FL S1494

Requires insureds, claimants, or persons acting on their behalf to provide written notice of loss to an insurer as a condition for bringing a third-party bad faith action for failure to settle a liability insurance claim

Protects an insurer from bad faith liability if the insurer complies with a disclosure statement request under s. 627.4137 and offers within 45 days of receiving notice of loss to pay the lesser of the claimant's acceptable amount or policy liability limits in exchange for a full release

Amends s. 624.155, F.S. to clarify that the 60-day notice requirement to the department and authorized insurer does not apply to third-party bad faith actions covered under the new subsection (10)

Changes language in s. 624.155(3)(a) from "shall" to "does" regarding when the 60-day notice period begins if a notice is returned for lack of specificity

Takes effect July 1, 2014