On Tuesday, the Senate Banking and Insurance committee began deliberations on a wide-ranging property and casualty insurance reform bill. SB 408, sponsored by Sen. Richter, Chair of the Banking and Insurance committee, increases the surplus requirements for insurers to $15 million, imposes a three-year claims filing deadline for new and reopened hurricane and windstorm claims, authorizes an insurer to pay a policyholder actual cash value until the policyholder enters into a contract for repairs, and provides numerous sinkhole insurance reforms. Twenty-seven amendments were filed for Tuesday's meeting, of which the committee took action on 14. The remaining amendments will be taken up at the next meeting of the committee, scheduled for February 7.