Bill > S0554

Introduced Session

An act relating to insurance practices; amending s. 55.03, F.S.; revising the calculation that the Chief Financial Officer performs to set the rate of interest payable on judgments or decrees; amending s. 624.315, F.S.; providing legislative findings; requiring the Office of Insurance Regulation of the Financial Services Commission to create specified reports on related entities and compensation of executive officers for insurers, licensees, and registrants; specifying requirements for such reports; requiring the office to publish the reports annually on its website and submit the reports annually to specified entities; requiring the office to use a reliable and up-to-date methodology and software to create specified reports and review such methodology and software for accuracy; specifying that certain data is not considered a trade secret and may be used for certain purposes; prohibiting insurers from withholding certain data from the office under certain circumstances; amending s. 627.062, F.S.; revising the facts the office must consider in determining whether a rate is excessive, inadequate, or unfairly discriminatory; amending s. 627.70131, F.S.; requiring insurers to send policyholders a written estimate of the amount of loss under certain circumstances; specifying certain requirements for insurers when creating and sending such estimates; prohibiting insureds and insurers from waiving such requirements; amending s. 627.7015, F.S.; conforming a cross reference and provisions to changes made by the act; amending s. 627.70152, F.S.; revising the manner in which an insurer must respond to a notice to initiate litigation; requiring a claimant and insurer to participate in mandatory mediation under certain circumstances; requiring the court to determine attorney fees in a specified manner for cases arising from a property insurance dispute; authorizing the office to impose penalties for violations of certain provisions; amending s. 627.70154, F.S.; requiring insurers to disclose to policyholders the dollar amount of a credit or premium discount for a mandatory binding arbitration endorsement; reenacting ss. 627.151(1), 627.715(3)(b), and 627.7151(9)(b), F.S., relating to workers’ compensation or employer’s liability insurance filings, flood insurance, and sinkhole coverage insurance, respectively, to incorporate the amendment made to s. 627.062, F.S., in references thereto; providing an effective date.

AI Summary

Don Gaetz (R)*, 

Died in Banking and Insurance (on 06/16/2025)

Official Document