Surplus Lines Surety Bonds in the State of Florida will no longer be required, effective October 1, 2012.
Section 626.928 of the Florida Statutes has required that Surplus Lines Agents file a $50,000 surety bond with the State of Florida as a condition of being licensed. As a result of new legislation filed on November 21st, 2011 (HB 725 / SB 938) and signed into law by Governor Rick Scott on Friday, May 4th, 2012, this bond is no longer required beginning October 1st, 2012. A fidelity bond in the amount of $50,000 will be required.
As a guy that makes his living selling surety bonds, this is not what we consider good news.