FL S1662

Requires the Office of Insurance Regulation to consider recoveries of funds through judgments, settlements, attorney fees, and costs related to violations of insurance fraud and bad faith provisions when reviewing motor vehicle insurance rates.

Mandates insurers report to the Department of Insurance the amount of funds recovered through claims, settlements, or judgments (including attorney fees and costs) resulting from violations of specified insurance fraud and bad faith statutes.

Clarifies that an insured's payment of a deductible or copayment is not a condition of an insurer's payment obligations under insurance policies.

Amends fraud provisions to specify that service providers may defer collection of deductibles or copayments as part of a bodily injury settlement or verdict without constituting insurance fraud.

Takes effect July 1, 2023.