The Florida Legislature has recently enacted the “Insurer Accountability” Act, known as Senate Bill 7052, which will be effective from July 1, 2023. This legislation introduces stringent compliance and claims handling standards for insurance carriers and grants enhanced regulatory powers to the Office of Insurance Regulation (OIR). OTM Restoration is here to guide you through these major changes and provide tips on navigating the evolving insurance landscape.
Major Changes to Insurer Accountability
The Act introduces several provisions aimed at enhancing protection for insureds. These include prohibiting insurers from cancelling residential property insurance policies until 90 days after repairs are completed and requiring insurers to provide consumer-friendly information on hurricane mitigation discounts available to insureds.
Tip: Ensure that you are aware of your rights as an insured and the obligations of your insurance provider under the new law. If you have a pending claim, your insurer cannot cancel your property insurance policy until the property has been repaired or 1 year after the insurer issues the final claim payment.
Alterations to Insurer Claim Handling Procedures
The Act mandates residential property insurers to create and utilize claims handling manuals that comply with the Insurance Code. It also amends the Unfair Insurance Trade Practices Act by prohibiting insurers from altering an adjuster’s report without providing a detailed rationale if the changes reduce the estimate of the loss.
Tip: Regularly review your insurer’s claims handling manuals and be vigilant about any alterations made to adjuster’s reports. If you notice any discrepancies, contact OTM Restoration for assistance in addressing these issues with your insurance provider.
Enhanced Regulatory Oversight
The OIR has been granted several enforcement mechanisms to ensure compliance with the new standards. These include the authority to request insurer claims handling manuals at any time and the ability to perform market conduct examinations of insurers after a hurricane.
Tip: Stay informed about the OIR’s regulatory actions and cooperate with any requests or examinations conducted by the OIR. If you have concerns about your insurer’s compliance with the new standards, OTM Restoration can provide guidance and support in liaising with the OIR.
Navigating the Insurer Accountability Act with OTM Restoration
OTM Restoration is committed to helping you navigate the changes brought about by the Insurer Accountability Act. We offer expert advice and support to ensure that your rights are protected and that you receive the coverage you are entitled to under the new legislation.
Tip: Reach out to OTM Restoration for any queries or concerns regarding the new insurance laws. We are here to assist you in understanding your rights and responsibilities and to advocate on your behalf to ensure fair and equitable treatment by insurance providers.
Conclusion
The Insurer Accountability Act introduces significant changes to insurance coverage, claims handling procedures, and regulatory oversight in Florida. It is crucial for insureds to be aware of these changes and to be proactive in ensuring compliance by insurance providers. OTM Restoration is here to guide you through this new landscape and to provide support and advocacy to safeguard your rights and interests.
