CONSUMER FRAUD-FEE DISCLOSURE

From the Legislature

Reinserts the provisions of the bill, as amended by House Amendment No. 1, with the following changes. In provisions concerning the notice of intention not to renew a policy of insurance, provides that no company may impose renewal premium increases of more than 10% for policies of automobile insurance and fire and extended coverage insurance (rather than for only policies of fire and extended coverage insurance) that are subject to certain cancellation requirements, unless the company mails or delivers by electronic means to the named insured and the Department of Insurance notice of the increase in renewal premium at least 60 days before the policy renewal or anniversary date. Changes the amount of motor vehicle crash prevention course classroom hours or eLearning hours necessary for any insured over the age of 55 to receive automobile insurance premium and rate reductions from 8 hours to 4 hours. Changes the Rates for Fire and Extended Coverage Insurance Article to the Rates for Automobile Insurance and Fire and Extended Coverage Insurance Article. Provides that the Article also applies to specified policies of automobile insurance. Effective July 1, 2027.