Florida Senate - 2007 SENATOR AMENDMENT
Bill No. CS for SB 2498
Barcode 664634
CHAMBER ACTION
Senate House
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05/01/2007 02:36 PM .
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11 Senators Atwater and Deutch moved the following amendment:
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13 Senate Amendment (with title amendment)
14 On page 22, between lines 18 and 19,
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16 insert:
17 Section 2. Subsections (4) and (5) of section
18 627.70131, Florida Statutes, as amended by section 27 of
19 chapter 2007-1, Laws of Florida, are amended to read:
20 627.70131 Insurer's duty to acknowledge communications
21 regarding claims; investigation.--
22 (4) For purposes of this section, the term "claim"
23 means any of the following:
24 (a) A claim under an insurance policy providing
25 residential coverage as defined in s. 627.4025(1);
26 (b) A claim for structural or contents coverage under
27 a commercial property insurance policy if the insured
28 structure is 10,000 square fee or less; or
29 (c) A claim for contents coverage under a commercial
30 tenants policy if the insured premises is 10,000 square feet
31 or less. "insurer" means any residential property insurer.
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Florida Senate - 2007 SENATOR AMENDMENT
Bill No. CS for SB 2498
Barcode 664634
1 (5) Within 90 days after an insurer receives notice of
2 a property insurance claim from a policyholder under a policy
3 providing residential coverage as defined in s. 627.4025, the
4 insurer shall pay or deny such claim or a portion of the claim
5 unless the failure to pay such claim or a portion of the claim
6 is caused by factors beyond the control of the insurer which
7 reasonably prevent such payment. Any payment of a claim or
8 portion of a claim paid 90 days after the insurer receives
9 notice of the claim, or paid more than 15 days after there are
10 no longer factors beyond the control of the insurer which
11 reasonably prevented such payment, whichever is later, shall
12 bear interest at the rate set forth in s. 55.03. Interest
13 begins to accrue from the date the insurer receives notice of
14 the claim. The provisions of this subsection may not be
15 waived, voided, or nullified by the terms of the insurance
16 policy. If there is a right to prejudgment interest, the
17 insured shall select whether to receive prejudgment interest
18 or interest under this subsection. Interest is payable when
19 the claim or portion of the claim is paid. Failure to comply
20 with this subsection constitutes a violation of this code.
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22 (Redesignate subsequent sections.)
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26 And the title is amended as follows:
27 On page 1, line 10, following the semicolon
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29 insert:
30 amending s. 627.70131, F.S.; deleting the
31 definition of the term "insurer"; defining the
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8:26 AM 05/01/07 s2498c1c-25-b01
Florida Senate - 2007 SENATOR AMENDMENT
Bill No. CS for SB 2498
Barcode 664634
1 term "claim"; revising provisions relating to
2 when an insurer must pay a claim; providing
3 conditions under which interest must be paid;
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