The state of Florida has passed Senate Bill 292. This bill is responsible for defining the terms “loss run statement” and “provide”; requiring surplus lines and authorized insurers, respectively, to provide insureds either a loss run statement or certain information within a certain time frame after receipt of the insured’s written request. This also requires insurers to provide notice to the agent of record after providing a loss run statement and prohibits insurers from charging a fee to prepare and provide one loss run statement annually.
Florida – Effective January 1, 2021, FL law changes for providing Loss Runs to the insured as well as notification to the Agent of Record.
- An insurer shall provide loss runs to an insured within 15 calendar days after receipt of the insured’s written request.
- Loss runs provided must contain the claims history with the insurer for the preceding 5 years or if history is less than 5 years then all years must be provided to the insured.
- They can be electronically provided, allowing access through a secure website login or generate documents and mail.
- The insurer must notify the Agent of Record that loss runs were provided to the insured at the time they are provided.
- An insurer is not required to provide loss reserve information.
Author: Kevin Williams
Latest posts by Kevin Williams (see all)
- Legislative Activity Update – FL Senate Bill 292 - July 7, 2020
- Workers’ Comp Premiums Could Skyrocket With COVID-19 Claims - March 31, 2020
- California’s gig worker law is forcing small businesses to rethink staffing - December 30, 2019