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FL S1612
Bill
Status
Introduced
2/27/2025
Primary Sponsor
Fiscal Policy
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AI Summary
- Eliminates the "diligent effort" requirement that surplus lines agents seek and document rejections from at least three authorized insurers before exporting insurance coverage to the surplus lines market
- Requires surplus lines disclosure to inform insureds that surplus lines policy rates and forms are not approved by any Florida regulatory agency, and creates a presumption that signing the disclosure means the insured was informed other coverage may be available
- Creates s. 655.97 requiring financial institutions holding lawyer/law firm trust accounts (IOLTA accounts) to pay the highest interest rate generally available on comparable accounts, with minimum rates of 0.25% when the Federal Funds Rate is below 4% and 0.5% when at or above 4%, with quarterly rate validation affidavits submitted to the Chief Financial Officer
- Changes semiannual assessment deadlines for state financial institutions from January 31 and July 31 to March 31 and September 30, and consolidates payment methods (mail, wire transfer, ACH, or other approved electronic means) under a single deadline
- Extends the timeframe for a new bank or trust company to open for business from 12 months after commencement of corporate existence to 18 months after issuance of a final order of approval by the Office of Financial Regulation, and removes the 6-month deadline for completing stock subscription requirements
Legislative Description
Financial Services
Last Action
Laid on Table, companion bill(s) passed, see CS/HB 1549 (Ch. 2025-145)
4/30/2025
Committee Referrals
Fiscal Policy4/10/2025
Appropriations Subcommittee on Agriculture, Environment, and General Government3/19/2025
Full Bill Text
No bill text available