CS/CS/CS/HB 159 Summary

• Expands the exemption from state guaranty association law to include workers' compensation claims under employer liability coverage.

• Consolidates the property and casualty guaranty association from three separate accounts into two accounts by combining auto liability and auto physical damage accounts.

• Authorizes insurers to recoup assessments levied by the Office of Insurance Regulation through a recoupment factor applied to policies, with requirements to file statements 15 days before application and accounting reports 90 days after completion.

• Clarifies that recouped amounts are not subject to premium taxes or commissions, and treats failure to pay recoupment charges as failure to pay premium.

• Modifies life and health insurance guaranty association coverage to exclude certain high-interest policies and Medicare Part C/D policies, and establishes $300,000 coverage limit for structured settlement annuities with payees who are Florida residents.