flsenate.gov/Session/Bill/2024/1149/Amendment/523411/PDF | 02/21/2024 | |
| Analysis - Commerce Committee (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2024/1149/Analyses/h1149a.COM.PDF | 02/20/2024 |
| BillText | https://www.flsenate.gov/Session/Bill/2024/1149/BillText/c1/PDF | 02/06/2024 |
| Analysis - Insurance & Banking Subcommittee (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2024/1149/Analyses/h1149.IBS.PDF | 02/06/2024 |
| BillText | https://www.flsenate.gov/Session/Bill/2024/1149/BillText/Filed/PDF | 01/03/2024 |
Loading...