SENATE AMENDMENT

    Bill No. CS for SB 1372

    Amendment No.    

                            CHAMBER ACTION
              Senate                               House
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11  Senator Holzendorf moved the following substitute for

12  amendment (211052):

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14         Senate Amendment (with title amendment) 

15         On page 84, between lines 23 and 24,

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17  insert:

18         Section 80.  Section 624.4072, Florida Statutes, is

19  created to read:

20         624.4072  Minority owned property and casualty

21  insurers.--

22         (1)  A minority business, which is at least 51 percent

23  owned by minority persons as described in s. 288.703(3),

24  licensed as a property and casualty insurer after May 1, 1998,

25  shall be exempt, for a period of 5 years from the date of

26  receiving authority to transact insurance pursuant to s.

27  624.407, from any and all assessments, other than emergency

28  assessments, described in s. 627.351 and from any requirements

29  of s. 624.509. The provisions of this subsection apply only to

30  residential property insurance policies, including commercial

31  residential policies.

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                                                  SENATE AMENDMENT

    Bill No. CS for SB 1372

    Amendment No.    





 1         (2)  For the purpose of meeting the requirements of

 2  subsection (1), the insurer must:

 3         (a)  Have permanent employees in this state;

 4         (b)  Have an office in this state; and

 5         (c)  Have at least 20 percent of its policies written

 6  and located in urban and inner-city areas that are

 7  metropolitan statistical areas as defined in 42 U.S.C.

 8  12902(5). However, the requirement that the minority persons

 9  as described in s. 288.703(3) be permanent residents of this

10  state does not apply to this section and to the requirements

11  set forth in s. 627.3511.

12         (3)  This section expires July 1, 2003.

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14  (Redesignate subsequent sections.)

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

18  And the title is amended as follows:

19         On page 6, line 2, after the semicolon

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21  insert:

22         creating s. 624.4072, F.S.; exempting

23         minority-owned property and casualty insurers

24         from prescribed assessments for specified

25         period;

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