ARTICLE · 06 JUNE 2005

Comprehensive 2005 Florida Property Insurance Legislation

Foley & Lardner LLP

United StatesInsurance

Introduction

The Florida Legislature responded to the unprecedented 2004 hurricane season with a complex package of legislation that addresses all aspects of property insurance operations, from reinsurance, to ratemaking, to coverage, to claims. But, possibly as significant as this year’s comprehensive changes to property insurance law and operations, the 2005 legislation also contains portents of further legislative intervention in the coming year. The new legislation, Committee Substitute for Senate Bill 1486 (the "Act"), was enacted by the Florida Legislature on May 6, 2005, and was presented to Governor Jeb Bush on May 24, 2005. The key provisions of the Act are summarized below.

Florida Hurricane Catastrophe Fund

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Comprehensive 2005 Florida Property Insurance Legislation

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