All Insurers Authorized to Do Business in Florida Fraud Legislation Chapter 95-340, Laws of Florida created new statutory requirements applicable to all insurers doing business in Florida. This bulletin highlights three areas which warrant your attention. You are also responsible for reading the law and compliance therewith.
Copies are available upon request at the address below.
Upon development of an application form that complies with the fraud warning language, an insurer may use such form for new and renewal business on March 1, 1996. However, the form must be submitted to the Florida Department of Insurance to the appropriate Bureau of Forms and Rates for formal approval not later than June 1, 1996. At the insurer's discretion, a rubber stamp or other stick-on device that contains the approved fraud warning will suffice until new forms can be printed. Insurers must submit detailed written descriptions of the SIU or copies of the investigative service contract and related documents to the Division of Insurance Fraud by July 1, 1996. Costs incurred in the creation of an SIU or in contracting for investigative services to fulfill the requirements of Section 626.9891, F.S., must be included as an administrative expense for ratemaking purposes.