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 amendment

12  for 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; limited exemption for taxation and assessments.--

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

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

24  initially issued a certificate of authority in this state as

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

26  casualty insurance shall be exempt, for a period of 5 years

27  from the date of receiving its certificate of authority, from

28  the following taxes and assessments:

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

30  185.08;

31         (b)  Assessments by the Florida Residential Property

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                                                  SENATE AMENDMENT

    Bill No. CS for SB 1372

    Amendment No.    





 1  and Casualty Joint Underwriting Association or by the Florida

 2  Windstorm Underwriting Association, as provided under s.

 3  627.351, except for emergency assessments collected from

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

 5  (6)(b)3.d.

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

 7  residential property insurance policies, including commercial

 8  residential property insurance policies, and only to an

 9  insurer that:

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

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

12         (c)  Has at least 20 percent of its policies written

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

14  a metropolitan statistical area, as defined in 42 U.S.C.

15  12902(5).

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

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

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

19  section or s. 627.3511.

20         (4)  This section is repealed effective July 1, 2003.

21

22  (Redesignate subsequent sections.)

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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         On page 6, line 2, after the semicolon

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29  insert:

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

31         minority-owned property and casualty insurers

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                                                  SENATE AMENDMENT

    Bill No. CS for SB 1372

    Amendment No.    





 1         from prescribed taxes and assessments for

 2         specified period; specifying conditions;

 3         providing for future repeal;

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