Florida surplus lines insurance disclosure statute. Eliminates the $35 cap on the policy fee.

Florida surplus lines insurance disclosure statute. I understand that superior coverage may be available in the admitted market and at a lesser cost and that persons insured by surplus lines carriers are not protected by the Florida Insurance Guaranty Association with respect to any right of recovery for the obligation of Jan 4, 2025 · Explore the essentials of Florida Statute 627. Coverage may be available in the admitted market. I understand that coverage may be available in the admitted market and that persons insured by surplus lines carriers are not protected by the Florida Insurance Guaranty Act with respect to any right of recovery for the obligation of an insolvent unlicensed insurer. and alien) and our surplus lines insurance broker clients. Insurance § 627. 913 - 626. This may include old homes located in coastal areas, yachts, day-care liability or medical malpractice needs. 215Excessive profits for commercial property and commercial casualty insurance prohibited. Florida Statute Section 627. Jun 4, 2025 · Florida Statute 627. May 9, 2025 · Florida has passed legislation that eliminates the state’s diligent effort requirement for agents seeking to place insurance policies in the non-admitted, or surplus lines, market. May 19, 2025 · SB 1549 would eliminate the diligent search requirement for all Florida surplus lines risks, a significant move for a state with more than $17 billion in surplus lines premium in 2024. 939) 626. I understand that superior coverage may be available in the admitted market and at a lesser cost and that persons insured by surplus lines carriers are not protected by the Florida Insurance Guaranty The surplus lines agent shall collect from the insured the amount of the tax at the time of the delivery of the cover note, certificate of insurance, policy, or other initial confirmation of insurance, in addition to the full amount of the gross premium charged by the insurer for the insurance. The disclosure form will now include the language, “surplus lines insurers' policy rates and May 13, 2013 · The states do not appear to differ in how they treat the placement of homeowners in the surplus lines market, except Florida requires specific disclosure language to personal residential property risks that obtain surplus lines insurance. This market provides coverage for risks that standard or admitted insurers are unable or unwilling to cover, filling a vital role as a supplement to the admitted market. (b) Any person required to be licensed and appointed under this subsection, in order to place business through Florida eligible surplus lines carriers, must, if a resident of this state, be licensed and appointed as a surplus lines agent. We have rolled out a bespoke subscription-based product providing weekly updates to our surplus lines insurance carrier (both U. By implementing these safeguards, the bill reinforces policyholders' rights, holds insurers accountable, and ensures fairer treatment for Florida consumers. The service office shall immediately report Jun 13, 2025 · FL| Florida House Bill 1549, just signed into law, makes significant changes to Florida’s financial services and insurance regulations. Additionally, surplus lines insurers’ policy rates and forms are not approved by any Florida regulatory agency. Fla. The surplus lines Updates and expands the disclosure form, which must be signed by the consumer prior to the export of the policy, to inform the consumer that surplus lines insurers’ policy rates and forms are not approved by any Florida regulatory agency. This chapter of the Florida Statutes outlines regulations and requirements for insurance agents, adjusters, and related professionals in the state. 446) 627. 4137? Florida Statute 627. Select Year: The 2025 Florida Statutes Aug 14, 2018 · What is Florida Statute 627. SURPLUS LINES DISCLOSURE and ACKNOWLEDGEMENT At my direction, has placed my coverage in the surplus lines market. (a) The full amount of insurance required must not be procurable, after a diligent effort has been made by the producing agent to do so, from among the insurers authorized to transact and actually writing that kind and class of insurance in this state, and the amount of insurance exported shall be only the excess over the amount so procurable from authorized insurers. It is regulated by the Florida Department of Financial Services and the Florida Office of Insurance Regulation. We also offer guidelines and forms for transferring business to another surplus lines agent. (d) The insured has signed or otherwise provided documented acknowledgment of a disclosure in substantially the following form: “You are agreeing to place coverage in the surplus lines market. SURPLUS LINES DISCLOSURE and ACKNOWLEDGEMENT At my direction, (name of insurance agency) has placed my coverage in the surplus lines market. The insurer shall then supply the information required in this subsection to the claimant Persons insured by surplus lines carriers are not protected under the Florida Insurance Guaranty Act with respect to any right of recovery for the obligation of an insolvent unlicensed insurer. Persons insured by surplus lines carriers do not have the protection of the Florida Insurance Guaranty Act to the extent of any right of recovery for the obligation of an insolvent insurer. 381) Select Year:The 2024 Florida Statutes (including 2025 Special Session C) Understand surplus lines insurance Florida regulations and compliance requirements with this comprehensive guide for brokers and insurers. Forms Surplus lines insurance is subject to various rules related to: Surplus Lines Disclosure, NFIP Acknowledgement of Understanding, and Sample Face / Front Page. 2014 Florida Statutes Title XXXVII INSURANCE Chapter 626 INSURANCE FIELD REPRESENTATIVES AND OPERATIONS Entire Chapter SECTION 9372 Disclosure statement of certain information required; liability claims. Jul 1, 2025 · Florida ends the “diligent effort” rule for surplus lines insurance as of July 1, 2025. This statute ensures that claimants have access to essential information about an insurer’s coverage and liability limits, which is vital for fair legal proceedings. Learn what this means for agents and policyholders. 801 and rules adopted thereunder, may elect to maintain surplus as to policyholders in an amount equal to the requirements of s As required by Florida Statute 626. Florida joins Louisiana, Mississippi, Virginia, and Wisconsin as states that have removed the diligent As required by Florida Statute 626. Persons insured by surplus lines carriers are not protected under the Florida Insurance Guaranty Act with respect to any right of recovery for the Jul 1, 2025 · Surplus Lines Disclosure and Acknowledgement At my direction, has placed my coverage in the surplus lines market. 192Workers’ compensation insurance; employee leasing arrangements. 9372 - Disclosure statement of certain information required; liability claims. Florida law requires that an individual seeking a Florida surplus lines license must first be licensed as a Florida general lines agent. 626. Stat. 628. 2024 Florida Statutes Title XXXVII - Insurance Chapter 626 - Insurance Field Representatives and Operations Part VIII - Unauthorized Insurers and Surplus Lines (Ss. Such document shall be executed or countersigned by the surplus lines agent and shall show Surplus Lines Disclosure and Acknowledgement At my direction, has placed my coverage in the name of insurance agency surplus lines market. If the applicable policy was not delivered in Florida or issued for delivery in Florida, the short answer is “No. 404 (3). 212Workplace safety program surcharge. 627. Rogers For those insurance defense attorneys and insurance carriers handling liability cases or claims in Florida, unless you have not been paying attention for the past 35 years, you are aware of Fla. May 5, 2025 · The bill also mandates new disclosure language on the surplus lines insurance form, informing insureds that surplus lines insurers’ rates and policy forms are not approved by any Florida regulatory agency, and that signing this disclosure implies awareness of alternative coverage options. I understand that superior coverage may be available in the admitted market and at a lesser cost and that persons insured by surplus lines carriers are not protected by the Florida The 2025 Florida Statutes Title XXXVII INSURANCE Chapter 627 INSURANCE RATES AND CONTRACTS View Entire Chapter CHAPTER 627 INSURANCE RATES AND CONTRACTS PART I RATES AND RATING ORGANIZATIONS (ss. 4137. § 627. 960. Jan 3, 2025 · These financial obligations ensure surplus lines insurers contribute to the regulatory infrastructure supporting their operations. These forms and templates are designed to aid customers with their compliance duties. Jul 25, 2025 · Since surplus lines insurance is not state-regulated, homeowners should pay special attention to the terms and conditions of their policy. territories during the past year. ” House Bill 1549 makes several changes related to financial institutions, including regulatory procedures for banks and credit unions. Mar 4, 2025 · If someone’s negligence caused your injury, you may want to find out the available insurance limits. § 626. Additionally, I understand surplus lines insurers Jun 16, 2025 · Florida’s governor has signed House Bill 1549 into law, eliminating the requirement that insurance agents make a “diligent effort” to find coverage before placing properties with a surplus (3) This section, and this Surplus Lines Law, do not apply as to insurance coverages which are subject to s. According to Florida law, obtaining and maintaining an accurate and complete surplus lines disclosure is the sole responsibility of the retail/producing agent, not the surplus lines agent. The law streamlines the process for securing insurance through surplus lines carriers by removing the previous requirement that agents must first obtain three denials from admitted insurers before turning to surplus lines. Feb 3, 2025 · Applicability of Valued Policy Law to Surplus Lines Insurers: Requiring surplus lines insurers to comply with the valued policy law under certain circumstances; defining the term “insurer” to include surplus lines insurers for the purpose of the valued policy law, etc. Additionally, I understand surplus lines insurers May 12, 2023 · As required by Florida Statute 626. FSLSO has specific requirements surplus lines agents and insurers must follow in order to be compliant Florida surplus lines law. 915 Surplus lines insurance authorized. ” A surplus lines insurer which is a member of an insurance holding company that includes a member which is a Florida domestic insurer as set forth in its holding company registration statement, as set forth in s. ” (2) It is declared that the purposes of the Surplus Lines Law are to provide orderly access for the insuring public of this state to insurers not authorized to transact insurance in this state, through only qualified, licensed, and supervised Nov 1, 2010 · The insurer must be eligible to transact insurance in this state, under Florida Statute § 624. 4137 requires that an insurer provide a certified copy of the applicable policy of insurance and consequences of an insurer’s failure to comply. Aug 14, 2025 · House Bill 1549 has been signed into law, officially eliminating the "diligent effort" requirement for agents placing surplus lines insurance in Florida. 4137 - Disclosure of certain information required. After the Florida Legislature excepted surplus insurers from Chapter 627 of the Florida Insurance Statutes, there were some protections afforded to policyholders within the Surplus Lines Statute similar those provided in Chapter 627. ” According to Florida law, obtaining and maintaining an accurate and complete surplus lines disclosure is the sole responsibility of the retail/producing agent, not the surplus lines agent. I understand that coverage may be available in the admited market and that persons insured by surplus lines carriers are not protected by the Florida Insurance Guaranty Act with respect to any right of recovery for the obligation of an insolvent unlicensed insurer. Use these links view lists of insurers and surplus lines companies that are eligible to do business in the State of Florida. This statute gives claimants access to information about a defendant’s liability insurance. The added language states "[a]dditionally, surplus lines insurers' policy rates and forms are not approved by any Florida regulatory agency. Explanation of the Nonadmitted and Reinsurance Reform Act (NRRA) of 2010 as part of the Dodd Frank Wall Street Reform and Consumer Protection Act that standardized reporting and payment of surplus lines tax on multistate risks. 211Deviations; workers’ compensation and employer’s liability insurances. 2021 Florida Statutes (Including 2021B Session) Title XXXVII INSURANCE Chapter 627 INSURANCE RATES AND CONTRACTS Entire Chapter SECTION 4137 Disclosure of certain information required. Virginia, Mississippi, Louisiana, and Wisconsin have already repealed their diligent search requirements for surplus lines policies. This is particularly relevant in personal injury cases, where the injured party wants to ensure there is enough insurance to The service office shall immediately report the particulars of any unfiled policy to the department for enforcement of compliance with the Florida Surplus Lines Law. 2 million policies and consumers who, without the surplus lines market, would have a difficult time obtaining insurance, if they were able to secure it at all. 4137 plays a critical role in insurance, requiring insurers to provide transparency about policy details when claims are filed. Download a PDF. These are fact-specific determinations that depend on the nature of the risks and the markets available to the agents. The FSLSO handbook with all the information surplus lines insurers need to know to transact business in Florida. The bill marks a substantial swing toward removing barriers to entry in the surplus lines insurance space. However, those familiar with the statute probably only have surface-level knowledge or awareness of how it works in practice. Surplus lines agents are only required to obtain and maintain a disclosure when acting in both a producing and surplus lines capacity. May 16, 2025 · On May 2, 2025, the Florida Senate voted to pass Senate Bill (SB) 1549, which would repeal the requirement for insurance producers to perform a diligent search of the admitted market before placing Florida risks with a surplus lines carrier. PERSONS INSURED BY SURPLUS LINES CARRIERS DO NOT HAVE THE PROTECTION OF THE FLORIDA INSURANCE GUARANTY ACT TO THE EXTENT OF ANY RIGHT OF RECOVERY FOR THE OBLIGATION OF AN INSOLVENT UNLICENSED INSURER. 901-626. Mar 19, 2025 · Adds additional language to the required disclosure an agent must give to an insured when exporting coverage to a surplus lines insurer. (2) All surplus lines agents shall, as a condition of holding a license as a surplus lines agent in this state, be deemed to be members of this association and shall report to and file with the service office a copy of or information on each surplus lines insurance policy or document as provided in the plan of operation adopted under subsection (5). 4137, focusing on insurance disclosure rules and their legal implications for compliance. (1) Each insurer that provides or may provide liability insurance coverage to pay all or a portion of any claim that might be made under surplus lines policies issued on or after October 1, 2009, shall provide, within 60 days after the written request of the claimant, a statement of a corporate officer or the insurer’s claims manager or superintendent setting forth the following information Apr 23, 2025 · We are happy to provide the 2025 update to the Troutman Pepper Locke LLP Excess and Surplus Lines Law Manual. The Florida Surplus Lines Service Office does not provide legal or tax advice. This article generally focuses on Florida personal injury cases. " Provides requirements regarding the nonjoinder of insurers in suits arising under a surplus lines property insurance The Florida Surplus Lines Service Office does not provide legal or tax advice. 938. Feb 19, 2017 · DFS Publishes Interpretations of Surplus Lines Export Requirements Published on: February 19th, 2017 | Insurance We often receive questions from insurers or agents relating to the requirements for exporting risks to the surplus lines market. Jun 16, 2025 · On June 13, Florida Gov. S. Before I talk about insurance disclosure laws, I want to explain why insurance disclosure is so important. Any other provision of the Florida Statutes to the contrary notwithstanding, the deductible or copayment provision of any insurance policy shall not be applicable to a person determined eligible pursuant to the Florida Crimes Compensation Act, excluding s. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U. — (1) Sections 626. A new disclosure form aims to clarify those Jan 1, 2023 · (1) Each insurer that provides or may provide liability insurance coverage to pay all or a portion of any claim that might be made under surplus lines policies issued on or after October 1, 2009, shall provide, within 60 days after the written request of the claimant, a statement of a corporate officer or the insurer's claims manager or superintendent setting forth the following information The surplus lines agent shall collect from the insured the amount of the tax at the time of the delivery of the cover note, certificate of insurance, policy, or other initial confirmation of insurance, in addition to the full amount of the gross premium charged by the insurer for the insurance. Among other things, the bill has removed the “diligent effort” requirement applicable to surplus lines agents. name of insurance agency As required by Florida Statute 626. Surplus Lines Disclosure and Acknowledgement At my direction, has placed my coverage in the surplus lines market. Whenever agents, brokers, companies, or policyholders have specific questions pertaining to business practices, tax implications, or statutory interpretation, we urge the respective parties to seek the counsel of a competent attorney or tax consultant licensed in the SURPLUS LINES DISCLOSURE and ACKNOWLEDGEMENT At my direction, (name of insurance agency) has placed my coverage in the surplus lines market. Florida Statute § 627. 401-627. The law requires disclosure of the insurance policy and other related information from the insurer, the insurance agent, or the insured within 30 days of the request. (2) It is declared that the purposes of the Surplus Lines Law are to provide orderly access for the insuring public of this state to insurers not authorized to transact insurance in this state, through only qualified, licensed, and supervised surplus lines agents resident in this state, for insurance coverages and to the extent thereof not procurable from authorized insurers; to protect such (e) The insured has signed or otherwise provided documented acknowledgment of a disclosure in substantially the following form: “You are agreeing to place coverage in the surplus lines market. (3) The association shall perform its functions under a plan of operation adopted under subsection (5). This applies to resident and nonresident agents. 011-627. you are here: Home » Statute » Chapter 40 » Article 57 » Section 1 » Jun 16, 2025 · Additionally, HB 1555 strengthens Florida’s valued policy law by ensuring surplus lines insurers comply with the same requirements as other insurers. The bill May 7, 2025 · Disclosure and Consumer Acknowledgment The bill modifies the required disclosure for surplus lines policyholders. The Florida Department of Financial Surplus Lines policies and coverage independently procured from an unauthorized insurance company are administered by the Florida Surplus Lines Service Office. Following two 2008 court rulings in Florida, which created an ambiguity as to how many surplus lines insurers are regulated in contrast to domestic insurers, in 2009 the Florida Legislature passed House Bill 853 during the 2009 Legislative The report shall show the name and address of the insured or insureds, the name and address of the insurer, the subject of the insurance, a general description of the coverage, the amount of premium currently charged therefor, and such additional pertinent information as is reasonably requested by the Florida Surplus Lines Service Office. 937 constitute and may be referred to as the “Surplus Lines Law. (4) Each alien insurer accepting premiums shall, on or before June 30 of each year, file with the Florida Surplus Lines Service Office a verified report of all surplus lines insurance transacted by such insurer for insurance risks located in this state during the preceding calendar year. " Every insurance contract procured and delivered as a surplus line coverage shall be initialed by or bear the name and license number of the surplus lines broker who procured the coverage and shall have the following stamped on it: As required by Florida Statute 626. Ron DeSantis signed House Bill 1549 into law. The surplus lines agent shall collect from the insured the amount of the tax at the time of the delivery of the cover note, certificate of insurance, policy, or other initial confirmation of insurance, in addition to the full amount of the gross premium charged by the insurer for the insurance. Consumer Protections and Disclosures Florida law mandates specific consumer protections and disclosures for surplus lines insurance policies. Use this a guide for surplus lines discloser to insureds. 4137 requires the disclosure of insurance information in certain circumstances. I understand that superior coverage may be available in the admitted market and at a lesser cost and that persons insured by surplus lines carriers are not protected by the Florida Insurance Guaranty Association with respect to any right of recovery for the obligation of an insolvent unlicensed insurer. It also updates assessment […] Apr 3, 2017 · By: Jeremy W. — If certain insurance coverages of subjects resident, located, or to be performed in this state cannot be procured from authorized insurers, such coverages, hereinafter designated “surplus lines,” may be procured from unauthorized insurers, subject to the following conditions: Feb 10, 2015 · February 10, 2015 One of the most common questions I get from insurers of out-of-state policyholders is whether they are required to honor a Florida claimant’s request for disclosure of insurance information under Florida Statute 627. Understanding this statute is crucial for insurers and insured parties to avoid May 6, 2025 · The added language for the disclosure document reads: “Additionally, surplus lines insurers’ policy rates and forms are not approved by any Florida regulatory agency. Florida’s Insurance Code includes a man-datory insurance disclosure requirement, providing as follows: (1) Each insurer which does or may pro-vide liability insurance coverage to pay all or a portion of any claim which might be made shall pro-vide, within 30 days of the written request of the claimant, a statement, under oath, of Disclosure of Liability Insurance Information —Remedies for Insurer’s Violation Introduction Most trial lawyers know about the Florida statute which requires liability insurers to produce copies of insurance policies, and to provide information about other insurance and coverage defenses even before suit is filed. Surplus lines insurance is coverage for specific risks that the standard or admitted market is either unable or unwilling to cover. In addition, the insured, or her or his insurance agent, upon written request of the claimant or the claimant’s attorney, shall disclose the name and coverage of each known insurer to the claimant and shall forward such request for information as required by this subsection to all affected insurers. 4137 is probably familiar to many Florida attorneys, regardless of their practice areas. The statute is deceptively simple, with some pitfalls for the unwary. The insurer shall then supply the information required in this subsection to the claimant Jun 17, 2025 · Florida's 2025 surplus lines bill eliminates the "diligent effort" rule, allowing insurance agents to place coverage with surplus lines carriers without first trying admitted insurers. The Florida Legislature enacted legislation which made the following changes to Florida’s surplus lines laws: Lowers the threshold for the dwelling replacement cost of a residential structure from $1 million to $700,000 or more when only one declination is required Fla. 937, the Surplus Lines Law. Surplus Lines Policies • Must have a notice that reads: “This insurance is issued pursuant to the Florida Surplus Lines Law. The form requires policyholders to acknowledge that they may be able to obtain coverage from an admitted insurance company. Whereas domestic insurers are regulated by Chapter 627 of the Florida Statutes, it was assumed that this chapter did not apply to surplus line insurers. (1) Each surplus lines agent that has transacted business during a calendar quarter shall on or before the 45th day following the calendar quarter file with the Florida Surplus Lines Service Office an affidavit, on forms as prescribed and furnished by the Florida Surplus Lines Service Office, stating that all surplus lines insurance transacted by him or her during such calendar quarter has 626. I understand that superior coverage may be available in the admitted market and at a lesser cost and that persons insured by surplus lines carriers are not protected by the Florida Insurance Guaranty According to the Florida Surplus Lines Service Office, 2021 surplus lines premium volume was over $9. 4137 gives claimants access to information about an insureds (property owner) or a defendant’s liability insurance. The report shall show the name and address of the insured or insureds, the name and address of the insurer, the subject of the insurance, a general description of the coverage, the amount of premium currently charged therefor, and such additional pertinent information as is reasonably requested by the Florida Surplus Lines Service Office. Eliminates the $35 cap on the policy fee. Jan 3, 2025 · Florida Statute 627. 2018 Florida Statutes Title XXXVII INSURANCE Chapter 626 INSURANCE FIELD REPRESENTATIVES AND OPERATIONS Entire Chapter SECTION 9372 Disclosure statement of certain information required; liability claims. For more information on Florida Statutes visit Online Sunshine. As required by Florida Statute 626. The law previously required an agent to first seek coverage from at least three admitted insurance companies (or, for property insurance on an insured dwelling with a replacement cost of $700,000 or more, from at least one In addition, the insured, or her or his insurance agent, upon written request of the claimant or the claimant’s attorney, shall disclose the name and coverage of each known insurer to the claimant and shall forward such request for information as required by this subsection to all affected insurers. 916, I have agreed to this placement. Persons insured by surplus lines carriers are not protected under the Florida Insurance Guaranty Act with respect to any right of recovery for the 2024 Florida Statutes Title XXXVII - Insurance Chapter 627 - Insurance Rates and Contracts Part II - The Insurance Contract (Ss. (4) Except as may be specifically stated to apply to surplus lines insurers, the provisions of chapter 627 do not apply to surplus lines insurance authorized under ss. Jul 1, 2025 · New Florida law HB 1549, effective July 1, 2025, removes the “diligent effort” requirement for surplus lines agents to place insurance with non-admitted carriers. Disclosure of certain information required Current as of January 01, 2024 | Updated by FindLaw Staff (1) Upon placing a surplus lines coverage, the surplus lines agent shall promptly issue and deliver to the insured evidence of the insurance consisting either of the policy as issued by the insurer or, if such policy is not then available, a certificate, cover note, or other confirmation of insurance. Surplus lines agents must Dec 31, 1994 · A surplus lines insurer which is a member of an insurance holding company that includes a member which is a Florida domestic insurer as set forth in its holding company registration statement, as set forth in s. ” (2) It is declared that the purposes of the Surplus Lines Law are to provide orderly access for the insuring public of this state to insurers not authorized to transact insurance in this state, through only qualified, licensed, and supervised Surplus Lines Disclosure Form Florida law requires a person to sign a surplus line disclosure form when purchasing insurance from a non-admitted carrier. (3) This section, and this Surplus Lines Law, do not apply as to insurance coverages which are subject to s. I understand that superior coverage may be available in the admitted market and at a lesser cost and that persons insured by surplus lines carriers are not protected by the Florida Insurance Guaranty Association with respect to any right of The report shall show the name and address of the insured or insureds, the name and address of the insurer, the subject of the insurance, a general description of the coverage, the amount of premium currently charged therefor, and such additional pertinent information as is reasonably requested by the Florida Surplus Lines Service Office. 4137 and its requirements. ” Nonetheless, sometimes an insurer Select Year: The 2025 Florida Statutes The 2022 Florida Statutes (including 2022 Special Session A and 2023 Special Session B) Title XXXVII INSURANCE Chapter 627 INSURANCE RATES AND CONTRACTS View Entire Chapter PART II THE INSURANCE CONTRACT Jan 1, 2024 · Florida Statutes Title XXXVII. 801 and rules adopted thereunder, may elect to maintain surplus as to policyholders in an amount equal to the requirements of s May 16, 2025 · SB 1549 would eliminate the diligent search requirement for all Florida surplus lines risks, a significant move for a state with more than $17 billion in surplus lines premium in 2024. We scour statutes, regulations, secondary sources, departmental bulletins, and general industry guidance every week to report on new developments, including whether certain new laws apply to the surplus . Typically, standard companies do not write policies for unusual or high risks. Each state has its own laws regarding disclosure of insurance information. (1) Each insurer that provides or may provide liability insurance coverage to pay all or a portion of any claim that might be made under surplus lines policies issued on or after October 1, 2009, shall provide, within 60 days after the written request of the claimant, a statement of a corporate officer or the insurer’s claims manager or (3) This section, and this Surplus Lines Law, do not apply as to insurance coverages which are subject to s. Whenever agents, brokers, companies, or policyholders have specific questions pertaining to business practices, tax implications, or statutory interpretation, we urge the respective parties to seek the counsel of a competent attorney or tax consultant licensed in the Jun 17, 2025 · On June 13, Florida Gov. 28. The statute requires a liability insurer PERSONS INSURED BY SURPLUS LINES CARRIERS DO NOT HAVE THE PROTECTION OF THE FLORIDA INSURANCE GUARANTY ACT TO THE EXTENT OF ANY RIGHT OF RECOVERY FOR THE OBLIGATION OF AN INSOLVENT UNLICENSED INSURER. 4137: The Disclosure Requirement. PART VIII UNAUTHORIZED INSURERS AND SURPLUS LINES (ss. 913 Surplus Lines Law; short title; purposes. 913-626. 2. Jun 17, 2025 · The Florida Surplus Lines Service Office welcomed the change, saying it will widen consumer options, eliminate redundant paperwork and accelerate access to alternative insurance options. 5 billion and represents over 1. In addition to the current statement that surplus lines policyholders are not protected by the Florida Insurance Guaranty Association in the event of insurer insolvency, the following sentence will be added: The Florida Surplus Lines Service Office (FSLSO) is a not-for-profit entity created by statute to serve the surplus lines insurance market. (1) Each insurer that provides or may provide liability insurance coverage to pay all or a portion of any claim that might be made under surplus lines policies issued on or after October 1, 2009, shall provide, within 60 days after the written request of the claimant, a statement of a corporate officer or the insurer's claims manager or The Florida Surplus Lines Disclosure form is a downloadable document with all language required by Florida law to export insurance to the surplus lines market. Jun 4, 2025 · Florida's insurance surplus line law is a set of regulations that govern the state's surplus lines insurance market. Additionally, I understand surplus lines insurers Jun 16, 2025 · It may be tempting to structure group property and casualty surplus lines insurance programs in Florida to remove the diligent effort requirement across the country, but that has potential pitfalls. Additionally, I understand surplus lines insurers I understand that superior coverage may be available in the admitted market and at a lesser cost and that persons insured by surplus lines carriers are not protected by the Florida Insurance Guaranty Association with respect to any right of recovery for the obligation of an insolvent unlicensed insurer. What Does the Statute Require? The statute requires liability insurers to provide a "This contract is registered and delivered as a surplus line coverage under the Alabama Surplus Lines Insurance Law. The bill also adds additional language to the disclosure form that must be signed by the insured before placement with a surplus lines carrier. Additionally, I understand surplus lines insurers Jun 13, 2025 · House Bill 1549 has been signed into law, officially eliminating the "diligent effort" requirement for agents placing surplus lines insurance in Florida. The following are the statutes that govern the Florida surplus insurance industry. (Name of Insurance Agency) has placed my coverage in the surplus lines market. Supporters say it streamlines access for hard-to-insure properties, while critics warn homeowners might not grasp the risks of less-regulated, non-guaranteed policies. 914 (4). Aug 4, 2008 · Yes. With Florida joining As required by Florida Statute 626. 939) As required by Florida Statute 626. WHAT IS SURPLUS LINES INSURANCE? Excess and surplus lines insurance is an alternative type of insurance coverage for consumers who cannot get coverage in the standard/admitted market. Jun 11, 2025 · As required by Florida Statute 626. The insurance-related provisions revise surplus lines insurance requirements and regulatory provisions. gkw oiyzs cxdph tsmu dexon uibq sdidj cqgpery rqtc zicrajm