Filed Under:Carrier Innovations, Regulation/Legislation

Florida Property Insurance Bill SB 408 Becomes Law

Gov. Rick Scott Signs Major Reform Legislation

In this AP file photo, Florida Gov. Rick Scott, right, delivers a speech to the Florida legislature in Tallahassee, Fla. (AP Photo/Chris O'Meara)
In this AP file photo, Florida Gov. Rick Scott, right, delivers a speech to the Florida legislature in Tallahassee, Fla. (AP Photo/Chris O'Meara)

When Florida Gov. Rick Scott signed SB 408 today, he said, “A healthy, stable and competitive private insurance market is critical to the success of Florida, given the hazards we face. I commend the Florida Legislature, especially Sen. Richter and Rep. Wood, for bringing this important legislation forward.”

The bill, which addresses cost drivers in an attempt to reform Florida’s unsteady property insurance market, became effective upon the governor’s signature. As it made it way through the legislative process it faced strong opposition from various quarters, most notably from Sen. Mike Fasano, R-New Port Richey. Fasano fought many of the bill’s provisions and as recently as this week was urging Scott to veto it.

The governor’s approval, which was universally expected, brought kudos from major insurance groups and others:

Florida Association of Insurance Agents Senior Vice President of Public Affairs Kyle Ulrich: “By signing Senate Bill 408, Governor Rick Scott has taken necessary and long overdue actions to stabilize Florida’s property insurance market and increase competition in the marketplace. We applaud Governor Scott for taking this step to provide necessary relief to Floridians looking for more affordable options to insure their property. 

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