Florida's SB 2176 exempts certain commercial lines of insurance from the existing rate filing requirements. Prior law provided that rate filings made 90 days in advance of the proposed effective date will be approved on a “file and use” basis, or filings may be submitted within 30 days of the effective date in which case the filings are approved on a “use and file” basis. The new law includes
surety and fidelity among the exemptions. Of note is that burglary and theft are not among the lines exempted. The legislation was an initiative of the AIA to reform the current filing requirements which in effect are a “prior approval” system. The new law becomes effective on January 1, 2011.