Bill Text: FL S0208 | 2017 | Regular Session | Introduced

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Bill Title: Surplus Lines Insurance

Spectrum: Partisan Bill (Republican 2-0)

Status: (Failed) 2017-05-05 - Died in Banking and Insurance [S0208 Detail]

Download: Florida-2017-S0208-Introduced.html

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       Florida Senate - 2017                                     SB 208
       
       
        
       By Senator Passidomo
       
       28-00156-17                                            2017208__
    1                        A bill to be entitled                      
    2         An act relating to surplus lines insurance; amending
    3         s. 626.916, F.S.; revising conditions for the export
    4         eligibility of commercial lines residential coverage;
    5         providing an effective date.
    6          
    7  Be It Enacted by the Legislature of the State of Florida:
    8  
    9         Section 1. Paragraph (b) of subsection (3) of section
   10  626.916, Florida Statutes, is amended to read:
   11         626.916 Eligibility for export.—
   12         (3)
   13         (b) Paragraphs (1)(a)-(d) do not apply to commercial lines
   14  residential coverage as described in s. 627.4025 or to classes
   15  of insurance which are subject to s. 627.062(3)(d)1. These
   16  classes may be exportable under the following conditions:
   17         1. The insurance must be placed only by or through a
   18  surplus lines agent licensed in this state;
   19         2. The insurer must be made eligible under s. 626.918; and
   20         3. The insured must sign a disclosure that substantially
   21  provides the following: “You are agreeing to place coverage in
   22  the surplus lines market. Superior coverage may be available in
   23  the admitted market and at a lesser cost. Persons insured by
   24  surplus lines carriers are not protected under the Florida
   25  Insurance Guaranty Act with respect to any right of recovery for
   26  the obligation of an insolvent unlicensed insurer.” If the
   27  notice is signed by the insured, the insured is presumed to have
   28  been informed and to know that other coverage may be available,
   29  and, with respect to the diligent-effort requirement under
   30  subsection (1), there is no liability on the part of, and no
   31  cause of action arises against, the retail agent presenting the
   32  form.
   33         Section 2. This act shall take effect July 1, 2017.