FL S1224

Requires 60 days' written notice to the Department of Financial Services and insurer before filing a common-law bad faith action or action under section 624.155, with notice requirements meeting department specifications or face rejection.

Notice must specify the statutory provision or common-law duty allegedly violated, facts and circumstances giving rise to the violation, amount of money the insurer failed to pay or tender if applicable, involved individuals, and relevant policy language.

Insurer may cure the violation by tendering either the amount demanded in the notice or applicable policy limits within 60 days of notice filing, which bars the action if successful.

In third-party liability claims, the insured is entitled to a general release from the claimant when the insurer tenders the demanded amount or policy limits, regardless of whether the claimant or insured filed the notice.

Statute of limitations for bad faith actions is tolled for 65 days by mailing of the required notice, and persons may pursue either common-law bad faith remedy or statutory remedy but not both.