FL H1157

Extends Florida's Deceptive and Unfair Trade Practices Act (Part II of Chapter 501) to apply to the business of insurance and insurance consumers, effective July 1, 2011

Establishes stricter medical malpractice insurance rate requirements including: prior approval by the Director of the Office of Insurance Regulation before rates can be used; limits rate calculations to loss experience from 5 years or less prior to the filing date; restricts consideration of defense costs to the national average; and requires certified filings by company officers and actuaries

Mandates medical malpractice insurers file surcharge or discount schedules based on health care providers' loss experience and disciplinary records with the Office of Insurance Regulation before applying rates

Lowers the threshold for public notice of medical malpractice rate changes from 25 percent to 10 percent and grants the consumer advocate standing to participate in rate hearings, which must be held within 30 days of request

Requires publication of a rate comparison chart on the Office of Insurance Regulation website comparing medical malpractice rates across all insurers, self-insurers, and risk retention groups, updated at least annually beginning January 1, 2013

Increases penalties for violation of professional liability claims reporting requirements from discretionary fines ("may") to mandatory fines ("shall") of up to $250 per day per case