On April 1, 2009, the Florida Senate Judiciary Committee passed an amended Senate Bill 1894 (the “Amended Bill”) by a vote of 5-4. The Amended Bill, while differing in form, incorporated some of the concepts proposed by Senator Jeremy Ring (D) that we reported about here. For more background regarding the original introduction of Senate Bill 1894, click here.
The Amended Bill proposes the creation of four new insurance statutes specifically applicable to surplus lines insurers regulating: (1) payment of premiums and claims; (2) information disclosures required to be provided to liability insurance claimants; (3) attorney’s fees; and (4) disclosures of insureds’ liability for policies with deductibles or co-pays.
The Amended Bill would also require surplus lines insurers to add specific disclosure languages to policies stating that the insurer’s rates and forms are not approved by any Florida regulatory agency. We will continue to follow this matter and provide further updates on InsureReinsure.com.
