May 9, 2019

Happening This Week

We don't have a lot to report this week, but we wanted to share what we do have going on.

We are still analyzing the bills that passed and failed at the close of Florida's annual legislative session last week. We will have more information on what impacts the surplus lines community in next week's e-News.

We are putting the finishing touches on our annual customer survey, which will also go out next week. 

Have a Question?

Look no further than the FAQ section on FSLSO.com.

There you will find answers to almost any question you can think of...from licensing to filing to export requirements. 

If you still can't find the answer, send us an email at publicinfo@fslso.com.

May Due Dates

Headlines

Florida Lawmakers Approve Surplus Lines Modernization Provision

The Florida legislature has approved House Bill 301 – a law that has a provision that would eliminate the prescriptive cap on surplus lines agent policy fees.

As part of an effort to “modernize” the surplus lines market, the provision not only removes the cap on insurance agent fees, but also replaces the rule for new language which stipulates that fees should be reasonable and clearly listed on the policy.

Florida Bill to Modernize its Surplus Lines Insurance Industry

The Florida legislature passed a bill that will modernize the regulatory framework of Florida’s surplus lines insurance industry in House Bill 301. The House voted 114-0 in favor of the bill, and the Senate voted 37-1 in support of the bill.

When it Comes to Flooding, Florida’s Risk is Real

As Floridians are approximately 30 days from the start of the 2019 Atlantic Hurricane Season, Chief Financial Officer (CFO) Jimmy Patronis and Florida Insurance Commissioner David Altmaier are reminding consumers to start preparing now, if they haven’t already. Consumers should review their insurance policies, understand their coverages and secure flood insurance coverage as soon as possible. Typically, there is a 30-day waiting period before a flood policy takes effect, so it is vital to act now.

The Office of Insurance Regulation (OIR) has proactively worked alongside CFO Patronis’ office to expand Florida's private flood insurance market. As of April 30, 2019, the number of insurers eligible to write private flood insurance in Florida increased from 20 to 29, a 45 percent increase since June 2017. Private carriers have written more than 62,000 personal primary flood insurance policies in Florida, a 169 percent increase since June 2017. This coverage is usually offered at prices similar to or lower than those of the National Flood Insurance Program (NFIP), providing more consumer choice and an alternative to the federal program. 

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