New Law Exempts Surplus Insurance Companies from Florida Insurance Regulation

Florida Governor Charlie Crist is expected to sign House Bill 853 which will among other things, exempt surplus insurers from Chapter 627 of the Florida Statutes.  Florida Statute 627 is the statutory law that governs insurance companies in Florida.  Traditionally, surplus insurers were exempted from Chapter 627, but two recent court decisions held that surplus insurers are exempted from Chapter 627 to the extent of insurance rate regulation, but not from the remaining requirements in Chapter 627, such as insurance application and form approval from the Office of Insurance Regulation.  Since these court decisions, surplus insurers rushed to lobby for new legislation explicitly granting exemption.  Now, House Bill 853 is scheduled to be signed by the Governor and become effective October 1, 2009, with a retroactive date of October 1, 1988.

In theory, surplus insurers issue hard to place policies and only after three admitted Florida authorized insurers have rejected to offer coverage.

Some Florida surplus insurers include:

You can reach Miami Insurance Claims Lawyer J.P. Gonzalez-Sirgo by dialing his direct number at (786) 272-5841, calling the main office at (305) 461-1095, or Toll Free at 1 (866) 71-CLAIM or email Attorney Gonzalez-Sirgo directly at [email protected].