CODING: Words stricken are deletions; words underlined are additions.
House Bill 1089




    Florida House of Representatives - 1997                HB 1089

        By Representative Littlefield






  1                      A bill to be entitled

  2         An act relating to insurance; amending s.

  3         628.6017, F.S.; conforming certain provisions

  4         to the repeal; repealing s. 627.215, F.S.,

  5         relating to prohibiting excessive profits on

  6         certain insurance; providing an effective date.

  7

  8  Be It Enacted by the Legislature of the State of Florida:

  9

10         Section 1.  Subsection (4) of section 628.6017, Florida

11  Statutes, is amended to read:

12         628.6017  Converting assessable mutual insurer.--

13         (4)  An assessable mutual insurer becoming a stock

14  insurer or a nonassessable mutual insurer shall not be subject

15  to s. 627.215 or s. 627.351(5) for 5 years following

16  authorization of the conversion by the department. However,

17  the converted stock insurer or nonassessable mutual insurer

18  shall file all necessary data required by s. 627.215. Such

19  amounts otherwise subject to s. 627.215(10) shall be

20  maintained as surplus as to policyholders and not be available

21  for dividends for a period of 5 years.

22         Section 2.  Section 627.215, Florida Statutes, is

23  hereby repealed.

24         Section 3.  This act shall take effect upon becoming a

25  law.

26

27            *****************************************

28                          HOUSE SUMMARY

29
      Repeals a prohibition against excessive profits for
30    workers' compensation, employer's liability, commercial
      property, and commercial casualty insurance.
31

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