12 Jan Florida’s Legislature Passes Substantial Property Insurance Reforms
The Florida Legislature passed a bill, S.B. 2-A, which has enacted property insurance reforms aimed towards stabilizing a beleaguered insurance market. It addresses reinsurance, reforms many aspects of the claims process, including the timing for paying and adjusting claims, and further eliminates one-way attorney fee awards to policyholders, and bans assignment-of-benefits agreements.
For more information click here: Florida Special Session – Plastridge Summary
Florida Senate Bill 21 (SB 2A)
- The Senate Bill 2A (SB 2A)covered the following topics:
- Florida Optional Reinsurance Assistance Program
- Claim Filing Deadline
- Prompt Pay Laws for Property Insurance
- Awards of Attorney Fees in Property Insurance Lawsuits
- Assignments of Benefits
- Regulation of Insurance in Florida by the Office of Insurance Regulation (OIR)
- Bad Faith Failure to Settle Actions Against Property Insurers
- Citizens Property Insurance Corporation (Citizens)
- Flood Notice
- Arbitration
Please contact your Agent for further details on these very important insurance reforms.
561-276-5221