NU Online News Service, Jan. 26, 2:04 p.m.EST

The Florida Chamber of Commerce has thrown its support behindthis year's omnibus insurance bill, which closely mirrors lastyear's version that was vetoed by then-Gov. Charlie Crist.

The bill, SB 408, is sponsored by Sen. Garrett Richter,R-Naples, who had also sponsored last year's bill, SB 2044.

With Mr. Crist now out of office, lawmakers are trying to passthe legislation again, and this time they are adding reforms toaddress sinkhole claims. During the last legislative session, theinsurance industry chose to give up on pushing measures to addresssinkhole claims in order to give SB 2044 a better chance ofpassing.

"This important legislation not only addresses the primarycost-drivers within Florida's insurance market, it will bringsecurity and market predictability, and go a long way towardestablishing much needed financial stability," said Adam Babington,vice president of government affairs for the Florida Chamber ofCommerce, in a statement.

Last December, NU Online News Service reported on therebirth of issues once addressed in SB2044.

The Florida Senate Banking and Insurance Committee took up thebill on Jan. 25 and postponed a vote on it in order to fine-tunethe measure. The committee will vote on the bill at its nextmeeting.

SB 408, among other things, looks to adjust the time period tofile claims following a hurricane to three years from five yearsand includes regulation of public adjusters. The Florida Chamber ofCommerce said the bill also requires new insurers to carry at least$15 million in surplus, rather than the old rule of $5 million. Itwill also allow insurers to pay actual cash value and withholdreplacement cash value until a written contract for repairs isproduced.

The new bill, if it tracks SB 2044, will give the Office ofInsurance Regulation greater oversight of affiliated reinsurers andmanaging general agents. It would also address expedited filingsfor the cost of reinsurance.