House Bill 301 will remove the surplus lines insurance industry's statutory capped fee, replacing the cap with a requirement that the fee is compatible with the majority of other states. (Photo: Shutterstock) House Bill 301 will remove the surplus lines insurance industry's statutory capped fee, replacing the cap with a requirement that the fee is compatible with the majority of other states. (Photo: Shutterstock)

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.

Among its provisions, this insurance legislation includes language previously passed by the House in House Bill 387. The version being considered by the Senate was indefinitely postponed and withdrawn from consideration.

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Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].