House Bill 451 amends several sections of Florida Statutes to revise interest rates on court judgments, enhance insurance reporting practices, and establish new requirements for property insurers. The bill increases the basis points added to the Federal Reserve's discount rate for calculating interest on judgments from 400 to 800. It also mandates the Office of Insurance Regulation to produce annual reports on the financial relationships and executive compensation of insurance entities, ensuring that certain data cannot be withheld as a trade secret. Additionally, property insurers are required to provide written estimates of loss to policyholders within seven days and to engage in mandatory mediation before litigation.

The bill further addresses attorney fees in property insurance disputes, stipulating that if a judgment exceeds 80% of the claimant's presuit settlement demand, the prevailing party's attorney is entitled to 100% of incurred fees, while no fees will be awarded if the judgment is less than 20% of the demand. It also modifies mandatory binding arbitration requirements, requiring insurers to disclose any actuarially sound credits or discounts related to arbitration endorsements. The Florida Insurance Office is granted authority to impose penalties for violations of these regulations. The provisions of the bill are set to take effect on July 1, 2025.

Statutes affected:
H 451 Filed: 55.03, 627.062, 627.70131, 627.7015, 627.70152, 627.70154