Signed by Governor Charlie Crist, Jr.

Vote Smart's Synopsis:

Vote to pass a bill that restricts the policies of insurance companies concerning profits, insurance rates, and policies in Florida.

Highlights:

- Allows insurance companies to temporarily use the Florida Hurricane Catastrophe Fund to purchase reinsurance to minimize their liabilities and lower consumer rates [FS 215.555, sec. 7(a)(2)]. -Requires insurance companies offering car insurance in Florida to also offer homeowner insurance if they are doing so in other states (sec. 42). -Repeals the January 1, 2007 Citizens Property Insurance Corporation rate hike and requires the corporation to refund customers who paid the increased rate [FS 627.351, sec. 21(6)(m)(4)]. -Requires private insurance companies to return excess profits resulting from excessively high rates to customers (sec. 26). -Requires insurance companies to notify policy holders of non-renewals of insurance policies during hurricane season 100 days in advance [sec. 25 (2) (b)]. -Authorizes the Florida Comprehensive Hurricane Damage Mitigation Program to issue grants funding preventative work on residential properties [sec. 4(2)]. -Requires the Consumer Advocate to grade insurance providers based on criteria such as the amount of time it takes a company to settle a claim and the number of claims handled [FS 627.0613 (4)]. -Reduces the period for denial or payment of claims from clients made to insurance companies to 90 days [sec. 25 (2)(b)].

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that restricts the policies of insurance companies concerning profits, insurance rates, and policies in Florida.

Highlights:

- Allows insurance companies to temporarily use the Florida Hurricane Catastrophe Fund to purchase reinsurance to minimize their liabilities and lower consumer rates [FS 215.555, sec. 7(a)(2)]. -Requires insurance companies offering car insurance in Florida to also offer homeowner insurance if they are doing so in other states (sec. 42). -Repeals the January 1, 2007 Citizens Property Insurance Corporation rate hike and requires the corporation to refund customers who paid the increased rate [FS 627.351, sec. 21(6)(m)(4)]. -Requires private insurance companies to return excess profits resulting from excessively high rates to customers (sec. 26). -Requires insurance companies to notify policy holders of non-renewals of insurance policies during hurricane season 100 days in advance [sec. 25 (2) (b)]. -Authorizes the Florida Comprehensive Hurricane Damage Mitigation Program to issue grants funding preventative work on residential properties [sec. 4(2)]. -Requires the Consumer Advocate to grade insurance providers based on criteria such as the amount of time it takes a company to settle a claim and the number of claims handled [FS 627.0613 (4)]. -Reduces the period for denial or payment of claims from clients made to insurance companies to 90 days [sec. 25 (2)(b)].

Full Bill Text