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 time
   17  return to its subscribers:
   18         (a) Any unused premiums, savings, or credits accruing to
   19  the subscribers’ their accounts.
   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 such distribution under this section may shall
   25  not unfairly discriminate between classes of risks, or policies,
   26  or between subscribers, but such distribution may 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.