Senate Bill 408. Senate Bill 408 makes sweeping changes to laws related to property insurance, primarily residential property insurance. SENATE BILL 408. Senate Bill 408 Florida State Senate Increases minimum surplus requirements to $15 million dollars for Residential Property Insurers.
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Senate Bill 408 makes sweeping changes to laws related to property insurance, primarily residential property insurance
Senate Bill 408 Florida State Senate
to $15 million dollars for Residential Property Insurers
Senate Bill 408 addresses many issues that will impact your
If you are a homeowner
You Need to Get Involved
Before it is too late!
IF YOU ARE A PUBLIC INSURANCE ADJUSTER
You need to get involved!
SB 408Revises the regulation of public insurance adjusters by placing limits on public adjuster compensation, prohibiting certain statements in public adjuster advertising, revising the contents of the public adjuster contract
Senate Bill 408 Summary
Allows an insurer to cancel or non-renew a property insurance policy upon a minimum of 45 days’ notice based on a finding that the insurer lacks adequate reinsurance coverage for hurricane risk and other financial factors
Revises the regulation of public adjusters by placing limits on public adjuster compensation, prohibiting certain statements in public adjuster advertising, and revising the contents of the public adjuster contract
Removes the requirement that a property insurer must offer sinkhole coverage and eliminates application of statutes governing catastrophic ground cover collapse and sinkhole loss coverage from commercial property insurance policies;
Revises what constitutes a sinkhole loss
Revises procedures for insurers and policyholders relating to standards for sinkhole insurance claim investigations and revises the neutral evaluation process for sinkhole disputes
Provides changes to the procedures pertaining to sinkhole reports by professional engineers or professional geologists and repeals the sinkhole database
Florida law specifies certain minimum surplus and capital requirements for property and casualty insurers to transact insurance in the state. Under s. 624.407, F.S., the minimum surplus requirement for new property and casualty insurers in Florida, which includes residential property writers, is the greater of $5 million or ten percent of the insurer’s liabilities
The minimum surplus requirement for a residential property insurer, once it is licensed in Florida, is the greater of $4 million or ten percent of the insurer’s liabilities
The current surplus and capital requirements for property and casualty insurers have not been changed since 1993
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This Bill in current form will impact
CITIZENS CALL TO ACTION IS NEEDED