Florida Senate Approves Major Surplus Lines Modernization Bill

On May 6, 2019, the Florida Senate passed House Bill 301 in an effort to modernize Florida’s surplus lines requirements. Awaiting final approval by the Governor, the bill removes the $35 cap on surplus lines agent policy fees and increases the loss adjustment expense reimbursement from 5% to 10% of reimbursed losses. The bill also removes the notarization requirement for workers’ compensation applicants’ and agents’ sworn statements as well as cutting some paperwork requirements by permitting certain electronic filings. Finally, the bill reduces the number of required declinations on homes valued between $700,000 and $1 million from three to one. After passing through the House of Representatives with a 114-0 vote and the Senate with a 37-1 vote, Governor DeSantis is expected to approve HB 301.

For any questions regarding House Bill 301, or for surplus lines regulatory inquiries, please contact Westmont Associates, Inc.