CS for CS for SB 1260 - Insurance

• Increases the threshold for acquiring voting securities requiring regulatory approval from 5% to 10% of domestic stock insurers, and allows filing a disclaimer of control to rebut presumptions of control.

• Establishes requirements for insurance agency branch offices to designate a licensed agent in charge and file location information with the department; automatically expires agency licenses if no agent in charge is designated within 90 days of a vacancy.

• Eliminates limited customer representative licenses effective October 1, 2014, and automatically converts registered insurance agencies to licensed agencies effective October 1, 2015.

• Extends residential property insurance policy nonrenewal notice from 100 to 120 days and prohibits cancellation based on credit information after 90 days in force; prohibits denial of claims based on credit information for policies in effect over 90 days.

• Revises surplus lines tax reporting requirements by eliminating the quarterly agent affidavit requirement and shifting to insurer reporting; increases hurricane loss projection methodology findings adherence period from 60 to 180 days.