Florida Senate - 2015 SB 678 By Senator Diaz de la Portilla 40-00953-15 2015678__ 1 A bill to be entitled 2 An act relating to reciprocal insurers; amending s. 3 629.271, F.S.; authorizing a reciprocal insurer to 4 distribute a portion of unassigned funds up to a 5 specified limit if approved by the Office of Insurance 6 Regulation; providing that such distribution may not 7 unfairly discriminate between classes of risks or 8 policies or between subscribers; providing an 9 effective date. 10 11 Be It Enacted by the Legislature of the State of Florida: 12 13 Section 1. Section 629.271, Florida Statutes, is amended to 14 read: 15 629.271 Distribution of savings.— 16 (1) A reciprocal insurer may distribute
from time to time17 returnto its subscribers: 18 (a) Any unused premiums, savings, or credits accruing to 19 the subscribers’ theiraccounts. 20 (b) A portion of unassigned funds, which may be up to 10 21 percent of the surplus, if such distribution is approved in 22 writing by the office and does not exceed 50 percent of net 23 income from the previous calendar year. 24 (2) A Any suchdistribution under this section may shall25 not unfairly discriminate between classes of risks, or policies, 26 or between subscribers, but such distributionmay vary as to 27 classes of subscribers based upon the experience of such 28 classes. 29 Section 2. This act shall take effect July 1, 2015.