Major Insurance Reforms in FL & Insurance Protections for Hate Crime Victims in NY

FL Approves Major Property Insurance Reforms

Florida lawmakers passed sweeping legislation aimed at ending the state’s years-long property insurance crisis. If signed by Gov. Ron DeSantis (R), the bill (SB 2 c), which sailed through both chambers during the state’s second special session on insurance, will return state-created Citizens Property Insurance Corp. to the status of insurer of last resort by requiring Citizens’ policyholders to switch to another carrier if that carrier’s premiums aren’t over 20 percent higher than Citizens’.

It will also require Citizens policyholders to purchase flood insurance; do away with one-way attorney fees and assignment of benefits agreements, which insurers say have been major cost drivers; reduce the amount of time insurers have to pay or deny claims; give the Office of Insurance Regulation more authority to examine insurer practices; and create a taxpayer-funded $1 billion reinsurance program. (INSURANCE JOURNAL, TAMPA BAY TIMES, STATE NET)

NY Enacts Law Protecting Hate Crime Victims from Unfair Insurance Practices

New York Gov. Kathy Hochul (D) signed legislation (SB 7658/AB 8869) protecting victims of hate crimes from unfair insurance practices. The law bars insurers from canceling a policy, raising a premium, or refusing to issue or renew a policy solely because an individual or organization filed one or more claims for a loss resulting from a hate crime. (INSURANCE JOURNAL, STATE NET)

-- Compiled by KOREY CLARK