Bill Summary

HB 581 Flood Insurance (2014 Session)
Flood Insurance: Adds projected flood losses to factors that must be considered by OIR in reviewing certain rate filings; increases membership of Florida Commission on Hurricane Loss Projection Methodology; requires commission to adopt standards & guidelines relating to flood loss by certain date; authorizes insurers to offer flood insurance in this state; establishes minimum coverage requirements for such policies; provides coverage limitations that an insurer may include in such policies; requires that certain limitations be noted on policy declarations or face page; provides insurer with rate options; requires insurer to provide notice that flood insurance is available from National Flood Insurance Program; allows insurer to export contract or endorsement of certain amount to surplus lines insurer without meeting certain requirements; provides prior notice requirements for cancellation or nonrenewal of policy; requires insurer to notify office before writing flood insurance & to file plan of operation with office; provides preemption for any conflicts with other provisions of Florida Insurance Code; requires Commissioner of OIR to provide certification that condition qualifies for flood insurance or disaster assistance. Effective Date: upon becoming a law
Referred to Insurance & Banking Subcommittee; Government Operations Appropriations Subcommittee; Regulatory Affairs Committee
Now in Insurance & Banking Subcommittee
Died in Insurance & Banking Subcommittee
Filed on 01/13/14
No amendments to this bill text filed.
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