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HB 451: Court Judgment Interest Rates and Insurance Reports and Practices

GENERAL BILL by Andrade

Court Judgment Interest Rates and Insurance Reports and Practices; Revises calculation that CFO performs to set rate of interest payable on judgments or decrees; requires OIR to create specified reports on insurance-related entities & compensation of executive officers for insurers, licensees, & registrants; revises factors office must consider in determining whether insurance rate is excessive, inadequate, or unfairly discriminatory; requires property insurers to send policyholders written estimate of amount of loss; specifies certain requirements for insurers when creating & sending such estimates; prohibits insureds & insurers from waiving such requirements; revises manner in which property insurer must respond to notice to initiate litigation; requires claimant & property insurer to participate in mandatory mediation; requires court to determine attorney fees in specified manner for cases arising from property insurance dispute; requires property insurers to disclose to policyholders dollar amount of credit or premium discount for mandatory binding arbitration endorsement.

Effective Date: 7/1/2025
Last Action: 3/4/2025 House - 1st Reading (Original Filed Version)
Bill Text: PDF

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  • Bill History

    Date Chamber Action
    2/6/2025 House • Filed
    2/19/2025 House • Referred to Insurance & Banking Subcommittee
    • Referred to Civil Justice & Claims Subcommittee
    • Referred to Commerce Committee
    • Now in Insurance & Banking Subcommittee
    3/4/2025 House • 1st Reading (Original Filed Version)

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  • HB 451, Original Filed Version (Current Bill Version) Posted 2/6/2025 at 4:15 PM

    Bill Text:   PDF
    Analyses:   None

    Related Bills (3)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 554 Insurance Practices Gaetz Similar Last Action: 3/4/2025 S Introduced
    H 459 Resolution of Disputed Property Insurance Claims Spencer Compare Last Action: 3/4/2025 H 1st Reading (Original Filed Version)
    S 224 Resolution of Disputed Property Insurance Claims Polsky Compare Last Action: 3/4/2025 S Introduced

    Citations - Statutes (10)

    Citation Catchline Location in Bill Location In Bill Help
    55.03 Judgments; rate of interest, generally. Page 3 (pdf)
    624.315 Annual reports; quarterly reports. Page 4 (pdf)
    627.062 Rate standards. Page 6 (pdf)
    627.151 Basis of approval or disapproval of workers’ compensation or employer’s liability insurance filing; scope of disapproval power. Page 15 (pdf)
    627.70131 Insurer’s duty to acknowledge communications regarding claims; investigation. Page 8 (pdf)
    627.7015 Alternative procedure for resolution of disputed property insurance claims. Page 10 (pdf)
    627.70152 Suits arising under a property insurance policy. Page 11 (pdf)
    627.70154 Mandatory binding arbitration. Page 14 (pdf)
    627.715 Flood insurance. Page 15 (pdf)
    627.7151 Limited sinkhole coverage insurance. Page 17 (pdf)

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