HB728 Summary

• Personal property insurers must provide separate premium details for catastrophe wind coverage, non-catastrophe wind coverage, and non-wind coverage on homeowners and dwelling insurance policy declarations pages beginning January 1, 2014.

• All personal property rate filings submitted to the Department of Insurance on or after January 1, 2014, must separately display rates for non-wind coverages and either combined or separately for wind coverages.

• Insurers must annually report to the Department of Insurance policy counts, total insured values, earned premiums, and incurred losses separately by coverage type, property occupancy status, county, and Zip Code, beginning with 2012 data reported by May 1, 2013.

• Personal property and auto insurers using credit history for rating must annually inform insureds of the option to request re-rating with updated credit information if at least 12 months have passed since prior credit information was obtained.

• Credit rating factors utilized in premium calculations must be filed separately for non-wind coverages and wind coverages with statistical support, effective January 1, 2014.