Florida Senate - 2014                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1344
       
       
       
       
       
       
                                Ì652420lÎ652420                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  04/02/2014           .                                
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    1         Senate Amendment (with title amendment)
    2  
    3         Before line 13
    4  insert:
    5         Section 1. Subsections (1), (2), and (3) of section
    6  627.7283, Florida Statutes, are amended to read:
    7         627.7283 Cancellation; return of premium.—
    8         (1) If the insured cancels a policy of motor vehicle
    9  insurance, the insurer must mail or electronically transfer the
   10  unearned portion of any premium paid within 30 days after the
   11  effective date of the policy cancellation or receipt of notice
   12  or request for cancellation, whichever is later. This
   13  requirement applies to a cancellation initiated by an insured
   14  for any reason.
   15         (2) If an insurer cancels a policy of motor vehicle
   16  insurance, the insurer must mail or electronically transfer the
   17  unearned premium portion of any premium within 15 days after the
   18  effective date of the policy cancellation.
   19         (3) If the unearned premium is not mailed or electronically
   20  transferred within the applicable period, the insurer must pay
   21  to the insured 8 percent interest on the amount due. If the
   22  unearned premium is not mailed or electronically transferred
   23  within 45 days after the applicable period, the insured may
   24  bring an action against the insurer pursuant to s. 624.155.
   25  
   26  ================= T I T L E  A M E N D M E N T ================
   27  And the title is amended as follows:
   28         Delete line 2
   29  and insert:
   30         An act relating to insurance; amending s. 627.7283,
   31         F.S.; allowing the electronic transfer of unearned
   32         premiums under specified circumstances;