Florida’s Legislature Passes Substantial Property Insurance Reforms

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.