JIMMY PATRONIS, in his official capacity as Chief Financial Officer of the State of Florida, and the FLORIDA DEPARTMENT OF FINANCIAL SERVICES, Appellants, v. UNITED INSURANCE COMPANY OF AMERICA; THE RELIABLE LIFE INSURANCE COMPANY; MUTUAL SAVINGS LIFE INSURANCE COMPANY; and RESERVE NATIONAL INSURANCE COMPANY, Appellees., 299 So. 3d 1152

Summary

HOLDINGS: [1]-In a declaratory action by life insurance companies challenging retroactive application of amendments to Florida's unclaimed property laws in § 717.107, Fla. Stat., the trial court properly found that the amendments were to be applied retroactively because that was consistent with the legislative purpose as well as the remedial purpose of Florida's unclaimed property laws; [2]-The trial court erred in finding that the amendments violated due process by imposing new duties and obligations because, inter alia, the amendments were generally are consistent with the pre-existing duties of insurers to use due diligence to locate insureds and beneficiaries, § 717.101(9), Fla. Stat. (2020), and the amendments did not change the central purpose or terms of pre-existing insurance contracts, §§ 627.461 & 717.107, Fla. Stat. (2020).