On Tuesday, April 24, 2012, House Bill 1101 was signed by Governor Scott. This omnibus insurance regulation, effective October 1, includes several provisions including:
- Surplus Lines Market Available to Corporation Not-For-Profit Self Insurance Funds- Corporation not-for-profit self-insurance funds that are required to maintain excess insurance coverage to purchase excess insurance from eligible surplus lines insurers or reinsurers.
- Alien Carriers Permitted to Sell Certain Products to Non-US residents- HB 1101 permits, with approval, an alien carrier to sell life and annuity products to non-residents of the United States.
- Notice of Cancellation or Non-Renewal Exemption- Insurers that have shown a willingness to renew a policy, or if a cancellation is required due to non-payment of premium, are exempted from providing a notice of non-renewal.
- Addition to Unfair Trade Practices- Altering a property and casualty certificate of insurance after issuance has been added to the deceptive acts in the misrepresentation/false advertising category of the Unfair Trade Practices.
As an omnibus, House Bill 1101 also incorporates many other legislative initiatives. For more information, please visit FSLSO's Legislative Session Tracking page at: http://www.fslso.com/statutes/leg/2012/index.aspx