Florida Senate - 2007 SENATOR AMENDMENT
Bill No. CS for SB 2498
Barcode 763164
CHAMBER ACTION
Senate House
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05/01/2007 03:01 PM .
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11 Senator Posey moved the following amendment:
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13 Senate Amendment (with title amendment)
14 On page 22, after line 31,
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16 insert:
17 Section 3. Subsection (2) of section 626.9201, Florida
18 Statutes, is amended to read:
19 626.9201 Notice of cancellation or nonrenewal.--
20 (2) An insurer issuing a policy providing coverage for
21 property, casualty, surety, or marine insurance shall give the
22 named insured written notice of cancellation or termination
23 other than nonrenewal at least 45 days prior to the effective
24 date of the cancellation or termination, including in the
25 written notice the reason or reasons for the cancellation or
26 termination, except that:
27 (a) When cancellation is for nonpayment of premium, at
28 least 10 days' written notice of cancellation accompanied by
29 the reason therefor shall be given. As used in this paragraph,
30 the term "nonpayment of premium" means the failure of the
31 named insured to discharge when due any of his or her
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7:36 PM 04/26/07 s2498c1c-24-t01
Florida Senate - 2007 SENATOR AMENDMENT
Bill No. CS for SB 2498
Barcode 763164
1 obligations in connection with the payment of premiums on a
2 policy or an installment of such a premium, whether the
3 premium or installment is payable directly to the insurer or
4 its agent or indirectly under any plan for financing premiums
5 or extension of credit or the failure of the named insured to
6 maintain membership in an organization if such membership is a
7 condition precedent to insurance coverage. The term also
8 includes the failure of a financial institution to honor the
9 check of an applicant for insurance which was delivered to a
10 licensed agent for payment of a premium, even if the agent
11 previously delivered or transferred the premium to the
12 insurer. If a dishonored check represents payment of the
13 initial premium, the contract, and all contractual obligations
14 are void ab initio unless the nonpayment is cured within the
15 earlier of 5 days after actual notice by certified mail is
16 received by the applicant or 15 days after notice is sent to
17 the applicant by certified mail or registered mail, and, if
18 the contract is void, any premium received by the insurer from
19 a third party shall be refunded to that party in full; and
20 (b) When such cancellation or termination occurs
21 during the first 90 days during which the insurance is in
22 force and the insurance is canceled or terminated for reasons
23 other than nonpayment, at least 20 days' written notice of
24 cancellation or termination accompanied by the reason therefor
25 shall be given except where there has been a material
26 misstatement or misrepresentation or failure to comply with
27 the underwriting requirements established by the insurer.
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29 (Redesignate subsequent sections.)
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7:36 PM 04/26/07 s2498c1c-24-t01
Florida Senate - 2007 SENATOR AMENDMENT
Bill No. CS for SB 2498
Barcode 763164
1 ================ T I T L E A M E N D M E N T ===============
2 And the title is amended as follows:
3 On page 1, lines 2-14, delete those lines
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5 and insert:
6 An act relating to insurance; amending s.
7 627.351, F.S.; revising legislative findings to
8 provide a finding that the lack of affordable
9 property insurance threatens the public health,
10 safety, and welfare and threatens the economic
11 health of the state; revising provisions for
12 determining eligibility for coverage under
13 Citizens Property Insurance Corporation;
14 prohibiting issuance of new certificates of
15 authority to certain insurers; requiring rate
16 filings of certain insurers to include certain
17 parent company profits information; amending s.
18 626.9201, F.S.; revising requirements
19 concerning cancellation for nonpayment of
20 premium of policies providing coverage for
21 property, casualty, surety, or marine
22 insurance; defining the term "nonpayment of
23 premium"; providing that certain contracts or
24 contractual obligations concerning such
25 coverage are void under specified conditions;
26 requiring the refund of certain premiums
27 received by an insurer; providing effective
28 dates.
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