HB 507 (2005) -  Property and Casualty Insurance

by Gannon (CO-SPONSORS) Bucher; Bullard; Joyner; Slosberg; Vana
Authorizes the Public Counsel to represent the general public before the Office of Insurance Regulation and prescribes the Public Counsel's access to records; provides an additional breakdown for the distribution of Hurricane Loss Mitigation Fund moneys between programs relating to mobile homes and programs relating to residences and creates a program of low-interest loans to further the purposes of the fund; deletes provisions relating to arbitration of rate filings; prohibits cancellation or nonrenewal of residential property insurance by an insurer who has insured the property for 10 years or longer on the basis of a single claim or for any other reason except a lawful underwriting reason; provides for notice to policyholders of rate increases that exceed a threshold amount; provides for participation by consumer advocacy groups in the ratemaking process; revises guidelines relating to deductibles; requires the Office of Insurance Regulation to approve underwriting rules for homeowners' insurance not contained in rating manuals; provides an appropriation to the Department of Community Affairs for a residential hurricane mitigation low-interest loan program.
Effective Date: July 1, 2005.
Last Event: Died in Insurance Committee, Link/Iden/Sim/Compare passed, refer to CS/SB 1486 (Ch. 2005-111) on Friday, May 6, 2005 11:49 PM

Related Bills

Staff Analysis

(None Available)

Vote History

(No Votes Recorded)

Bill History

Event Time Member Committee Ver.
Event: H Died in Insurance Committee, Link/Iden/Sim/Compare passed, refer to CS/SB 1486 (Ch. 2005-111) Time: 05/06/2005 - 11:49 PM Member: Committee: Insurance Committee Version:
Event: H 1st Reading Time: 03/08/2005 - 10:57 PM Member: Committee: Version: __
Event: H Now in Insurance Committee Time: 02/07/2005 - 10:35 AM Member: Committee: Insurance Committee Version:
Event: H Bill referred to committee Time: 02/07/2005 - 10:35 AM Member: Committee: Commerce Council Version:
Event: H Bill referred to committee Time: 02/07/2005 - 10:35 AM Member: Committee: Fiscal Council Version:
Event: H Bill referred to committee Time: 02/07/2005 - 10:35 AM Member: Committee: Transportation & Economic Development Appropriations Committee Version:
Event: H Bill referred to committee Time: 02/07/2005 - 10:35 AM Member: Committee: Governmental Operations Committee Version:
Event: H Bill referred to committee Time: 02/07/2005 - 10:35 AM Member: Committee: Insurance Committee Version:
Event: H Filed Time: 01/24/2005 - 5:16 PM Member: Gannon Committee: Version: