Florida Senate - 2016                        COMMITTEE AMENDMENT
       Bill No. CS for SB 548
       
       
       
       
       
       
                                Ì9265088Î926508                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  01/13/2016           .                                
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       Appropriations Subcommittee on General Government (Lee)
       recommended the following:
       
    1         Senate Amendment (with directory and title amendments)
    2  
    3         Between lines 23 and 24
    4  insert:
    5         (c) This subsection does not prohibit:
    6         1. The simultaneous issuance of policies insuring different
    7  estates, liens, or interests in the same property, if each of
    8  the simultaneous policies excepts the paramount estates, liens,
    9  or interests to which the insured estate, lien, or interest is
   10  subject and if each of the simultaneous policies conforms to
   11  this subsection.
   12         2. Ceding portions of the total risk to authorized insurers
   13  or reinsurers that may provide reinsurance under s. 624.610.
   14  Insurance ceded, including coinsurance effected, is a retention
   15  of risk by the insurer assuming the ceded risk, and not by the
   16  insurer ceding the risk.
   17  
   18  ====== D I R E C T O R Y  C L A U S E  A M E N D M E N T ======
   19  And the directory clause is amended as follows:
   20         Delete lines 10 - 11
   21  and insert:
   22         Section 1. Paragraphs (a) and (c) of subsection (1) of
   23  section 627.778, Florida Statutes, are amended to read:
   24  
   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 line 6
   28  and insert:
   29         to the limit; providing that the risk limitation does
   30         not prohibit ceding portions of the total risk to
   31         specified reinsurers; providing an effective date.