The bill amends various sections of Florida Statutes related to financial services, particularly focusing on insurance coverage and the operations of financial institutions. 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 if they acknowledge a disclosure regarding surplus lines insurance. The bill also eliminates the Financial Services Commission's authority to adopt rules concerning insurance coverage eligibility for export and includes conforming amendments to align with these changes. Additionally, it prohibits insurers from imposing extra premiums or canceling policies for traffic infractions where adjudication has been withheld, except in cases involving accidents where the insurer has incurred a loss.

Moreover, the bill introduces new requirements for state financial institutions, mandating semiannual assessments and quarterly rate validation submissions to the Chief Financial Officer. It allows financial institutions to hold funds in specified trust accounts with a minimum interest rate requirement and modifies the assessment process to establish specific deadlines and electronic payment options. The bill also amends flood insurance provisions, enabling agents to export flood coverage contracts to eligible surplus lines insurers without needing to seek coverage from multiple authorized insurers. Other changes include adjustments to definitions and reimbursement policies for credit union officers and the timeline for banks to commence operations after receiving approval. The bill is set to take effect on July 1, 2025, with certain provisions becoming effective 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