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Inicio del Departamento | Inicio de Agentes y Agencias | Inicio de Insurance Insights

  Vol. 8, No. 6 - December 2019

In The Know


House approves TRIA, NFIP extensions as part of $1.4 trillion spending package

On Tuesday, December 17, the House approved a package of bills that includes a seven-year reauthorization of the Terrorism Risk Insurance Act (TRIA) and funding for the National Flood Insurance Program until September 30, 2020. Numerous insurance industry groups applauded the extension of TRIA. The act has been an important support in the effort to supply terrorism insurance through the private market. Since it was enacted, the percentage of companies purchasing terrorism insurance has risen to 80 percent, and the price of coverage has fallen more than 80 percent. Triple-I blog 12/18/2019


Adjusters - Working Together

In the year that has passed since Hurricane Michael impacted our state, several concerns have been raised about alleged lack of cooperation between all lines adjusters and public adjusters/public adjuster apprentices. Working together to reach swift and successful settlement of a claim must take precedent over other issues. We are reminding all adjusters of the laws which regulate their activities:

All Lines Adjusters - Company, Independent and Emergency

  • "A company employee adjuster, independent adjuster, attorney, investigator, or other persons acting on behalf of an insurer that needs access to an insured or claimant or to the insured property that is the subject of a claim must provide at least 48 hours' notice to the insured or claimant, public adjuster, or legal representative before scheduling a meeting with the claimant or an on site inspection of the insured property. The insured or claimant may deny access to the property if the notice has not been provided. The insured or claimant may waive the 48-hour notice." s. 626.854(14), Estatutos de la Florida
  • "The insurer may not exclude the public adjuster from its in-person meetings with the insured. The insurer shall meet or communicate with the public adjuster in an effort to reach agreement as to the scope of the covered loss under the insurance policy. The public adjuster shall meet or communicate with the insurer in an effort to reach agreement as to the scope of the covered loss under the insurance policy..." s. 626.854(15)(a), Estatutos de la Florida

    Tasadores Públicos
  • "The public adjuster or public adjuster apprentice must ensure that prompt notice is given of the claim to the insurer, the public adjuster's contract is provided to the insurer, the property is available for inspection of the loss or damage by the insurer, and the insurer is given an opportunity to interview the insured directly about the loss and claim. The insurer must be allowed to obtain necessary information to investigate and respond to the claim." s. 626.854(15), Estatutos de la Florida
  • A public adjuster or public adjuster apprentice shall not prevent, or attempt to dissuade or prevent, an insured or claimant from speaking privately with the insurer, company employee adjuster, independent adjuster, attorney, or any other person, regarding the settlement of the claim. [69B-220-201(4)(a), FAC]
  • "A public adjuster or public adjuster apprentice may not restrict or prevent an insurer, company employee adjuster, independent adjuster, attorney, investigator, or other person acting on behalf of the insurer from having reasonable access at reasonable times to any insured or claimant or to the insured property that is the subject of a claim." s. 626.854(15)(b), Estatutos de la Florida
  • "A public adjuster or public adjuster apprentice may not act or fail to reasonably act in any manner that obstructs or prevents an insurer or insurer's adjuster from timely conducting an inspection of any part of the insured property for which there is a claim for loss or damage. The public adjuster or public adjuster apprentice representing the insureds may be present for the insurer's inspection, but if the unavailability of the public adjuster or their apprentice otherwise delays the insurer's timely inspection of the property, the public adjuster, the public adjuster apprentice, or the insureds, must allow the insurer to have access to the property without the participation or presence of the public adjuster, public adjuster apprentice, or insureds in order to facilitate the insurer's prompt inspection of the loss or damage." s. 626.854(14)(c), Estatutos de la Florida

    For more information about the duties and responsibilities of all-lines and public adjusters, refer to Chapter 626, Section VI, Florida Statutes, and Rule Chapter 69B-220, FAC.

Florida Specialty Insurance Company Liquidation

Florida Specialty Insurance Company was ordered into liquidation by the Courts on October 2, 2019.

Appointed agents have been made aware of this development and should be working on a process to contact their clients/insureds to provide guidance, assist in finding replacement coverage, and provide other general information.

The following information is posted on the Division of Rehabilitation & Liquidation's sitio Web:

Effective October 2, 2019, Florida Specialty Insurance Company ("FSIC") was ordered into receivership for purposes of liquidation by the Second Judicial Circuit Court in and for Leon County, Florida. The Florida Department of Financial Services ("Department") is the court appointed Receiver.

FSIC was a property and casualty insurance company located in Sarasota, Florida. The company was licensed in Florida in 1997 and wrote personal property insurance policies for homeowners, condos, renters, and manufactured homes.

All FSIC policies are cancelled effective 12:01 a.m. on November 1, 2019, unless otherwise terminated prior to that date. Policy holders are encouraged to discuss options with their agents as they are best able to advise them as to their insurance options.

FSIC


View our company pages for more information on the FSIC receivership. If, after reading the FAQs, you have any other non-claims related questions regarding the receivership, please contact the Department at ConsumerServices@myfloridacfo.com o llame al (850) 413-3081 o a la línea gratuita: 1-800-882-3054.


Penalty Guidelines - Warranty Associations and
Legal Expense

Rule Chapter 69B-232 of the Florida Administrative Code was created to address penalties for violations of chapters 634 (Warranty) y 642 (Legal Expense) of the Florida Statutes. The rules became effective on November 10, 2019. The rules are the penalty guidelines for these chapters.

You can review the rules at this enlace to Rule Chapter 69B-232 of the Florida Administrative Code.


Verify before you sellAgents should always verify the companies they sell for are authorized to do business in Florida. If you suspect an entity is not authorized to transact insurance in Florida, please notify our office. Call 877-MY-FL-CFO (1-877-693-5236).

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Online Sunshine

El 2019 Florida Statutes are available online. The Florida Statutes can be viewed at Online Sunshine

 

Legal Notices © 2018 Florida Department of Financial Services