Florida Senate - 2015 COMMITTEE AMENDMENT Bill No. CS for SB 1064 Ì449256AÎ449256 LEGISLATIVE ACTION Senate . House . . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Judiciary (Ring) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Delete lines 76 - 114 4 and insert: 5 (1) Except as provided in subsection (2), a policy may be 6 assignable, or not assignable, as provided by its terms. Subject 7 to its terms relating to assignability, any life or health 8 insurance policy under the terms of which the beneficiary may be 9 changed upon the sole request of the policyowner may be assigned 10 either by pledge or transfer of title, by an assignment executed 11 by the policyowner alone and delivered to the insurer, 12 regardless of whetheror notthe pledgee or assignee is the 13 insurer. Any such assignment entitlesshall entitlethe insurer 14 to deal with the assignee as the owner or pledgee of the policy 15 in accordance with the terms of the assignment, until the 16 insurer has received at its home office written notice of 17 termination of the assignment or pledge or written notice by or 18 on behalf of some other person claiming some interest in the 19 policy in conflict with the assignment. 20 (2) A residential property insurance policy may not 21 restrict a policyowner’s post-loss assignment of benefits and 22 must contain a notice that includes the following statement in 23 at least 12-point, boldfaced, uppercase type: AS THE INSURED, 24 YOU HAVE A LEGAL CONTRACTUAL RIGHT TO ASSIGN YOUR POST-LOSS 25 BENEFITS FOR NEEDED REPAIRS OR REPLACEMENT OF DAMAGED PROPERTY. 26 (3) Upon an assignment of benefits, a policyowner may not 27 be held liable for billing and payment disputes between an 28 insurer and the assignee if the reason for the repairs or 29 replacement of damaged property is found by the insurer or a 30 court of competent jurisdiction to be covered under the policy. 31 32 ================= T I T L E A M E N D M E N T ================ 33 And the title is amended as follows: 34 Delete lines 11 - 15 35 and insert: 36 627.422, F.S.; prohibiting a residential property 37 insurance policy from restricting a policyowner’s 38 post-loss assignment of benefits; requiring such 39 policy to contain a specified disclosure regarding the 40 policyowner’s right to assign certain post-loss 41 benefits; providing that a policyowner may not be held 42 liable for certain billing and payment disputes; 43 providing