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FL H0813
Bill
Status
Passed
6/26/2017
Primary Sponsor
Commerce Committee
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AI Summary
- Requires the Florida Commission on Hurricane Loss Projection Methodology to revise actuarial standards for hurricane loss projections every odd-numbered year and for flood loss projections no less than every 4 years
- Authorizes insurers to issue personal lines residential flood insurance policies on a standard, preferred, customized, flexible, or supplemental basis, including excess coverage for the peril of flood
- Extends the deadline from October 1, 2019 to October 1, 2025 for insurers to file flood coverage rates with the Office of Insurance Regulation under a streamlined rate-setting process that allows a reasonable rate of return
- Exempts surplus lines agents from the diligent-effort requirement of obtaining three declinations before exporting flood coverage contracts, with the exemption expiring July 1, 2019 or when the Commissioner determines an adequate admitted market exists, whichever is first
- Requires agents to provide written notice signed by the applicant before placing flood coverage with an admitted or surplus lines insurer for properties currently insured under the National Flood Insurance Program, warning that discontinuing subsidized NFIP coverage may result in full risk rates upon reinstatement
Legislative Description
Flood Insurance
Last Action
Chapter No. 2017-142
6/26/2017
Committee Referrals
Banking and Insurance4/26/2017
Commerce Committee3/10/2017
Insurance And Banking Subcommittee2/23/2017
Full Bill Text
No bill text available