Insurance Train Bill Becomes Law
In the last weeks of the 2011 legislative session, HB 1087 picked up a number of amendments that resulted in its becoming the insurance “train” bill for this year. Governor Scott has now signed this bill into law. Most of its provisions become effective July 1, 2011, although some provisions are effective immediately. For a summary of the train bill, please see our post-session edition of the Florida Insurance Report. Among the many varied provisions of the bill are the following:
- Allowing workers’ compensation benefits to be paid using a prepaid card.
- Providing an exemption from Florida’s certificate of authority requirements for certain insurers domiciled outside of the United States and covering persons who are nonresidents of the United States.
- Limiting use of the same accountant or partner within a firm to five years, and not allowing that accountant or partner to be involved for five years.
- Setting forth periods of disqualification for individuals having felony records who are seeking insurance-related licenses.
- Specifying that notices of nonrenewal, cancellation or termination must be given to the “first-named insured.”
- Creating an exemption to service warranty licensing requirements for companies selling warranties only to nonresidents.
- Providing a civil penalty in addition to criminal penalties for fraud under motor vehicle policies.