Florida Senate - 2015                        COMMITTEE AMENDMENT
       Bill No. SB 678
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/04/2015           .                                

       The Committee on Banking and Insurance (Simmons) recommended the
    1         Senate Amendment (with title amendment)
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Section 629.271, Florida Statutes, is amended to
    6  read:
    7         629.271 Distribution of savings.—
    8         (1) A reciprocal insurer may from time to time return to
    9  its subscribers any unused premiums, savings, or credits
   10  accruing to their accounts. Any Such distribution may shall not
   11  unfairly discriminate between classes of risks, or policies, or
   12  between subscribers, but such distribution may vary as to
   13  classes of subscribers based on upon the experience of the such
   14  classes.
   15         (2) In addition to the option provided in subsection (1), a
   16  domestic reciprocal insurer may, upon the prior written approval
   17  of the office, pay to its subscribers a portion of unassigned
   18  funds of up to 10 percent of surplus with distribution limited
   19  to 50 percent of net income from the previous calendar year.
   20  Such distribution may not unfairly discriminate between classes
   21  of risks or policies, or between subscribers, but may vary as to
   22  classes of subscribers based on the experience of such classes.
   23         Section 2. This act shall take effect July 1, 2015.
   25  ================= T I T L E  A M E N D M E N T ================
   26  And the title is amended as follows:
   27         Delete everything before the enacting clause
   28  and insert:
   29                        A bill to be entitled                      
   30         An act relating to reciprocal insurers; amending s.
   31         629.271, F.S.; authorizing domestic reciprocal
   32         insurers to return a portion of unassigned funds to
   33         their subscribers; providing limitations; providing an
   34         effective date.