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A proposal in the Senate (SB 1402) and House (HB 951) would authorize “domestic surplus lines insurers” to issue policies in Florida. Although the bills are in their early stages of consideration, the Senate version recently passed the Banking and Insurance Committee with a 9-0 vote. Currently, because surplus lines insurers issuing policies in Florida […]
The Florida surplus lines tax charged by the Florida Department of Financial Services (DFS) decreased from 5.0% to 4.94% effective July 1, 2020. The reduction applies to all new and renewal policies with an effective date on or after July 1, 2020. The tax applies to the total gross premium as defined in Florida Statute […]
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 […]
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 […]
We often receive questions from insurers or agents relating to the requirements for exporting risks to the surplus lines market. These are fact-specific determinations that depend on the nature of the risks and the markets available to the agents. The Florida Department of Financial Services likewise reports receiving questions in this area and recently summarized […]
Florida’s exit from the Nonadmitted Insurance Multi-State Agreement (NIMA) takes effect June 1. Florida becomes the second state to leave NIMA after Louisiana exited the agreement last year. Representatives of the Florida Office of Insurance Regulation (OIR) commented that while NIMA achieved its intended benefits for the participating states, they are disappointed that participation did […]
The reduction in the Florida Surplus Lines Service Office (FSLSO) service fee announced earlier this year takes effect today. In bulletin 2016-01, the FSLSO notified surplus lines agents, surplus lines insurers and filers of independently procured coverage that the FSLSO service fees drops from 0.175% to 0.15% effective April 1, 2016. The fee reduction applies to […]
The Florida Surplus Lines Service Office (FSLSO) has informed surplus lines agents, surplus lines insurers and filers of independently procured coverage that the FSLSO service fee will drop from 0.175% to 0.15% effective April 1, 2016. The fee reduction will apply to all new and renewal policies/certificates with effective dates on or after April 1, […]
The Florida Department of Financial Services (DFS) took the opportunity in its recent Insurance Insights newsletter to remind agents of the diligent effort requirement in the Surplus Lines Law. DFS points out that one of the stated purposes of the Surplus Lines Law is to protect authorized insurers from unwarranted competition by unauthorized insurers who are […]
The Florida legislature adopted SB 542 intended to encourage admitted market insurers to write personal residential flood insurance programs. If approved by the Governor, the bill will make changes to Florida’s rating law and modeling review process to facilitate private flood products. Section 627.062, Florida Statutes, lists factors to be considered by the Office of […]
