FL S1668

Creates section 627.9127, Florida Statutes, requiring insurers filing rates with the Office of Insurance Regulation to report claim litigation costs and projections.

Insurers must report prior-year costs associated with litigating claims, including amounts for claims successfully defended, settled, adjudicated in favor of insured, and plaintiff and defendant attorney fees.

Insurers must project next-year costs for the same litigation categories using a methodology established by the Financial Services Commission.

Authorizes the Financial Services Commission to adopt rules prescribing the form and methodology for reporting and projecting claim litigation costs.

Effective date: July 1, 2018.