Florida Senate - 2018                                    SB 1668
       
       
        
       By Senator Farmer
       
       
       
       
       
       34-01638A-18                                          20181668__
    1                        A bill to be entitled                      
    2         An act relating to insurer reporting; creating s.
    3         627.9127, F.S.; requiring insurers filing rates with
    4         the Office of Insurance Regulation to provide
    5         specified information and projections relating to
    6         claim litigation in their rate filings; providing
    7         rulemaking authority to the Financial Services
    8         Commission; providing an effective date.
    9          
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Section 627.9127, Florida Statutes, is created
   13  to read:
   14         627.9127 Insurer reporting relating to claim litigation.
   15  Each insurer filing rates with the office under part I of this
   16  chapter shall provide the following information, in a form
   17  prescribed by rule of the commission, to the office in any rate
   18  filing:
   19         (1) For the year before the rate filing, costs associated
   20  with litigating claims, which include the total dollar value of
   21  each of the following:
   22         (a) Denied or limited claims that were successfully
   23  defended by the insurer in court.
   24         (b) Denied or limited claims that reached a settlement.
   25         (c) Denied or limited claims that were adjudicated in favor
   26  of the insured.
   27         (d) Plaintiff attorney fees paid in association with denied
   28  or limited claims.
   29         (e) Defendant attorney fees paid in association with denied
   30  or limited claims.
   31         (2) For the year after the rate filing, a projection of
   32  costs associated with litigating claims, which includes the
   33  total dollar value of each of the following:
   34         (a) Denied or limited claims that will be successfully
   35  defended in court.
   36         (b) Denied or limited claims that will reach a settlement.
   37         (c) Denied or limited claims that will be adjudicated in
   38  favor of the insured.
   39         (d) Plaintiff attorney fees that will be paid in
   40  association with denied or limited claims.
   41         (e) Defendant attorney fees that will be paid in
   42  association with denied or limited claims.
   43  
   44  The commission may establish a methodology by rule for
   45  projecting costs under this subsection.
   46         Section 2. This act shall take effect July 1, 2018.