The 2022 Florida Senate has handed its first invoice that impacts insurance coverage firms, however the measure has little to do with losses, charges or litigation prices.
On Wednesday, by a vote of 35-0, the chamber accepted Senate Invoice 7016, which might proceed to exempt insurers’ anti-fraud plans and annual fraud reviews from Florida’s strict open information legal guidelines. Insurance coverage firms’ fraud methods, filed with the state Division of Monetary Companies, have lengthy been exempt from the eyes of the general public, however the exemption was as a consequence of expire in October.
The bill, if handed by the Home and signed into regulation, would prolong the exemption indefinitely.
Florida-admitted insurers are required by regulation to take care of anti-fraud divisions or to contract with third events to research suspected insurance coverage fraud. Carriers additionally should file plans with DFS that embody the businesses’ degree of fraud coaching and training; the variety of investigators; the variety of insurance policies in impact and claims acquired; variety of referrals to the anti-fraud investigators; variety of claims investigated; estimated greenback quantity of damages from fraud instances; and different info that some contemplate to be private or proprietary.
The invoice, drafted by DFS and the Senate Banking and Insurance coverage Committee, was accepted with out debate by the committee at its Dec. 1, 2021 assembly. Senators famous on the assembly that the state’s First Modification Basis, an advocate for open authorities, had not registered to talk in opposition to the measure.
The Senate on Wednesday additionally accepted an identical bill affecting information and reviews filed with DFS on injured staff which might be coated by the state’s staff’ compensation regulation, and a bill concerning private info on clients of worldwide trusts.
The measures are actually awaiting motion within the Home.
Was this text useful?
Listed here are extra articles chances are you’ll take pleasure in.
Occupied with Carriers?
Get automated alerts for this subject.
