Florida Senate - 2015                        COMMITTEE AMENDMENT
       Bill No. SB 1064
       
       
       
       
       
       
                                Ì396478_Î396478                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/23/2015           .                                
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       The Committee on Banking and Insurance (Hukill) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Section 627.422, Florida Statutes, is amended to
    6  read:
    7         627.422 Assignment of policies; limitations on post-loss
    8  assignment of benefits.—
    9         (1) A policy may be assignable, or not assignable, as
   10  provided by its terms. Subject to its terms relating to
   11  assignability, any life or health insurance policy under the
   12  terms of which the beneficiary may be changed upon the sole
   13  request of the policyowner may be assigned either by pledge or
   14  transfer of title, by an assignment executed by the policyowner
   15  alone and delivered to the insurer, regardless of whether or not
   16  the pledgee or assignee is the insurer. Any such assignment
   17  entitles shall entitle the insurer to deal with the assignee as
   18  the owner or pledgee of the policy in accordance with the terms
   19  of the assignment, until the insurer has received at its home
   20  office written notice of termination of the assignment or pledge
   21  or written notice by or on behalf of some other person claiming
   22  some interest in the policy in conflict with the assignment.
   23         (2) A property insurance policy may limit the post-loss
   24  assignment of benefits, rights, causes of action, or other
   25  contractual rights under the policy which apply to a loss on a
   26  structure, or the contents of personal property contained
   27  therein, except that an insured may assign the benefit of
   28  receiving payment under the policy directly to a person or
   29  entity providing services or materials to mitigate or repair
   30  damage arising directly from a covered loss. Such assignment is
   31  limited solely to designating the person or entity as a copayee
   32  for the benefit of payment for the services or materials
   33  provided. The insured has the exclusive right to enforce payment
   34  of the post-loss benefits under the policy and may not assign
   35  that right to another person or entity. A post-loss assignment
   36  in violation of this subsection is void.
   37         Section 2. This act shall take effect July 1, 2015.
   38  
   39  ================= T I T L E  A M E N D M E N T ================
   40  And the title is amended as follows:
   41         Delete everything before the enacting clause
   42  and insert:
   43                        A bill to be entitled                      
   44         An act relating to the assignment of post-loss
   45         property insurance policy benefits; amending s.
   46         627.422, F.S.; authorizing a property insurance policy
   47         to limit the post-loss assignment of certain benefits
   48         or rights that apply to specified losses; providing an
   49         exception that authorizes the insured to assign the
   50         benefit of receiving payment to a person or entity
   51         providing specified services or materials; specifying
   52         limitations on such assignment; providing that a post
   53         loss assignment in violation of the act is void;
   54         providing an effective date.