SENATE AMENDMENT

    Bill No. CS for SB 1372

    Amendment No.    

                            CHAMBER ACTION
              Senate                               House
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11  Senator Williams moved the following amendment:

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13         Senate Amendment (with title amendment) 

14         On page 84, between lines 21 and 22,

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16  insert:

17         Section 79.  Section 624.412, Florida Statutes, is

18  amended to read:

19         624.412  Deposit of alien insurers.--

20         (1)  An alien insurer shall not have authority to

21  transact insurance in this state unless it has and maintains

22  within the United States as trust deposits with public

23  officials having supervision over insurers, or with trustees,

24  public depositories, or trust institutions approved by the

25  department, assets available for discharge of its United

26  States insurance obligations, which assets shall be in amount

27  not less than the outstanding reserves and other liabilities

28  of the insurer arising out of its insurance transactions in

29  the United States together with the amount of surplus as to

30  policyholders required by s. 624.408 of a domestic stock

31  insurer transacting like kinds of insurance.

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                                                  SENATE AMENDMENT

    Bill No. CS for SB 1372

    Amendment No.    





 1         (2)  The amount so held on deposit under subsection (1)

 2  is, for the purposes of this code, deemed to be minimum

 3  surplus of the insurer required to be maintained.

 4         (2)(3)  Any such deposit made in this state shall be

 5  held for the protection of the insurer's policyholders or

 6  policyholders and creditors in the United States and shall be

 7  subject to the applicable provisions of part III of chapter

 8  625 and chapter 630.

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10  (Redesignate subsequent sections.)

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13  ================ T I T L E   A M E N D M E N T ===============

14  And the title is amended as follows:

15         On page 5, line 29, after the semicolon

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17  insert:

18         amending s. 624.412, F.S.; deleting provisions

19         relating to minimum trust deposits by alien

20         insurers;

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