The House late today completed legislative approval of the OIR/industry/Legislature’s property insurance package. The vote was 83-34, following the Senate’s 32-6 approval earlier today. The House is expected in a few minutes to complete legislative approval of the commercial rate deregulation bill as well, accepting a Senate amendment increasing fines for violations of the seniors annuities suitability law.

Governor Crist will receive the omnibus property package in a few weeks. The Florida Office of Insurance Regulation is expected to recommend that Crist accept the package.

The 2010 session can run through midnight tonight, although adjournment is expected in a few minutes. The new state budget has been approved.

Trial lawyers and public adjusters unsuccesfully fought for three “bad” amendments, which were rejected after extensive lobbying by a united insurance community, the business community and OIR. The amendments would have stripped out the three-year statute of limitations on hurricane claims, reinserted  the certification requirement any time additional information is submitted in a rate filing and created a new cause of action involving adjusting practices by insurers.

The package is CS/CS/SB 2044, 1st eng, as amended by Richter amendment 559146.