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Amendment that included significant reduction in agent commissions pulled from HB 1101
Crisis averted--for the time being. The amendment that would have significantly reduced commissions for agents who place businesses with Citizens Property Insurance, and contained several other onerous provisions, was pulled from House Bill 1101 during the Economic Affairs Committee meeting this morning.
Proposed Language Would Statutorily Limit Agent Commissions on Citizens Policies
Last night, a proposed committee substitute to House Bill 1101 by Representative Mike Horner (R-Kissimmee) was filed that included significant changes to Citizens; including a limitation on agent commissions, the requirement of a HO-8 policy, and the creation of additional paperwork burden on agents.
FAIA opposes House amendment that would reduce commissions for Citizens agents
A legislative proposal introduced late Monday would dramatically alter the way agents place business with Citizens Property Insurance Co.—and significantly reduce agent commissions. This development is a very serious threat to agents, given the proposed language is likely to be added to a bill with only a few stops left before final passage.
Florida Governor Rick Scott Signs Senate Bill 408 Into Law
Florida Governor Rick Scott signed Senate Bill 408 (SB408) into law on May 17, 2011. The legislative intent of SB408 is to reform the unstable property insurance market and make several substantial changes to Florida's property insurance laws, addressing some of the issues that have resulted in increased costs. The more significant provisions of the law impacting property insurance coverage in the State impose a uniform statute of limitations, limit sinkhole losses, change the holdback requirements on dwelling and contents coverage, restrict the statute of limitations on sinkhole and hurricane claims, and cap public adjusters' compensation. The law does not apply retroactively, so the amendments generally will apply to new claims and suits as of the effective date.
