July Marks Effective Date for Statutory Changes
Bills passed by the Florida legislature specify when their provisions take effect, either upon the bills’ becoming law or upon a specific date. For insurance-related legislation, the legislature often establishes July 1 as the effective date. This is the case with several bills passed during 2015. Insurers therefore should consider the impact of 2015 legislation on their procedures going forward. For example, this year’s omnibus bill has created a uniform 120-day notice requirement for residential property insurance cancellations and nonrenewals instead of the complicated alternatives under prior law. The omnibus bill also establishes a longer period for insurers to transition between approved model versions. Both of these provisions, as well as others in the bill, take effect July 1. In addition, other law changes from the 2015 session take effect July 1, including prospective changes to the FIGA assessment and recoupment mechanism and the opportunity to offer flexible flood insurance policies.