CS/HB 359 - Insurance Regulation (2017)

• Allows property information reports to substitute for abstractor/title company certifications in subdivision plat and replat applications.

• Deletes the scheduled May 31, 2019 repeal of the medical malpractice insurance exemption from Florida Hurricane Catastrophe Fund emergency assessments.

• Establishes minimum surplus requirements for residential property insurers: $10 million for renter's insurance, tenant coverage, and cooperative unit owner insurance.

• Authorizes insurers to charge insufficient funds fees up to $15 per occurrence when premium payments via debit card, credit card, electronic transfer, or electronic check are returned, declined, or fail to process.

• Replaces ownership and encumbrance report requirements with property information report provisions, defining the term and limiting issuer liability to the amount paid for the report.