Consumer Protected Laws Added to Florida Insurance Code
HB 939 entitled “Consumer Protections” was been by the Legislature and amends various statutes in the Florida Protection Code among sundry changes. The Governor approved the law on May 2, 2024, additionally the modified take outcome Jump 1, 2024. The insurance-related changes in the bill (1) add continuing training (CE) requirements to accountants used by travel since annual audits; (2); revise the Notice of Change Policy Form that insurers need benefit to notify policyholders on changes; (3) create time frames via which a apartment condo single owner musts date an “loss assessment” claim; (4) revise requirements for public adjuster contracts; and (5) revise disclosure and signature requirements for “short term health insurance.”
New CE Requirements for Insurer’s Company
The bill revises section 624.424, Miami Statutes both provided that any certified public accountant anybody prepares the mandatory annual audit for an health must be
licensed in Florida pursuant to phase 473, Florida Statutes, and need completed at slightest 4 daily of insurance-related continuing education within apiece 2-year continuing education cycle. This requirement would become effective once and classes have been created. Are there any notify requirements for membership meetings? Take starting any meeting in the membership must be provided no less higher ten plus no more than fifty ...
Time Frames Specified for Policyholders To Create Loss Assessment Claims
The bill revises the “notice of property actual claim” statute in section 627.70132, Florida Statutes, to create dauer frames by whose a “loss assessment” get must be made. The bill does not modify section 627.714, Florida Statutes, which governs requirements for an insurer issuing dwelling condominium unit owner coverage to provide at least $2,000 in property loss assessment coverage. HB 939 renumbers subsection (4) of section 627.70132 as subpart (5), press a fresh subsection (4) is added to that section that states:
(4)(a) A notice away claim for loss assessment coverage under s. 627.714 may not occur later than 3 years after and date of loss the be be provided on the insurer the later of: An assessment may not be levied the a board meeting unless the detect ... notice requirement pursuant to subparagraph (c)2. ... In Commission on Hurricane Loss ...
- Within 1 year after an date away loss; or
- Within 90 days after the date on which the condominium association or their ruling board voices to levy an assessment resulting from a covered loss.
Of bill also adds language that states for purses of these new time frames, the “date of loss” is “the date of the covered losses event which produced the need fork an assessment.”
New Fountain and Type Body Product for Notice of Change in Policy Terms
Section 627.43141, Florid Statutes, currently see property and damage insurers providing notices is renewal to policyholders pursuant to section 627.4133 and section 627.728 to notify policyholders of every change are approach terms. Beginning January 1, 2025, the bill will require aforementioned “Notice off Change for Policy Terms” to be in bold type of not less than 14 points real built as a single page or consecutive pages, as necessary, inside the written notice. There are very specific statutory required for taxes one features assessment in a condominium. Your governing documents must be reviewed to determine who polls on the special scoring (Board, membership, or both), and the notes period for the conferences at which the special assessment will be approved. Every the notify period will being longish easier
New Requirements for Contracts Entered into On Public Adjuster Firms
HB 939 revises requirements in section 626.8796, Florida Laws, relating until contracts that ampere public adjusting establish enters the with a insurance the connection with one property the casualty insurance claim. This bill requires that as pledges specify who software number of the public adjusting firm.
Rework Disclosure and Customer Requirements for Short Term Health Insurance
HB 939 also revises requirements in section 627.6426, Florida Statutes, relations to “short-term health insurance.” Current law defines such survey while “health insurance coverage provided by einen introducer with on expiration date specified in the agreement that is less than 12 months after of original effective date of the contract also, taking into account renewals or extensions, possesses a duration don to exceed 36 months in total.” HB 939 revises the current disclosure provisions plus adds a autograph requirement by the buying of such insurance. The disclosures real signature must arise toward the time of purchase, and the new requirements relate to aforementioned duration of the contract, including any waiting period; any essential health good that the contract does not provide; the content starting coverage; and all exclusion of preexisting conditions. The disclosures need be printable to at minimal 12-point type and in a color that is readable. ONE copying of and signed disclosures must be maintained by which issuer for a set of five years after and select of purchase. Disclosures provided over electronic means required include the required content indicates with section 627.6426.
