Florida Senate - 2007                      COMMITTEE AMENDMENT
    Bill No. PCS (880356) for SB 1866
                        Barcode 482418
                            CHAMBER ACTION
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 1           Comm: FAV             .                    
       04/09/2007 05:25 PM         .                    
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11  The Committee on Banking and Insurance (Atwater) recommended
12  the following substitute for amendment (533852):
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14         Senate Amendment (with title amendment) 
15         On page 69, line 28, through
16            page 70, line 4, delete those lines
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18  and insert:  
19         (5)  Within 90 days after an insurer receives notice of
20  a property insurance claim from a policyholder, the insurer
21  shall pay or deny such claim or a portion of the claim unless
22  the failure to pay such claim or a portion of the claim is
23  caused by factors beyond the control of the insurer which
24  reasonably prevent such payment. Any overdue payment of a
25  claim or portion of a claim shall bear interest at the rate as
26  set forth in s. 55.03. Interest on an overdue payment for a
27  claim or for any portion of a claim begins to accrue interest
28  from the date the insurer receives notice of the claim. The
29  interest is payable with the payment of the claim. The
30  provisions of this subsection may not be waived, voided, or
31  nullified by contract. Failure to comply with this subsection
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    11:58 AM   04/09/07                            s1866c-bi25-e3e


    Florida Senate - 2007                      COMMITTEE AMENDMENT
    Bill No. PCS (880356) for SB 1866
                        Barcode 482418
 1  constitutes a violation of this code.
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 5  And the title is amended as follows:
 6         On page 4, lines 1-3, delete those lines
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 8  and insert:
 9         F.S.; authorizing an insurer to pay or deny a
10         portion of a claim; providing that an overdue
11         payment accrues interest;
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    11:58 AM   04/09/07                            s1866c-bi25-e3e