- Increases fines for nonwillfull violations of Florida Insurance Code from $2,500 to $25,000 per violation, as long as the fine does not equal one percent of the insurer's surplus [sec. 4 (2)].
- Increases fines for knowing and willfull violations of Florida Insurance Code from $20,000 to $100,000 per violation, as long as the fine does not equal five percent of the insurer's surplus [sec. 4 (2)].
- Subjects insurers to state antitrust laws (Sec. 2).
- Requires insurers to pay undisputed claims within 90 days of determining the amount of partial or full benefits and agreeing to coverage [sec. 8 (5)].
- Freezes the Citizens Property Insurance Corporation's premium rates beginning January 15, 2009 until July 1, 2009, at which point increases in both the statewide average and individual's policies are capped at five percent for three years, and capped again at ten percent for the subsequent three years [sec. 13 (6) (m) (5)].
- Requires insurers to set rates for hurricane damage using a hurricane loss model that is determined to be acceptable or reliable by the Florida Commission on Hurricane Loss Projection Methodology [sec. 9 (2) (b) (11)].
- Prohibits insurers from giving consideration to the age, race, income level, education, credit score, or any other personal characteristic of a policyholder when settling a property insurance agreement [sec. 8 (1) (i) (4)].
- This is a substitute bill sponsored by the Senate General Government Appropriations, Banking and Insurance Committee.
NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.
NOTE: THIS BILL WAS SIGNED AFTER A LINE ITEM VETO(S).