Florida Senate - 2017 SB 812 By Senator Perry 8-00451-17 2017812__ 1 A bill to be entitled 2 An act relating to insurance policy transfers; 3 amending s. 627.4133, F.S.; authorizing an insurer to 4 transfer a personal lines residential or commercial 5 residential property insurance policy to another 6 authorized insurer upon expiration of the policy term 7 if specified conditions are met; providing an 8 effective date. 9 10 Be It Enacted by the Legislature of the State of Florida: 11 12 Section 1. Subsection (8) of section 627.4133, Florida 13 Statutes, is amended to read: 14 627.4133 Notice of cancellation, nonrenewal, or renewal 15 premium.— 16 (8) Upon expiration of the policy term, an insurer may 17 transfer a personal lines residential, commercial residential, 18 or commercial lines policy to another authorized insurer that is 19 a member of the same group or owned by the same holding company 20 as the transferring insurer. The transfer constitutes a renewal 21 of the policy and may not be treated as a cancellation or a 22 nonrenewal of the policy. The insurer must provide notice of its 23 intent to transfer the policy at least 45 days before the 24 effective date of the transfer along with the financial rating 25 of the authorized insurer to which the policy is being 26 transferred. Such notice may be provided in the notice of 27 renewal premium. This subsection applies to
does not apply to a28 policy providing residential property insurance coverage, except29 forfarmowners insurance and commercial general liability 30 policies providing farm coverage or commercial property policies 31 providing farm coverage. This subsection does not apply to a 32 policy providing personal lines residential or commercial 33 residential property insurance coverage unless: 34 (a) The insured is transferred to an affiliated insurer 35 that is admitted to do business in this state, that is admitted 36 and writing residential property insurance in other states, and 37 that has been determined by the office to have the same or 38 better financial strength than the transferring insurer; 39 (b) The transfer results in substantially similar coverage; 40 (c) Notice of the transfer is delivered to the insured or 41 his or her agent; and 42 (d) The office has approved the transfer. 43 Section 2. This act shall take effect July 1, 2017.