Senate Bill 2786

AN ACT TO PROVIDE FOR FRAMEWORK FOR THE DEPARTMENT OF INSURANCE TO REGULATE LENDER-PLACED INSURANCE ON REAL PROPERTY; TO PROVIDE CERTAIN EXCLUSIONS TO THE ACT; TO PLACE CERTAIN REQUIREMENTS ON LENDER-PLACED INSURANCE POLICIES; TO PROVIDE CERTAIN CALCULATIONS TO BE FOLLOWED FOR DETERMINING THE REPLACEMENT COST VALUE OF REAL PROPERTY THAT ARE SUBJECT TO SUCH POLICY; TO PROHIBIT INSURANCE PRODUCERS OR INSURERS FROM ISSUING LENDER-PLACED INSURANCE ON MORTGAGED PROPERTY IF THE INSURER OR INSURANCE PRODUCER OR AFFILIATE OF THE INSURER OR INSURANCE PRODUCER, OWNS, PERFORMS THE SERVICING FOR, OR OWNS THE SERVICING RIGHT TO, THE MORTGAGED PROPERTY; TO PROHIBIT NO INSURER OR INSURANCE PROVIDER FROM COMPENSATING A LENDER, INSURER, INVESTOR OR SERVICER, INCLUDING THROUGH THE PAYMENT OF COMMISSIONS, FOR LENDER-PLACED INSURANCE POLICIES ISSUED BY THE INSURER; TO ESTABLISH CERTAIN PROHIBITIONS; TO PROVIDE CERTAIN EXCEPTIONS TO THE APPLICATION OF THE ACT; TO SET CERTAIN REQUIRED ELEMENTS OF LENDER-PLACED INSURANCE POLICIES; TO AUTHORIZE THE COMMISSIONER OF INSURANCE TO ENFORCE THE PROVISIONS OF THE ACT; TO AUTHORIZE THE DEPARTMENT OF INSURANCE TO IMPOSE A MONETARY PENALTY FOR VIOLATIONS OF THE ACT; AND FOR RELATED PURPOSES.

In the Senate

• Dean Kirby

  Sponsor

l9n doesn't hold this bill's text yet.

In the Senate Feb 19 – Mar 14

1. Feb 19Referred to the Senate committee on Insurance
2. Mar 5Reported from committee in the Senate: title sufficient, do pass
3. Mar 14Died on the calendar in the Senate