Florida Insurance Council - Covering Florida Since 1962
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 the House on March 4, 2020 by a vote of 72-46. Two Republican members, Reps. Fitzenhagen and Grall, who…
By: Katrina Callaway, FIC General Counsel The timeframe to file an initial property insurance claim was reduced from 3 years to 24 months after a heated and lengthy discussion and debate that called into question the process by which the bill was amended to include the timeframe reduction by the Minority Leader and former Senate…
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 was heard on the House floor on Special Order on March 3, 2020. Rep. Beltran (R), the bill sponsor,…
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 last Senate committee on March 2, 2020 without amendment. The House bill (HB 529) is identical and has also cleared all its assigned committees. …
By: Katrina Callaway, FIC General Counsel On February 26, 2020, Sen. Perry (R) filed a strike all amendment to an agency bill for DFS that includes provisions authorizing a water damage sublimit and reducing the timeframe to notify an insurer of a claim, supplemental claim, or reopened hurricane claim from 3 years to 24 months.…
By: Katrina Callaway, FIC General Counsel HB 623, 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. …
The Florida Office of Insurance Regulation (OIR) has issued the following notice regarding the Assignment of Benefits data call. ATTENTION INSURERS: Assignment of Benefits (AOB) Data Call Due March 31, 2020 The Florida Office of Insurance Regulation (OIR) is conducting a data call to collect information related to Assignment of Benefits (AOB), pursuant to…
2-19-20 Contingency fee multiplier letter SB 914 and HB 7071.pdf
By: Katrina Callaway, FIC General Counsel On February 20, 2020, House and Senate committees approved HB 1193 and SB 474, bills deregulating numerous professions and occupations. The bills include changes to the membership of the Florida Building Commission which may be important to the property insurance industry. Although amendments were adopted to each bill…