FL| Florida House Bill 1549, just signed into law, makes significant changes to Florida’s financial services and insurance regulations. The law streamlines the process for securing homeowners insurance through surplus lines carriers by removing the previous requirement that agents must first obtain three denials from admitted insurers before turning to surplus lines. It also updates assessment and reporting requirements for state financial institutions, and revises operational timelines for banks and trust companies.
Key Points:
- Eliminates the “diligent effort” requirement, allowing insurance agents to more quickly place homeowners with surplus lines insurers without securing three denials from admitted carriers first.
- Requires state financial institutions to pay semiannual assessments and submit them to the Office of Financial Regulation by specified dates, with updated procedures for certification and reimbursement of certain credit union officials.
- Revises the timeframes for directors of proposed banks or trust companies to meet certain requirements and for bank or trust company corporations to open for business.