Crist Signs Five Insurance Bills

While the massive property bill SB 2044 remains in the wings, Gov. Charlie Crist has signed several insurance-related bills into law. A synopsis of the new laws from the Florida House web site follows: HB 159 – Guaranty Associations: Exempts workers’ compensation claims under employer liability coverage from application of specified requirements; authorizes insurers to recoup specified assessments levied by OIR; expands application of state law to specified residents of other states who own insurance policies; expands list of contracts and policies to which life & health insurance guaranty of payments provisions do not apply; provides for application to coverage under structured settlement annuities; revises guaranty association’s aggregate liability for life insurance and deferred annuity contracts; authorizes association to issue alternative policies or contracts; subjects such alternative policies or contracts to specified requirements; authorizes association to succeed to rights of insolvent insurer arising after order of liquidation or rehabilitation relating to contracts of reinsurance; requires that such association pay all unpaid premiums due under contract; specifies that advertisement prohibitions do not prohibit furnishing specified written information in form prepared by association. Effective Date: July 1, 2010. HB 661 – Minimum Surplus Requirements for Mortgage Guaranty Insurers: Authorizes the Florida Commissioner of Insurance Regulation to permit temporary exception to specified minimum surplus requirements under specified circumstances; revises the authority of the OIR to take action against non-complying insurers. Effective Date: July 1, 2010. – HB 885 – Life Insurance: Exempts certain life insurance agents from certain continuing education requirements under certain circumstances; specifies non-application of required notice to current insurer of policy replacement; provides limitation on resale of specified annuities to third parties; prohibits creating or permitting of specified classes of employees for group health insurance policy purposes; preserves employer’s authority to require plan participation as condition of employment; revises limitation on amount of insurance for spouses of dependent children of employees of members under group life insurance policy. Effective Date: Upon becoming a law HB 7089 – OGSR/Florida Self-Insurers Guaranty Association: Removes the scheduled repeal under Open Government Sunset Review Act of exemptions from public records and public meetings requirements for the Florida Self-Insurers Guaranty Association. Effective Date: Oct. 1, 2010. HB 7091 – OGSR/Insurance Claim Data Exchange Information/DOR: Saves from scheduled repeal under the Open Government Sunset Review Act the exemption from public records requirements for certain records obtained by the Department of Revenue under the insurance claim data exchange system; extends repeal date of exemption. Effective Date: Oct. 1, 2010.