Bill > H0881

Introduced Session

An act relating to insurance; amending s. 624.155, F.S.; defining the term "sufficient evidence"; providing procedures and timelines for objecting, and responding to the objections, to the sufficiency of evidence submitted by claimants to insurers; creating s. 624.341, F.S.; providing legislative findings and intent; requiring the Department of Law Enforcement to accept certain fingerprints; specifying procedures for fingerprinting; authorizing the department to exchange certain records with the Office of Insurance Regulation; specifying that fingerprints must be submitted in accordance with certain rules; authorizing that the fingerprints be submitted through a third-party vendor authorized by the department; requiring the department to conduct certain background checks; requiring that certain fingerprints be submitted and entered into a specified system; requiring the office to inform the department of any person whose fingerprints no longer must be retained; specifying who bears the costs of fingerprint processing; specifying that certain criminal records must be used by the office for certain purposes; creating s. 624.347, F.S.; providing definitions; providing applicability; establishing standards for hb881-01-c1 compensation arrangements and oversight of affiliate transactions involving insurers, managing general agents, and attorneys in fact; providing penalties; requiring the office to adopt rules; amending s. 624.424, F.S.; specifying requirements for affiliate compensation arrangements; removing requirements that the office consider a specified factor in determining whether certain affiliate considerations and payments by an insurer are fair and reasonable; amending s. 626.854, F.S.; requiring public adjusters, public adjuster apprentices, and public adjusting firms to respond to requests for claims' statuses within a specified timeframe; creating s. 627.4823, F.S.; providing definitions; providing reporting requirements relating to universal life insurance policies; providing applicability; amending s. 628.371, F.S.; defining the term "affiliated entity"; applying provisions on prohibitions against, limitations on, and authority of insurers relating to dividend payments and distributions to stockholders to affiliated entities; providing requirements for certain approvals of dividends, distributions, and other financial arrangements; creating s. 628.372, F.S.; providing authority of the office over affiliate dividends; providing penalties; requiring the office hb881-01-c1 to adopt rules; amending s. 628.461, F.S.; specifying the method of sending notifications regarding transactions or proposed transactions of voting securities of stock insurers or controlling companies; revising the method of filing certain statements; amending s. 629.011, F.S.; revising and providing definitions; amending s. 629.071, F.S.; authorizing assessable and nonassessable reciprocal insurers, rather than domestic reciprocal insurers, to transact insurance if they maintain specified amounts of surplus funds; creating s. 629.082, F.S.; providing that attorneys in fact of reciprocal insurers are affiliated entities for certain purposes; amending s. 629.121, F.S.; providing that certain bonds filed with the office as security are filed by attorneys in fact, rather than attorneys, of domestic reciprocal insurers; increasing the bond amount; creating s. 629.162, F.S.; authorizing reciprocal insurers to require subscriber contributions; providing disclosure and reporting requirements for subscriber contributions; creating s. 629.163, F.S.; authorizing reciprocal insurers to establish subscriber savings accounts; providing construction; providing requirements for subscriber savings accounts; creating s. 629.164, F.S.; authorizing reciprocal insurers to hb881-01-c1 make distributions to subscribers from subscriber savings accounts; granting to subscribers' advisory committees sole authority to authorize distributions, subject to prior written approval by the office; providing requirements for reciprocal insurers that prohibit subscribers from receiving distributions for a specified period of time; providing construction; authorizing reciprocal insurers to return to subscribers unused premiums, savings, and credits accruing to their accounts; authorizing domestic reciprocal insurers to pay to their subscribers portions of unassigned funds; providing distribution limits; prohibiting distribution discrimination; providing requirements for distributions and other financial arrangements; amending s. 629.171, F.S.; revising requirements for filing with the office annual statements by reciprocal insurers; providing requirements for filing annual statements of the accounts and records of attorneys in fact; amending s. 629.201, F.S.; requiring that each domestic reciprocal insurer have a subscribers' advisory committee; requiring that such committee be formed in compliance with specified laws; requiring that rules and amendments adopted by subscribers have prior approval of the office; revising subscribers' advisory hb881-01-c1 committees' duties and membership; providing for election and terms; requiring that attorneys in fact provide a communication platform to subscribers under certain circumstances; repealing s. 629.271, F.S., relating to distribution of savings; amending s. 629.291, F.S.; providing that forms filed with the office for plans to merge a reciprocal insurer with another reciprocal insurer or to convert a reciprocal insurer to a stock or mutual insurer are adopted by the Financial Services Commission rather than the office; amending s. 629.301, F.S.; specifying the manner in which impaired reciprocal insurers are proceeded against if they cannot make up deficiencies in assets; specifying the manner in which assessments are levied upon subscribers if reciprocal insurers are liquidated; providing that assessments are subject to specified limits; repealing ss. 629.401 and 629.520, F.S., relating to insurance exchange and the authority of a limited reciprocal insurer, respectively; creating s. 629.56, F.S.; requiring reciprocal insurers to maintain unearned premium reserves at all times; amending s. 624.45, F.S.; conforming a provision to changes made by the act; providing applicability timelines; providing effective dates. hb881-01-c1

Committee Categories

Griff Griffitts (R)*, 

Other Sponsors (1)

Indefinitely postponed and withdrawn from consideration (on 05/03/2025)

Official Document