CS/CS/HB 1053 Summary

• Authorizes the Florida Automobile Joint Underwriting Association to cancel personal or commercial policies within 60 days of the effective date for nonpayment of premium due to dishonored checks or rejected payments, while prohibiting insureds from canceling within 90 days except for total vehicle destruction, ownership transfer, or purchase of replacement coverage.

• Revises Medicare fee schedule application for personal injury protection insurance to use the fee schedule in effect on March 1 of the "service year" (March 1 through February 28/29) rather than throughout the calendar year, with the schedule remaining fixed for the entire service year period.

• Expands the preinsurance inspection exemption for new, unused motor vehicles to include leased vehicles from licensed dealers or leasing companies, allowing insurers to require either a bill of sale/lease agreement or title/registration with window sticker as proof.

• Prohibits suspension of physical damage coverage during a policy term due to an insurer's choice not to require documents, but allows claim payments to be conditioned on receipt of required documents if the insurer demands them at policy issuance.

• Takes effect July 1, 2015.