Florida property/casualty insurers must produce claims histories that return solely three years as an alternative of 5 when requested by policyholders, below a invoice handed final week by the state Senate.
Senate Bill 156, sponsored by state Sen. Doug Broxson, R-Pensacola, handed the Senate on Thursday with just one “no” vote. It now goes to the Home for consideration.
Present Florida legislation requires that non-public traces insurers present insureds with full claims historical past in loss-run statements, for as much as 5 years, or clarify the place to search out the knowledge via a client reporting company.
Broxson’s invoice would change that timeframe to 3 years, and would require that insurers designate somebody to deal with the loss-run assertion requests from policyholders. The provider must present the knowledge inside 15 days. The data consists of the coverage quantity, interval of protection, variety of claims, the paid losses on all claims, and the date of every loss, in response to a legislative evaluation of the invoice.
Experiences are usually not required to incorporate supporting documentation resembling copies of declare recordsdata, investigation experiences, analysis statements, insureds’ statements, and paperwork protected by a standard legislation or statutory privilege.
The measure additionally would exempt life insurers from having to offer loss-run statements.
If permitted by the Home and signed into legislation, it could take impact instantly, the invoice reads.
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