Florida Insurance Council - Covering Florida Since 1962
By: Katrina Callaway, FIC General Counsel SB 898 increases the FIGA coverage limit and the FIGA emergency assessment maximum for condominium association and homeowners’ association FIGA claims. The bill passed its second Senate committee on February 17, 2020 without amendment and has one committee left. Upon insurer insolvency, FIGA is currently obligated to pay an…
By: Katrina Callaway, FIC General Counsel The House property insurance contingency risk multiplier bill (HB 7071) which essentially codifies the federal standard allowing use of a multiplier for fees in only rare and exceptional cases passed its last House committee on February 13, 2020. It was not amended and will now be heard on the…
By: Katrina Callaway, FIC General Counsel A bill increasing the FIGA coverage limit and the FIGA emergency assessment maximum for condominium association and homeowners’ association FIGA claims passed its second House committee on February 11, 2020 without amendment. The bill has one committee left. Upon insurer insolvency, FIGA is currently obligated to pay an insured…
By: Katrina Callaway, FIC General Counsel SB 1154 is a comprehensive condo association bill that contains one insurance provision. That provision prohibits a condo unit owner’s property policy from allowing the unit owner to subrogate against the condo association if the association’s policy does not allow the association to subrogate against the unit owner. …
By: Katrina Callaway, FIC General Counsel A priority issue for the FIC Property Insurance Committee moved in the Senate again on February 4, 2020 when the Senate Judiciary Committee approved SB 914 with a vote of 4-2. Under the bill, a lodestar fee is presumed to be sufficient and reasonable in property insurance claims…
By: Katrina Callaway, FIC General Counsel The OIR backed credit for reinsurance bill that incorporates substantive provisions from the 2017 Covered Agreement between the U.S. and the European Union (EU) passed its second committee in the House on February 4, 2020. It was not amended and did not have opposition. The bills enact the…
By: Katrina Callaway, FIC General Counsel On February 4, 2020, the second Senate committee of reference approved SB 474, a bill deregulating numerous professions and occupations. The bill includes changes to the membership of the Florida Building Commission which may be important to the property insurance industry. Although numerous amendments were adopted to the…
By: Katrina Callaway, FIC General Counsel A property insurance bill containing harmful changes for property insurers and surplus lines insurers passed the House Insurance and Banking Subcommittee on February 4, 2020 without amendment. One of the most onerous changes made by HB 1357 creates a private cause of action for an insurer violation of the…
By: Katrina Callaway, FIC General Counsel The House Judiciary Committee adopted a committee bill (PCB JDC 20-03) on contingency risk multipliers during its meeting on January 30, 2020. The original committee bill proposed was an outright ban on the use of contingency risk multipliers in all cases. However, the committee adopted a strike all amendment…