On March 24, the Florida House voted unanimously to override former Gov. Charlie Crist’s 2010 veto of HB 7103 relating to agriculture, effective immediately. HB 7103 amends s. 624.4095, F.S. in several areas, from relatively minor procedural changes to adjustments in fees, taxes, and insurance.
In the insurance arena specifically, it requires that gross written premiums for certain crop insurance not be included when calculating an insurer’s gross writing ratio; requires that liabilities for ceded reinsurance premiums be netted against assets for amounts recoverable from reinsurers; and requires that insurers who write other insurance products disclose a breakout of gross written premiums for crop insurance.
The insurance-related changes are expected to afford increased insurance options to individuals who grow agricultural products.