SENATE AMENDMENT

    Bill No. CS for SB 1372, 1st Eng.

    Amendment No.    

                            CHAMBER ACTION
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11  Senator Holzendorf moved the following amendment:

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13         Senate Amendment 

14         On page 85, line 18, through

15            page 86, line 17, delete those lines

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17  and insert:

18         (1)  A minority business that is at least 51 percent

19  owned by minority persons, as defined in s. 288.703(3),

20  initially issued a certificate of authority in this state as

21  an authorized insurer after May 1, 1998, to write property and

22  casualty insurance shall be exempt, for a period not to exceed

23  5 years from the date of receiving its certificate of

24  authority, from the following taxes and assessments:

25         (a)  Taxes imposed under ss. 624.509, 175.101, and

26  185.08;

27         (b)  Assessments by the Florida Residential Property

28  and Casualty Joint Underwriting Association or by the Florida

29  Windstorm Underwriting Association, as provided under s.

30  627.351, except for emergency assessments collected from

31  policyholders pursuant to s. 627.351(2)(b)2.d.(III) and

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                                                  SENATE AMENDMENT

    Bill No. CS for SB 1372, 1st Eng.

    Amendment No.    





 1  (6)(b)3.d. Any such insurer shall be a member insurer of the

 2  Florida Windstorm Underwriting Association and the Florida

 3  Residential Property and Casualty Joint Underwriting

 4  Association. The premiums of such insurer shall be included in

 5  determining, for the Florida Windstorm Underwriting

 6  Association, the aggregate statewide direct written premium

 7  for property insurance and in determining, for the Florida

 8  Residential Property and Casualty Joint Underwriting

 9  Association, the aggregate statewide direct written premium

10  for the subject lines of business for all member insurers.

11         (2)  The provisions of subsection (1) apply only to

12  residential property insurance policies, including commercial

13  residential property insurance policies, and only to an

14  insurer that:

15         (a)  Has a home or regional office in this state;

16         (b)  Has permanent employees in this state; and

17         (c)  Has at least 20 percent of its Florida policies

18  written and located in urban and inner-city areas that are

19  located in a metropolitan statistical area, as defined in 42

20  U.S.C. 12902(5).

21         (3)  The provision of the definition of "minority

22  person" in s. 288.703(3) that requires residency in Florida

23  shall not apply to the term "minority person" as used in this

24  section or s. 627.3511.

25         (4)  This section is repealed effective July 1, 2003,

26  and the tax and assessment exemptions authorized by this

27  section shall terminate on such date.

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