On Friday, April 30, 2010, the Florida Legislature approved S.B. 2176, which excludes the following lines of insurance from the rate filing and approval requirements in Fla. Stat. § 627.062(2)(a) and (f):
- Excess or umbrella;
- Surety and fidelity;
- Boiler and machinery;
- Errors and omissions;
- Directors and officers, employment practices, and management liability;
- Intellectual property and patent infringement liability;
- Advertising injury and internet liability insurance;
- Property risks rated under a highly protected risks rating plan;
- Commercial motor vehicle insurance covering a fleet of 20 or more vehicles; and
- Any other commercial lines categories or kinds of insurance or types of commercial lines risks that the Florida Office of Insurance Regulation (the “FOIR”) determines because of the existence of a competitive market, similarity to the other categories or kinds of insurance listed above, or to improve the general operational efficiency of the FOIR.
Insurers are still required to use rates that are not excessive, inadequate, or unfairly discriminatory, and S.B. 2176 requires insurers to notify the FOIR of any changes to rates for insurance and risks in the exempted commercial lines no later than 30 days after the effective date of the change.
S.B. 2176 also makes changes to the procedure for members withdrawing from an association, fund, or pool created for a public entity.
S.B. 2176 is currently awaiting signature from Florida Governor Charlie Christ.
