Florida Senate - 2014                        COMMITTEE AMENDMENT
       Bill No. CS for SB 542
       
       
       
       
       
       
                                Ì888284MÎ888284                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  02/06/2014           .                                
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       recommended the following:
       
    1         Senate Amendment to Amendment (314620) 
    2  
    3         Delete lines 223 - 235
    4  and insert:
    5         (b) Through individual risk rating as provided in
    6  627.062(3)(a) and (b). Upon examination, the office, in
    7  accordance with generally accepted and reasonable actuarial
    8  techniques, shall determine if the rate is excessive,
    9  inadequate, or unfairly discriminatory.
   10         (c) With the written consent of the insured signed before
   11  the policy inception date and filed with the insurer, using a
   12  flood coverage rate that has not been approved by the office.
   13  The signed consent form must notify the insured that the rate is
   14  not subject to the approval of the office. A copy of the form
   15  shall be maintained by the insurer for 3 years and must be
   16  available for review by the office. An insurer is not required
   17  to obtain subsequent written consents upon renewal, but shall
   18  provide notice at each renewal that the rate is not subject to
   19  office approval. Section 627.171(2) does not apply to policies
   20  issued under this section. Upon examination, the office, in
   21  accordance with generally accepted and reasonable actuarial
   22  techniques, shall determine if the rate is excessive,
   23  inadequate, or unfairly discriminatory.