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Bill > S1260

FL S1260

FL S1260
Insurance

summary

Introduced
02/25/2014
In Committee
02/28/2014
Crossed Over
Passed
Dead
05/01/2014

Introduced Session

Potential new amendment
2014 Regular Session

Bill Summary

Revising requirements for corporations not for profit to qualify to form a self-insurance fund; revising original appointment and renewal fees related to certain insurance representatives; providing licensure exemptions that allow specified individuals or entities to conduct insurance business at specified locations under certain circumstances; revising provisions for unfair methods of competition and unfair or deceptive acts relating to conducting certain insurance transactions through credit card facilities; providing that certain dividends may be retained by the joint underwriting plan for future use, etc.

AI Summary

This bill makes several changes to Florida's insurance laws, including modifying the requirements for non-profit corporations to form self-insurance funds by allowing those qualifying as publicly supported organizations under federal tax codes to participate, adjusting fees for insurance representatives' appointments and renewals, and introducing licensure exemptions for certain insurance business conducted at specific locations. It also revises rules regarding unfair competition and deceptive practices related to insurance transactions via credit card facilities, and allows a joint underwriting plan to retain certain dividends for future use. Additionally, the bill clarifies definitions for "unaffiliated insurance agent," updates requirements for agents in charge of insurance agencies, and modifies provisions related to limited customer representative licenses, agency licensing, and the process for applying for and renewing insurance agency licenses. It also introduces new rules for unaffiliated insurance agents regarding compensation and affiliations, adjusts timeframes for motor vehicle rental insurance leases, and amends procedures for investigations into improper conduct by licensees. The bill further modifies grounds for license suspension or revocation, clarifies disclosure requirements for liability insurance coverage, and updates rules for electronic delivery of policy documents. It also establishes new requirements for agents recommending the surrender of annuities or life insurance policies, revises procedures for property insurance mediation and sinkhole claim dispute resolution, and amends rules for premium discounts for motor vehicle safety features and retrospective rating plans. Finally, it adjusts requirements for surplus lines agents' reporting and tax payments, modifies rules for title insurance agencies, updates regulations for acquiring controlling stock in domestic insurers, and amends provisions related to the Florida Insurance Guaranty Association and service warranty associations.

Committee Categories

Budget and Finance, Business and Industry

Sponsors (2)

Other Sponsors (2)

Appropriations (Senate), Banking and Insurance (Senate)

Last Action

Laid on Table, companion bill(s) passed, see HB 291 (Ch. 2014-111), CS/CS/HB 321 (Ch. 2014-112), CS/CS/HB 633 (Ch. 2014-123), CS/HB 785 (Ch. 2014-131), CS/CS/HB 7005 (Ch. 2014-216), CS/CS/CS/SB 542 (Ch. 2014-80), CS/CS/SB 708 (Ch. 2014-86), CS/CS/SB 1308 (Ch. 2014-101), CS/CS/SB 1344 (Ch. 2014-103), CS/CS/SB 1672 (Ch. 2014-104) (on 05/01/2014)
(23 Companion Bills)

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bill summary

Document Type Source Location Created
State Bill Page http://www.flsenate.gov/Session/Bill/2014/1260 02/26/2014
Senate Floor Amendment #402174 http://www.flsenate.gov/Session/Bill/2014/1260/Amendment/402174/HTML 04/30/2014
BillText http://www.flsenate.gov/Session/Bill/2014/1260/BillText/c2/HTML 04/26/2014
Bill http://www.flsenate.gov/Session/Bill/2014/1260/BillText/c2/PDF 04/26/2014
Senate Committee Substitue Amendment #670382 Amendment (589854) http://www.flsenate.gov/Session/Bill/2014/1260/Amendment/670382/HTML 04/10/2014
Senate Committee Amendment #955004 http://www.flsenate.gov/Session/Bill/2014/1260/Amendment/955004/HTML 04/10/2014
Senate Committee Amendment #560680 http://www.flsenate.gov/Session/Bill/2014/1260/Amendment/560680/HTML 04/09/2014
Senate Committee Amendment #582796 http://www.flsenate.gov/Session/Bill/2014/1260/Amendment/582796/HTML 04/09/2014
Senate Committee Amendment #589854 http://www.flsenate.gov/Session/Bill/2014/1260/Amendment/589854/HTML 04/09/2014
Senate Committee Amendment #500632 http://www.flsenate.gov/Session/Bill/2014/1260/Amendment/500632/HTML 04/08/2014
BillText http://www.flsenate.gov/Session/Bill/2014/1260/BillText/c1/HTML 03/22/2014
Bill http://www.flsenate.gov/Session/Bill/2014/1260/BillText/c1/PDF 03/22/2014
Senate Committee Amendment #322690 to Amendment (460094) http://www.flsenate.gov/Session/Bill/2014/1260/Amendment/322690/HTML 03/20/2014
Senate Committee Amendment #833884 to Amendment (460094) http://www.flsenate.gov/Session/Bill/2014/1260/Amendment/833884/HTML 03/20/2014
Senate Committee Amendment #736294 to Amendment (460094) http://www.flsenate.gov/Session/Bill/2014/1260/Amendment/736294/HTML 03/20/2014
Senate Committee Amendment #727540 to Amendment (460094) http://www.flsenate.gov/Session/Bill/2014/1260/Amendment/727540/HTML 03/20/2014
Senate Committee Amendment #695086 to Amendment (460094) http://www.flsenate.gov/Session/Bill/2014/1260/Amendment/695086/HTML 03/19/2014
Senate Committee Amendment #460094 http://www.flsenate.gov/Session/Bill/2014/1260/Amendment/460094/HTML 03/19/2014
BillText http://www.flsenate.gov/Session/Bill/2014/1260/BillText/Filed/HTML 02/26/2014
Bill http://www.flsenate.gov/Session/Bill/2014/1260/BillText/Filed/PDF 02/26/2014
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