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2004 Summary of New State Laws - Florida

Issue

Bill #

Bill Description

Financial Regulation

(Catastrophe Fund)

SB 2488

Amends the law governing the Florida Hurricane Catastrophe Fund. Effective 5/11/04. Chapter 27, Laws of 2004.

Guaranty Fund

HB 639

Revises the definition of a covered claim for the state's insurance guaranty association and the workers' compensation insurance guaranty association to exclude claims rejected in another state due to the insured's net worth being greater than what is allowable under the other state's guaranty fund. Effective upon Governor's approval on 5/21/04. Chapter Law 2004-89, Laws of 2004.

Premium Tax

HB 251

Directs the Department of Revenue to create a database that designates the local taxing jurisdiction in which each street address and address range in Florida is located and the appropriate code for each such participating local taxing jurisdiction. Effective 7/1/04. Chapter 2004-82, Laws of 2004.

Workers' Compensation

HB 1251

Amends the law governing the workers' compensation and employer's liability joint underwriting association. Effective 5/28/04. Chapter 266, Laws of 2004.

Workers' Compensation

SB 1926

Changes provisions in the state's workers' compensation laws pertaining specifically to notification requirements and rate approval. Requires the state to annually report on the status of the workers' compensation market. Effective 7/1/04. Chapter Law 2004-82. Laws of 2004.

The information contained in this summary is not intended as a portrayal of every property/casualty-related law enacted in each state. Rather, it represents recently enacted legislation specifically identified by NAMIC State and Regulatory Affairs Staff as bearing direct relevance to those issues that represent NAMIC's National State Legislative Agenda or otherwise deemed pertinent to the interests of the majority of NAMIC members.

This summary is for use as a convenient tool for our members, and is not intended, and should not be considered to be, legal advice. Please consult your legal representatives.

Florida State Resource Center