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Governor Ron DeSantis signed SB 76 into law and it takes effect July 1, 2021. The new law reflects a series of compromises reached by the Florida legislature during the 2021 session. Despite the compromises, bill sponsors believe the reforms will have a favorable effect on Florida’s residential property insurance market. Other legislators have been […]
Florida’s Third District Court of Appeal (DCA) added to a list of cases upholding the ability of policyholders to assign post-loss benefits under insurance policies. The Third DCA reached this decision based on prior caselaw in Florida. However, the court also acknowledged that the Florida legislature revised Florida law in this area after the events […]
Florida’s Fifth District Court of Appeal (DCA) has certified the following question pertaining to Assignments of Benefits (AOB) to the Florida Supreme Court as a matter of great public importance: Does article X, section 4(c) of the Florida Constitution allow the owner of homestead real property, joined by the spouse, if married, to assign post-loss […]
In December 2019, Joe Petrelli of Demotech, Inc. sent a letter of Barry Gilway of Citizens Property Insurance Corporation describing several concerns with Florida’s residential property insurance market. Petrelli mentioned that several insurers could see downgrades to their Financial Stability Ratings. He acknowledged that last year’s assignment of benefits (AOB) reforms might be beneficial later. […]
With this year’s legislative session nearly upon us, the holiday season soon will seem like just a blur. The Florida legislature has one 60-day regular session each year. This year, the session begins on January 14, 2020. The legislature tackled assignment of benefits (AOB) reform in the 2019 session. The new law took effect mid-year, […]
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 […]
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 […]
Office of Insurance Regulation, Florida Legislature, Insurance Regulation News, assignment of benefits, AOB Claims, HB 7065
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, […]
Florida Legislature, Insurance Regulation News, property insurance, assignment of benefits, AOB, Governor Ron DeSantis, HB 7065
