Expanded Commercial "DeReg" Passes Both Insurance Committees
Expansion of state rate deregulation to all commercial auto and property was endorsed last week by both insurance committees in the Florida Legislature, with the plan showing strong support and momentum.
The House bill (HB 99) was approved unanimously Wednesday, February 9 by the Banking and Insurance Subcommittee. Senate Banking and Insurance approved the Senate version (CS/SB 178) on February 7.
Rep. Brad Drake, R-DeFuniak Springs, amended his bill to clarify that insurers and rating organizations would absorb costs for providing data requested by the Office of Insurance Regulation to support rate increases implemented under the package.
As noted above, the Drake bill was passed unanimously and will next be heard by the House Economic affairs Committee. It is supported by the American Insurance Association, Florida Insurance Council, Property Casualty Insurers and other insurance trades. Significantly, it is supported by the business lobbying associations, including Associated Industries of Florida and the Florida Chamber.
The Senate bill (CS/SB 178) by Sen. Steve Oelrich, R-Gainesville, was approved 7-2 by banking and Insurance on Monday, February 7. It is now in Senate Commerce and Tourism.
Legislative committees are doing pre-session work and interim committee meetings. The formal, 2011 session begins March 8.
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* This information was released by the Florida Insurance Council (FIC). As a member of FIC, we have received permission to publish news information posted on their website