As our newly elected officials and lawmakers prepare to take office, they are faced with numerous and complex challenges. Nationally, two high priorities are job creation and developing and implementing plans for long-term economic growth. In Florida, that economic challenge includes an insurance marketplace in need of meaningful regulation reform.
The 2010 Florida Legislature took positive steps to improve the market with the passage of SB 2176 (the commercial deregulation bill) and SB 2044 (the main property insurance bill).
SB 2176, signed into law by Gov. Charlie Crist, exempts rates for defined commercial insurance products such as intellectual property, employment practices liability and patent infringement liability from the Office of Insurance Regulation's (OIR) rate filing and prior review process. These products remain subject to all other regulations, including OIR audit.
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