Fla. Legislators OK Commercial Insurance Rate Reform

Law360, New York (May 4, 2010, 12:57 PM EDT) -- Florida's Legislature has approved a bill from Sen. Durrell Peaden, R-Crestview, that would exempt a broad range of commercial property and casualty insurance — including excess or umbrella, surety and fidelity, auto, and directors and officers — from rate filing and prior approval processes.

Senate Bill 2176 is now headed to Gov. Charlie Crist's desk, having cleared the state Senate and House of Representatives by votes of 37-1 and 119-0, respectively, on Friday.

Under current Florida law, insurance policies with annual premiums above $500,000 are typically...
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