Senate Bill sb0366c1
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Florida Senate - 2004 CS for SB 366
By the Committee on Banking and Insurance; and Senator Fasano
311-1320-04
1 A bill to be entitled
2 An act relating to residential property
3 insurance; amending s. 627.4133, F.S.;
4 increasing the time period when an insurer must
5 give notice before nonrenewing, canceling, or
6 terminating a residential property insurance
7 policy; providing an effective date;
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9 Be It Enacted by the Legislature of the State of Florida:
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11 Section 1. Subsection (2) of section 627.4133, Florida
12 Statutes, is amended to read:
13 627.4133 Notice of cancellation, nonrenewal, or
14 renewal premium.--
15 (2) With respect to any personal lines or commercial
16 residential property insurance policy, including, but not
17 limited to, any homeowner's, mobile home owner's, farmowner's,
18 condominium association, condominium unit owner's, apartment
19 building, or other policy covering a residential structure or
20 its contents:
21 (a) The insurer shall give the named insured at least
22 45 days' advance written notice of the renewal premium.
23 (b) The insurer shall give the named insured written
24 notice of nonrenewal, cancellation, or termination at least
25 180 90 days prior to the effective date of the nonrenewal,
26 cancellation, or termination. The notice must include the
27 reason or reasons for the nonrenewal, cancellation, or
28 termination, except that:
29 1. When cancellation is for nonpayment of premium, at
30 least 10 days' written notice of cancellation accompanied by
31 the reason therefor shall be given.
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2004 CS for SB 366
311-1320-04
1 2. When such cancellation or termination occurs during
2 the first 90 days during which the insurance is in force and
3 the insurance is canceled or terminated for reasons other than
4 nonpayment of premium, at least 20 days' written notice of
5 cancellation or termination accompanied by the reason therefor
6 shall be given except where there has been a material
7 misstatement or misrepresentation or failure to comply with
8 the underwriting requirements established by the insurer.
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10 After the policy has been in effect for 90 days, the policy
11 shall not be canceled by the insurer except when there has
12 been a material misstatement, a nonpayment of premium, a
13 failure to comply with underwriting requirements established
14 by the insurer within 90 days of the date of effectuation of
15 coverage, or a substantial change in the risk covered by the
16 policy or when the cancellation is for all insureds under such
17 policies for a given class of insureds. This paragraph does
18 not apply to individually rated risks having a policy term of
19 less than 90 days.
20 (c) If the insurer fails to provide the notice
21 required by this subsection, other than the 10-day notice, the
22 coverage provided to the named insured shall remain in effect
23 until the effective date of replacement coverage or until the
24 expiration of a period of days after the notice is given equal
25 to the required notice period, whichever occurs first. The
26 premium for the coverage shall remain the same during any such
27 extension period except that, in the event of failure to
28 provide notice of nonrenewal, if the rate filing then in
29 effect would have resulted in a premium reduction, the premium
30 during such extension shall be calculated based on the later
31 rate filing.
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2004 CS for SB 366
311-1320-04
1 Section 2. This act shall take effect January 1, 2005,
2 and apply to policies issued or renewed on or after that date.
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4 STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
COMMITTEE SUBSTITUTE FOR
5 Senate Bill 366
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7 Replaces the provisions of the bill with an amendment to s.
627.4133, F.S., that increases the notice period from 90 days
8 to 180 days for an insurer to notify the named insured of
cancellation, nonrenewal, or termination of a residential
9 insurance policy, subject to certain exceptions.
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