Key Votes
HB 1495 - Property Insurance Law Modifications - Key Vote
Florida Key Votes
Stages
- May 27, 2009 Executive Signed
- May 1, 2009 Senate Concurrence Vote Passed
- May 1, 2009 House Concurrence Vote Passed
- April 28, 2009 Senate Bill Passed
- April 24, 2009 House Bill Passed
- March 3, 2009 Introduced
Family
Issues
Stage Details
Legislation - Signed (Executive) - May 27, 2009
Title: Property Insurance Law Modifications
Signed by Governor Charlie Crist, Jr.
Legislation - Concurrence Vote Passed (Senate) (32-6) - May 1, 2009 (Key vote)
Title: Property Insurance Law Modifications
Vote Smart's Synopsis:
Vote to concur with House amendments and pass a bill that revises dates of insurer's contract years for purposes of calculation retention.
Highlights:
-Authorizes the State Board of Administration to invest in revenue bonds (Sec. 1).
-Provides that in 2010, the contract year will begin on June 1, 2010 and end on December 31, 2010. Such will be true for following years (Sec 1).
-States that the minimum retention level that an eligible insurer must retain associated with additional coverage is 30% of the insurer's surplus as of December 31, 2008 for the contract years 2009-2010 and as of December 31, 2010, for the 2011 contract year (Sec.1).
-Provides that each fiscal year the Legislature shall appropriate from the investment income of the Florida Hurricane Catastrophe Fund an amount exceeding $10 million and below 35% of investment income based on an audit at the end of the fiscal year, for the purpose of providing funding for local governments, state agencies, and private educational institutions (Sec. 1).
-Renames the "Residential Property and Casualty Joint Underwriting Association" the "Citizens Property Insurance Corporation," which provides residential and commercial insurance for applicants who cannot receive coverage in the voluntary market (Sec. 10).
-Provides that effective January 1, 2009, residential properties that have a replacement cost of $2 million or more or are located in the "wind-borne debris region" and have an insured value of $750,000 or more are not eligible for coverage under the corporation (Sec.10).
-Provides that starting January 1, 2010 the corporation's rate increase cannot exceed 10 percent per year for any single policy (Sec.10).
-Stipulates that an individual or entity that knowingly provides or utters a false or fraudulent mitigation verification form with intent to obtain or receive a discount on an insurance premium to which the person or entity is not entitled, commits a misdemeanor of the first degree (Sec. 12).
Note:
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.
Legislation - Concurrence Vote Passed (House) (80-35) - May 1, 2009 (Key vote)
Title: Property Insurance Law Modifications
Vote Smart's Synopsis:
Vote to concur with Senate amendments and adopt additional amendments to a bill that revises dates of insurer's contract years for purposes of calculation retention.
Highlights:
-Authorizes the State Board of Administration to invest in revenue bonds (Sec. 1).
-Provides that in 2010, the contract year will begin on June 1, 2010 and end on December 31, 2010. Such will be true for following years (Sec 1).
-States that the minimum retention level that an eligible insurer must retain associated with additional coverage is 30% of the insurer's surplus as of December 31, 2008 for the contract years 2009-2010 and as of December 31, 2010, for the 2011 contract year (Sec.1).
-Provides that each fiscal year the Legislature shall appropriate from the investment income of the Florida Hurricane Catastrophe Fund an amount exceeding $10 million and below 35% of investment income based on an audit at the end of the fiscal year, for the purpose of providing funding for local governments, state agencies, and private educational institutions (Sec. 1).
-Renames the "Residential Property and Casualty Joint Underwriting Association" the "Citizens Property Insurance Corporation," which provides residential and commercial insurance for applicants who cannot receive coverage in the voluntary market (Sec. 10).
-Provides that effective January 1, 2009, residential properties that have a replacement cost of $2 million or more or are located in the "wind-borne debris region" and have an insured value of $750,000 or more are not eligible for coverage under the corporation (Sec.10).
-Provides that starting January 1, 2010 the corporation's rate increase cannot exceed 10 percent per year for any single policy (Sec.10).
-Stipulates that an individual or entity that knowingly provides or utters a false or fraudulent mitigation verification form with intent to obtain or receive a discount on an insurance premium to which the person or entity is not entitled, commits a misdemeanor of the first degree (Sec. 12).
Note:
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.
Legislation - Bill Passed (Senate) (34-2) - April 28, 2009
Legislation - Bill Passed (House) (75-33) - April 24, 2009
Legislation - Introduced (House) - March 3, 2009
Title: Property Insurance Law Modifications
Committee Sponsors
- Appropriations Subcommittee on General Government (Sponsor)
- General Government Policy Council (Sponsor)
- Health Care Appropriations Subcommittee (Sponsor)
- Insurance and Banking Subcommittee (Sponsor)
Sponsors
- D. Alan Hays (FL - R) (Out Of Office)
- Bryan Nelson (FL - R)
Co-sponsors
- Eric 'E.' Eisnaugle (FL - R) (Out Of Office)
- Janet C. Long (FL - D) (Out Of Office)
- Scott Plakon (FL - R) (Out Of Office)
- Trudi K. Williams (FL - R) (Out Of Office)
