The bill amends Florida Statutes to require surplus lines insurers to comply with the valued policy law under specific circumstances. It introduces a new subsection in section 626.926, stating that unauthorized insurers assuming surplus lines direct risks must adhere to the valued policy law as applicable under section 627.702. Additionally, section 627.702 is amended to define the term "insurer" to include unauthorized insurers for the purpose of the valued policy law, effective July 1, 2025. The bill also makes conforming changes to sections 627.7011 and 627.7142 to align with these amendments.

Furthermore, the bill clarifies the liability of insurers in the event of total and partial losses, ensuring that the insurer's liability is limited to the amount specified in the policy for total losses caused by covered perils. It also emphasizes that the amendments will not apply retroactively and will only affect claims filed after the effective date. The bill aims to enhance the regulatory framework governing surplus lines insurers and ensure that policyholders receive fair treatment under the valued policy law. The act is set to take effect on July 1, 2025.

Statutes affected:
S 328 Filed: 627.702, 627.7011, 627.7142