FL S2108

Reduces maximum consecutive years an insurer may use the same accountant for audited financial reports from 7 to 5 years, and increases the subsequent prohibition period from 2 to 5 years before reusing that accountant or partner.

Authorizes insurers to submit plans to the Office of Insurance Regulation for using financial contracts other than reinsurance to fund catastrophe losses, subject to office approval and demonstration of adequate policyholder protection.

Removes the requirement for the Office of Insurance Regulation to develop a method for establishing hurricane mitigation discounts that correlate to the uniform home grading scale by February 1, 2011.

Establishes requirements for written notice of changes in policy terms at renewal, with payment of renewal premium deemed acceptance of new terms; if notice is not provided, original policy terms remain in effect until next renewal.

Modifies sinkhole loss procedures to require insurers to determine if damage is consistent with sinkhole loss, establishes 90-day deadline for policyholders to enter repair contracts with 12-month completion requirement, and creates neutral evaluation process for disputed claims with department appointment of evaluators and assistance from additional professionals as needed.

Revises mitigation verification inspection form requirements to allow insurers to accept forms from any person with acceptable qualifications, requires personal inspection by signatories, and establishes misconduct standards with fraud reporting requirements to the Division of Insurance Fraud.