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 a
   28  policy providing residential property insurance coverage, except
   29  for farmowners 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.