FL H1563

Exempts specific commercial insurance categories from certain rate requirements, including excess/umbrella, surety, errors and omissions, directors and officers liability, and intellectual property liability insurance.

Requires insurers and rating organizations to establish rates allowing reasonable returns on exempt commercial insurance and to notify the Office of Insurance Regulation within 30 days of any rate changes, including premium information and statewide percentage changes.

Requires insurers to maintain underwriting files, premiums, losses, and expense statistics subject to office examination using generally accepted actuarial techniques to determine if rates are excessive, inadequate, or unfairly discriminatory.

Exempts commercial motor vehicle insurance covering fleets of five or more vehicles from existing motor vehicle rate requirements while maintaining prohibition on excessive, inadequate, or unfairly discriminatory rates.

Effective January 1, 2011.