HB 471 - Insurance Bill Summary

• Defines "authorized inspection agency" for boiler inspections and allows both governmental subdivisions and licensed insurance companies to conduct inspections under state oversight.

• Requires insurance agencies to designate a licensed agent in charge at each business location; agent is accountable for misconduct of licensees under their supervision and the agency license expires if no agent in charge is designated within 120 days.

• Eliminates quarterly affidavit filing requirements for surplus lines agents and changes surplus lines tax due date from quarterly to a different timeframe.

• Expands hurricane loss estimation methods and increases the timeframe insurers must follow Commission on Hurricane Loss Projection Methodology findings from 180 to 60 days in rate filings.

• Increases policy nonrenewal notice from 45 to 100-120 days for personal lines residential property insurance and prohibits cancellation after 90 days except for material misstatement, nonpayment, or substantial risk changes.