Bill Text: FL S0258 | 2018 | Regular Session | Introduced

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Bill Title: Insurance Rates

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2018-03-10 - Died in Banking and Insurance [S0258 Detail]

Download: Florida-2018-S0258-Introduced.html

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       Florida Senate - 2018                                     SB 258
       
       
        
       By Senator Farmer
       
       
       
       
       
       34-00122-18                                            2018258__
    1                        A bill to be entitled                      
    2         An act relating to insurance rates; amending ss.
    3         627.062 and 627.428, F.S.; prohibiting attorney fees
    4         paid pursuant to specified provisions under the
    5         Workers’ Compensation Law and the Florida Insurance
    6         Code from being included in an insurer’s rate base or
    7         used to justify a rate or rate change; providing an
    8         effective date.
    9          
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Subsection (11) is added to section 627.062,
   13  Florida Statutes, to read:
   14         627.062 Rate standards.—
   15         (11) Attorney fees paid pursuant to s. 440.34 or s. 627.428
   16  may not be included in the insurer’s rate base and may not be
   17  used to justify a rate or rate change.
   18         Section 2. Section 627.428, Florida Statutes, is amended to
   19  read:
   20         627.428 Attorney fees Attorney’s fee.—
   21         (1) Upon the rendition of a judgment or decree by any of
   22  the courts of this state against an insurer and in favor of any
   23  named or omnibus insured or the named beneficiary under a policy
   24  or contract executed by the insurer, the trial court or, in the
   25  event of an appeal in which the insured or beneficiary prevails,
   26  the appellate court shall adjudge or decree against the insurer
   27  and in favor of the insured or beneficiary a reasonable sum as
   28  fees or compensation for the insured’s or beneficiary’s attorney
   29  prosecuting the suit in which the recovery is had.
   30         (2) As to suits based on claims arising under life
   31  insurance policies or annuity contracts, no such attorney fees
   32  attorney’s fee shall be allowed if such suit was commenced prior
   33  to expiration of 60 days after proof of the claim was duly filed
   34  with the insurer.
   35         (3) When so awarded, compensation or fees of the attorney
   36  shall be included in the judgment or decree rendered in the
   37  case.
   38         (4) Attorney fees paid pursuant to this section may not be
   39  included in the insurer’s rate base and may not be used to
   40  justify a rate or rate change.
   41         Section 3. This act shall take effect July 1, 2018.