The Governor however did sign Senate bill 2176 relating to Commercial Deregulation by Senator Peaden.  Provides that rates for certain commercial insurance products will now be excluded from the OIR's filing and prior approval process provided the products meet three criteria, 1- There are many competing insurers selling these products; 2- The insured risk of these products are not subject to catastrophic losses such as hurricanes; and 3- The customers of these products are generally sophisticated buyers.  The lines specifically:

            * Excess or umbrella

            * Surety and fidelity

            * Boiler and machinery and leakage and fire extinguishing equipment

            * Errors and omissions

            * Directors and officers, employment practices, and management liability

            * Intellectual property and patent infringement liability

            *Advertising injury and Internet liability insurance

            *Property risks rated under a highly protected risks rating plan

            *Any other commercial lines categories or kinds of insurance or types of commercial                     lines risks that the OIR determines should not be subject to the rating provisions.

Insurers will now be required to notify the OIR within 30 days of changes to rates for these products and to maintain supporting data subject to audit by OIR.  The rates for these products continue to be subject to current law, which authorizes OIR to review rates utilized by an insurer at any time, and in the event, rates are found to be excessive, inadequate or unfairly discriminatory, to disapprove them and require new rates.  The bill also removes professional liability from products exempted from filing requirements; limits commercial motor vehicle to fleets, which is defined as 20 or more vehicles; and clarifies that the rates for the products in the bill will continue to be subject to the provisions in current law that rates cannot be excessive, unfairly discriminatory or inadequate.

The bill also includes provisions that were contained in SB 212, which provides a broader interpretation of workers' compensation benefits payable to off-duty deputy sheriffs to include, but not be limited to, providing security, patrol, or traffic direction for a private employer.  

Additional language dealt with the regulation of Medicare supplement policies by revising provisions related to unfair methods of competition and unfair or deceptive acts to provide that this section does not prohibit a Medicare supplement insurer from providing a premium credit to an insured for using an in-network inpatient facility.  

The provisions contained in SB 2618, were also included.  It reduces much of the regulatory oversight that OIR currently exercises over warranty associations, and creates new prohibited acts and adds new criminal penalties to the statutes that regulate warranty associations.