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FL H0699

Bill

Official Source

Status

Introduced

11/17/2015

Primary Sponsor

James Grant

Click for details

Origin

House of Representatives

2016 Regular Session

AI Summary

  • Amends Florida Statutes section 629.271 to allow domestic reciprocal insurers to distribute unassigned funds to subscribers in addition to existing distribution options
  • Permits distributions of up to 10 percent of surplus, with total distributions limited to 50 percent of net income from the previous calendar year
  • Requires prior written approval from the office before any unassigned funds distribution
  • Prohibits unfairly discriminatory distributions between classes of risks, policies, or subscribers, but allows varying distributions based on class experience
  • Takes effect July 1, 2016

Legislative Description

Reciprocal Insurers

Last Action

Laid on Table, companion bill(s) passed, see SB 812 (Ch. 2016-168)

3/7/2016

Committee Referrals

Regulatory Affairs12/2/2015
Insurance And Banking Subcommittee11/23/2015

Full Bill Text

No bill text available