News & Updates

Insurance

Next Legislative Session Just Around the Corner

Next Legislative Session Just Around the Corner

It’s hard to believe September is here. It seems like the 2019 legislative session just concluded.   In reality, though, the 2020 session is just around the corner. The 2020 session will have an early start date—it runs from January 14 through March 13 (assuming it ends on time). The early start date means committee meetings will […]

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East Coast Remains on High Alert

East Coast Remains on High Alert

Hurricane Dorian’s slow forward movement and uncertain path continue to keep Florida on high alert, particularly on the east coast. Last week, Dorian was a tropical storm that appeared as if it might stall and never gain hurricane strength. Models also varied widely in their guesses as to the storm’s future direction. Dorian overcame this […]

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Dismissal of AOB Case Leaves Unanswered Questions

Dismissal of AOB Case Leaves Unanswered Questions

The Florida Supreme Court recently decided by a 4-3 vote to dismiss its review of Restoration 1 of Port St. Lucie v. Ark Royal Insurance Company.  Interestingly, the three justices in the minority were Governor DeSantis’ recent appointees. The majority was comprised of four justices who were on the court when it accepted the case. The […]

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Officials Focus on Open Michael Claims

Officials Focus on Open Michael Claims

The Florida Department of Financial Services (DFS) and Office of Insurance Regulation (OIR) encouraged insurers again this week to redouble efforts to resolve Hurricane Michael claims.  Chief Financial Officer Jimmy Patronis asked Insurance Commissioner David Altmaier to update the status of the insurance industry’s Michael response.  Commissioner Altmaier responded that about 15 percent of the […]

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Agents Must Supervise Customer Representatives

Agents Must Supervise Customer Representatives

The Florida Department of Financial Services (DFS) reminds insurers that the customer representatives they supervise have limited authority under the insurance code. DFS points out that general lines agents and their customer representatives sometimes “blur the lines” relating to the customer representatives’ authority. Agents should pay particular attention to Chapter 626, Part II General Lines Agents. […]

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New Laws Affect Agent Procedures

New Laws Affect Agent Procedures

In the 2019 session, the Florida legislature passed HB 301 with several provisions impacting agents and insurers. Most of these provisions took effect July 1, 2019. Among the law changes, the insurance code now requires a life insurer to notify the servicing agent at least 21 days before a life insurance policy lapses. This notice […]

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Diligent Effort Exemption Expires for Flood Insurance

Diligent Effort Exemption Expires for Flood Insurance

The Florida Department of Financial Services (DFS) advises surplus lines agents that a diligent effort exemption for personal residential flood insurance has expired. The Florida legislature previously adopted Section 627.715, Florida Statutes, to encourage the development of a private market for residential flood insurance. Among its provisions, the statute provided at subsection (4): (4) A surplus […]

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DFS Cautions Against Use of Unlicensed Personnel

DFS Cautions Against Use of Unlicensed Personnel

The Florida Department of Financial Services (DFS) has published a reminder cautioning agencies about the limitations on support activities that may be performed by unlicensed personnel. DFS describes unlicensed personnel as having “limited discretion” in how they can support the operations of an insurance agency. Rule Chapter 69B-222, Florida Administrative Code, describes the permissible scope […]

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AOB Reforms Take Effect

AOB Reforms Take Effect

Many proposals that passed in the 2019 legislative session take effect July 1.  This includes most portions of the Assignment of Benefits (AOB) reform bill passed by the legislature this year.  Although the legislature passed other legislature accelerating the effective date of a new method for dealing with attorneys’ fees, the core portions of the […]

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Governor Signs AOB Reform Bill

Governor Signs AOB Reform Bill

Governor Ron DeSantis has signed HB 7065 reforming the use of assignments in Florida’s property insurance market. He also signed HB 337 relating to Florida’s court system and also accelerating the effective date of HB 7065’s attorney’s fee revisions. Most of the law changes relating to assignments of benefits (AOB) take effect July 1. However, […]

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