A bill allowing surplus lines companies to take over policies of state-backed Citizens Property Insurance Corp. provided they have $50 million in surplus and a solid rating from a rating agency is essentially dead after the House refused to strip a hostile amendment Tuesday.
A crucial amendment allowing customers of Citizens Property Insurance Corp. to sign up for a take-out program that ushers them into a surplus lines carrier was tacked on by a narrow Senate vote Monday, which likely will have the effect of killing the bill.
The Florida Senate will resume debate Thursday on a bill to move Citizens insurance customers to “surplus lines” companies whose rates are unregulated.
Legislation to allow unregulated, out-of-state property insurance companies known as surplus lines carriers to take over policies of state-backed Citizens Property Insurance Corp. appears to have hit a wall in the Senate after SB 578 was postponed on the Senate floor Tuesday.
Before giving his farewell speech on the Senate floor, Sen. Mike Fasano said he would continue to fight property insurance bills he says hurt consumers in the final two weeks of the legislative session.
One lawmaker calls it “dangerous.” Another warns it will turn Florida’s insurance landscape into the “Wild West.”
TALLAHASSEE — Legislation designed to help state-backed Citizens Property Insurance Co. spin off customers to reduce its hurricane risk cleared the Florida House after a heated debate Friday.
They operate outside the safety net that pays claims when insurers fail, are not subject to prompt payment rules and have no limits on rate increases, but surplus lines insurance companies could soon seize tens of thousands of policies from state-run Citizens Property Insurance Corp. under a bill moving quickly through the Florida Legislature.
Both chambers of the Florida legislature are advancing bills that would surplus lines insurers to remove policies from Citizens Property Insurance Corporation. As Citizens’ policy count continues to skyrocket, the legislature is looking for opportunities to attract insurers that might be interested in its policies. Opponents of the bill have questioned whethere it contains enough protections for …
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A bill to allow out-of-state surplus lines property insurance companies to take over policies of Citizens Property Insurance Corp. passed through two committees Thursday – one in the House, one in the Senate – and is now headed to the floor in both chambers, despite objections from some lawmakers that it does not include enough …
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Legislation allowing less regulated insurers to take over Citizens Property Insurance policies has now cleared both the House and Senate’s insurance committees.
Legislators looking for ways to shrink state-backed Citizens Property Insurance introduced bills this week to allow insurers that are subject to few state regulations to take over the insurer’s policies.
The Florida Surplus Lines Office and the Department of Financial Services (collectively “Florida”) moved forward on July 1, to implement the Nonadmitted and Reinsurance Reform Act of 2010 (NRRA) enacted by Congress and chapter 2011-46, Laws of Florida, enacted by the Florida Legislature. Florida selected July 1 as the date the surplus lines risks for …
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Florida Surplus Lines Office (FSLO) Ready to Implement Nonadmitted and Reinsurance Reform Act (NRRA)
The Florida legislature passed Senate Bill 1816 authorizing the Florida Surplus Lines Office to implement NRRA, a Federal law designed to simplify surplus lines regulation by delegating most of the responsibility to the “home state” of the insured. How much taxation is actually simplified remains to be seen as a myriad of state laws and …
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