Wednesday, April 22, 2009

Zota Fix Moves Forward in Florida

Legislation to clarify the surplus lines regulatory status in Florida appears headed toward a full vote in the Florida House this week and the Florida Senate next week.

House and Senate committees acted favorably on bills that would restore the industry's exemption from state regulation of its forms and policies that was put in questions following the 2008 Florida Supreme Court's decision in Essex v. Zota.

The House bill (HB 853) and Senate bill (SB 1894) are now expected to be voted on by next week. While the bills would restore the industry's regulatory exemption retroactive to Oct. 1, 1988 some new requirements would be imposed, according to the Insurance Journal.

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