Florida Senate - 2015                        COMMITTEE AMENDMENT
       Bill No. SB 1136
       
       
       
       
       
       
                                Ì959446KÎ959446                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/17/2015           .                                
                                       .                                
                                       .                                
                                       .                                
       —————————————————————————————————————————————————————————————————




       —————————————————————————————————————————————————————————————————
       The Committee on Banking and Insurance (Hukill) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 69 - 92
    4  and insert:
    5  assessments have been recovered by the title insurers that wrote
    6  policies in the state during the previous calendar year. Any
    7  surcharges collected by a title insurer in excess of the total
    8  amount it was assessed for aggregate assessments shall be paid
    9  quarterly to the receiver to be maintained in the excess
   10  surcharge account by the receiver. Excess surcharges may be used
   11  by the receiver for the following purposes only:
   12         (a) To reduce or eliminate the amount of a future
   13  assessment for a title insurer that is in receivership at the
   14  time of the assessment or that later enters receivership; or
   15         (b) To reduce the amount of time that consumers in the
   16  state are subject to surcharges by transferring excess
   17  surcharges to title insurers that have not fully collected
   18  surcharges equal to the amount of the aggregate assessments paid
   19  by title insurers pursuant to s. 631.400.
   20         (7) In conjunction with the filing of each quarterly
   21  financial statement, each title insurer shall provide the office
   22  with an accounting of assessments paid and surcharges collected
   23  during the period.
   24         (8) If the receiver has no active title insurer
   25  receiverships for 12 consecutive months or if there have been no
   26  payable claims against any title insurer receivership for 60
   27  consecutive months, all excess surcharges held by the receiver
   28  under this section Any surcharges collected in excess of the
   29  amount assessed shall be paid into to the Insurance Regulatory
   30  Trust Fund.
   31         (9) The Financial Services Commission may adopt rules
   32  specifying procedures for the collection, use, and transfer of
   33  surcharges, including excess surcharges.
   34         (10) The department may adopt rules specifying procedures
   35  for claiming, distributing, and using excess surcharge account
   36  funds held by the receiver under this section and for the
   37  purposes specified in subsection (6).
   38  
   39  ================= T I T L E  A M E N D M E N T ================
   40  And the title is amended as follows:
   41         Delete lines 10 - 11
   42  and insert:
   43         authorizing the Financial Services Commission and the
   44         Department of Financial Services to adopt rules for
   45         certain purposes; providing an