SB 1612 Florida Senate · 2025 Regular Session

Financial Services

Summary

Financial Services; Revising the conditions for insurance coverage to be eligible for export; requiring state financial institutions to pay a semiannual assessment for specified time periods; authorizing the office to issue a specified certificate under certain circumstances; authorizing certain elected officers, directors, or committee members of a credit union to be reimbursed for certain expenses, etc.

Bill status in committee 1 of 4 stages cleared

Introduction

Mar 2025

Committee Review

Floor Vote

Governor

Introduced Mar 10, 2025 Last action Apr 30, 2025

Maddy AI version diff · 2 comparisons

What changed between versions

S 1612 c1 → S 1612 c2 · 7 edits

MODERATE

SB 1612 was revised to expand its scope from primarily financial institutions to include significant insurance law changes. The bill now addresses surplus lines insurance export eligibility, defines 'diligent effort' for insurance coverage, and updates provisions for financial institution assessments and credit union governance. These changes matter because they clarify insurance market rules, establish new minimum interest rate requirements for lawyer trust accounts, and modify financial institution compliance obligations.

Scope change

The bill's scope was significantly expanded to include insurance law provisions (sections 626.914, 626.916, 626.918, 626.932, 626.9325, 626.9541, and 627.715) in addition to the original financial institution provisions. A new section 655.97 was created to regulate lawyer trust account interest rates.

SCOPE

Added comprehensive insurance law provisions covering surplus lines eligibility, diligent effort requirements, and flood insurance export rules

DEFINITION

Revised the definition of 'diligent effort' to require seeking coverage from at least three authorized insurers, or one insurer for high-value residential structures ($700,000+)

REQUIREMENT

Created new section 655.97 requiring financial institutions to pay minimum interest rates (0.25% or 0.5%) on lawyer trust accounts and submit quarterly validation affidavits

ELIGIBILITY

Updated surplus lines eligibility rules to presume insureds are informed of available coverage when they sign disclosure forms

ENFORCEMENT

Added specific provisions for motor vehicle insurance surcharges, including conditions under which insurers must reimburse policyholders for certain accident-related charges

TIMELINE

Changed bank/trust company opening timelines from 6 months to 18 months after approval, with a 12-month maximum from corporate existence

TECHNICAL

Corrected committee attribution from Banking and Insurance only to include Fiscal Policy committee, and updated bill classification from c1 to c2

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Apr 21, 2025

Upper · Passed

Pending reference review -under Rule 4.7(2) - (Committee Substitute)

upper

Apr 14, 2025

Upper · Passed

On Committee agenda-- Fiscal Policy, 04/17/25, 9:00 am, 412 Knott Building

upper

Apr 10, 2025

Upper · Passed

Favorable by Appropriations Committee on Agriculture, Environment, and General Government; YEAS 11 NAYS 0

upper

Apr 7, 2025

Upper · Passed

On Committee agenda-- Appropriations Committee on Agriculture, Environment, and General Government, 04/10/25, 11:00 am, 412 Knott Building

upper

Mar 19, 2025

Upper · Passed

Now in Appropriations Committee on Agriculture, Environment, and General Government

upper

Mar 19, 2025

Upper · Passed

Pending reference review under Rule 4.7(2) - (Committee Substitute)

upper

Mar 12, 2025

Upper · Passed

On Committee agenda-- Banking and Insurance, 03/17/25, 1:30 pm, 412 Knott Building

upper

Mar 10, 2025

Introduced

upper

Mar 6, 2025

Committee

Referred to Banking and Insurance; Appropriations Committee on Agriculture, Environment, and General Government; Fiscal Policy

upper

1 primary · 0 co-sponsors