SB 554: Insurance Practices
GENERAL BILL by Gaetz
Insurance Practices; Revising the calculation that the Chief Financial Officer performs to set the rate of interest payable on judgments or decrees; requiring the Office of Insurance Regulation of the Financial Services Commission to create specified reports on related entities and compensation of executive officers for insurers, licensees, and registrants; revising the facts the office must consider in determining whether a rate is excessive, inadequate, or unfairly discriminatory; requiring insurers to send policyholders a written estimate of the amount of loss under certain circumstances, etc.
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Bill History
Date Chamber Action 2/7/2025 Senate • Filed
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SB 554, Original Filed Version (Current Bill Version) Posted 2/7/2025 at 2:34 PM
Bill Text: Web Page | PDF Analyses: None Related Bills (3)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills H 451 Court Judgment Interest Rates and Insurance Reports and Practices Andrade Similar Last Action: 2/6/2025 H Filed 
H 459 Resolution of Disputed Property Insurance Claims Spencer Compare Last Action: 2/7/2025 H Filed
S 224 Resolution of Disputed Property Insurance Claims Polsky Compare Last Action: 1/29/2025 S Referred to Banking and Insurance; Appropriations Committee on Agriculture, Environment, and General Government; Fiscal Policy
Citations - Statutes (10)
Citation Catchline Location in Bill Location In Bill Help 55.03 Judgments; rate of interest, generally. Page 2 (pdf) 624.315 Annual reports; quarterly reports. Page 3 (pdf) 627.062 Rate standards. Page 5 (pdf) 627.151 Basis of approval or disapproval of workers’ compensation or employer’s liability insurance filing; scope of disapproval power. Page 12 (pdf) 627.70131 Insurer’s duty to acknowledge communications regarding claims; investigation. Page 7 (pdf) 627.7015 Alternative procedure for resolution of disputed property insurance claims. Page 9 (pdf) 627.70152 Suits arising under a property insurance policy. Page 9 (pdf) 627.70154 Mandatory binding arbitration. Page 12 (pdf) 627.715 Flood insurance. Page 13 (pdf) 627.7151 Limited sinkhole coverage insurance. Page 14 (pdf)