Gary Henning, vice president of the Northeast region for AIA, says in a statement that the legislation is a “positive step forward and will help foster a more efficient regulatory system for commercial lines.”

Ellen Melchionni, president of the New York Insurance Association, says that while the legislation allows for greater commercial rate freedom for certain policies, “further flexibility within commercial lines still needs to be put into place for the state to experience a thriving insurance marketplace.”

In Florida, Scott signed HB 99 into law, which expands the types of commercial insurance exempt from the rate-filing and approval process.

The National Association of Mutual Insurance Companies (NAMIC) in a statement says the governor's signing of the “rate modernization” bill, HB 99, is an “important component of a healthy insurance market.” NAMIC adds Scott's “support of free-market principles is evidenced” by the signing of the legislation.

HB 99 expands on legislation signed into law last year by then-Gov. Charlie Crist that exempted certain excess and specialty commercial lines from rate regulation.

This year's bill includes commercial property, excess property and general liability. It also includes commercial-auto lines for fleets under 20 vehicles. Larger fleets were included in the bill last year.

Rates still cannot be excessive, inadequate or unfairly discriminatory.

Should the industry successfully demonstrate that commercial-deregulation works, it hopes the same can be extended to personal lines, industry members have said.