The proposed bill aims to enhance accountability among insurers and improve the claims process for insured individuals in Florida. It amends existing statutes and introduces new provisions, including a requirement for public adjusters and firms to respond to claims status requests within 14 days. Additionally, it establishes reporting requirements for universal life insurance policies, mandating that policyholders receive annual updates on their policy status, including cash surrender values and any outstanding loans. The bill also includes provisions for motor vehicle insurers, requiring them to disclose specific information when towing or labor claims are made and to obtain express consent from claimants before submitting claims.

Furthermore, the bill stipulates that motor vehicle insurers must pay or deny first-party claims within 60 days of receiving notice, with written explanations provided for any decisions made. It also outlines circumstances under which the timeframes for claims processing may be extended and specifies that interest will accrue on late payments. The bill prohibits waiving or nullifying these requirements through policy terms, ensuring that insured individuals are protected. The act is set to take effect on July 1, 2025.

Statutes affected:
H 881 Filed: 627.6515