This bill amends various sections of Florida Statutes related to financial services and insurance regulations. It removes the definition of "diligent effort" from section 626.914 and revises the conditions for exporting insurance coverage in section 626.916, establishing that an insured is presumed to be informed about other coverage options upon signing a disclosure acknowledgment. The bill also eliminates the Financial Services Commission's authority to adopt rules regarding insurance coverage or risk eligibility for export. Additionally, it introduces new requirements for state financial institutions, including a semiannual assessment based on total assets and the ability to hold funds in specified trust accounts with a mandated minimum interest rate.

Moreover, the bill prohibits insurers from imposing additional premiums, canceling policies, or issuing nonrenewal notices for traffic infractions where adjudication has been withheld and no points assessed, except in cases involving accidents where the insurer has incurred a loss due to the insured's fault. It also amends flood insurance provisions, allowing agents to export flood coverage contracts to eligible surplus lines insurers without needing to seek coverage from three or more authorized insurers. Other changes include modifications to the definitions of equity in credit unions, compensation for credit union officers, and the timeline for banks to open for business after receiving approval. The bill is set to take effect on July 1, 2025, with certain provisions becoming law immediately upon enactment.

Statutes affected:
S 1612 Filed: 655.047, 655.414, 657.002, 658.235, 658.25
S 1612 c1: 655.047, 655.414, 657.002, 657.028, 658.235, 658.25
S 1612 c2: 626.914, 626.918, 626.932, 626.9325, 626.9541, 627.715, 655.047, 655.414, 657.002, 657.028, 658.235, 658.25