This bill aims to enhance consumer protection in the insurance sector by amending Florida Statutes to introduce new requirements for public adjusters, insurance policies, and insurers. It mandates that public adjusters, apprentices, and firms respond to claim status requests within 14 days and retain a copy of their response. Additionally, universal life insurance policies must now include an annual report detailing the policy's status, including cash surrender values and outstanding loans. The bill also revises group health insurance policy applicability and establishes new requirements for automobile insurers regarding towing and labor coverage, including obtaining express consent before submitting claims.

Moreover, the bill requires insurers to pay or deny certain claims within 60 days of receiving notice, providing written explanations for any denials or partial payments. It specifies that late payments will accrue interest from the date the claim is received, allowing the insured to choose between prejudgment interest or interest under this new provision. The bill clarifies that non-compliance does not create a private cause of action and outlines circumstances under which compliance may be excused. It also introduces new categories of insurance coverage and establishes conditions for tolling time limits on certain actions, pausing them during mediation or when requested claims information is not provided. The act is set to take effect on July 1, 2025.

Statutes affected:
S 1428 Filed: 627.6515