Governor Scott Signs SB 408
Governor Rick Scott has signed SB 408 into law, giving effect to the series of property insurance reforms passed by the legislature in this session. Summaries of SB 408 can be found in our latest Florida Insurance Report available on this site.
Insurance Commissioner Kevin McCarty issued a statement commending the Governor for his leadership during the session. Commissioner McCarty states that the bill will address cost drivers in the insurance system and will yield long term benefits by stabilizing the property insurance market and attracting new capital.
Senator Garrett Richter, who spearheaded the Senate’s efforts on the bill likewise thanked the Governor, stating that the new laws will strengthen Florida’s insurance market.
Although many provisions of the bill take effect upon its becoming law, others have specific effective dates.