Florida Statutes 627.0665 – Automatic bank withdrawal agreements; notification required
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 627.0665
- Premium: means the consideration paid or to be paid to an insurer for the issuance and delivery of any binder or policy of insurance. See Florida Statutes 627.041
Any insurer licensed to issue insurance in the state who has an automatic bank withdrawal agreement with an insured party for the payment of insurance premiums for any type of insurance shall give the named insured at least 10 days advance written notice of any increase in policy premiums which results in the next automatic bank withdrawal being increased by more than $10. Such notice must be provided before any automatic bank withdrawal containing the increased premium.