CODING: Words stricken are deletions; words underlined are additions.
HOUSE AMENDMENT
hbd-32 Bill No. CS for CS for SB 2524, 2nd Eng.
Amendment No. (for drafter's use only)
CHAMBER ACTION
Senate House
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5 ORIGINAL STAMP BELOW
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11 Representative(s) Reddick and Eggelletion offered the
12 following:
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14 Amendment to Amendment (243299) (with title amendment)
15 On page 104, between lines 11 and 12,
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17 insert:
18 Section 57. Section 288.7150, Florida Statutes, is
19 created to read:
20 288.7150 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 not to exceed
27 5 years from the date of receiving its certificate of
28 authority, from 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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File original & 9 copies 04/24/98
hbd0001 09:07 am 02524-0039-772419
HOUSE AMENDMENT
hbd-32 Bill No. CS for CS for SB 2524, 2nd Eng.
Amendment No. (for drafter's use only)
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. Any such insurer shall be a member insurer of the
6 Florida Windstorm Underwriting Association and the Florida
7 Residential Property and Casualty Joint Underwriting
8 Association. The premiums of such insurer shall be included in
9 determining, for the Florida Windstorm Underwriting
10 Association, the aggregate statewide direct written premium
11 for property insurance and in determining, for the Florida
12 Residential Property and Casualty Joint Underwriting
13 Association, the aggregate statewide direct written premium
14 for the subject lines of business for all member insurers.
15 (2) The provisions of subsection (1) apply only to
16 residential property insurance policies, including commercial
17 residential property insurance policies, and only to an
18 insurer that:
19 (a) Has a home or regional office in this state;
20 (b) Has permanent employees in this state; and
21 (c) Has at least 20 percent of its Florida policies
22 written and located in urban and inner-city areas that are
23 located in a metropolitan statistical area, as defined in 42
24 U.S.C. 12902(5).
25 (3) The provision of the definition of "minority
26 person" in s. 288.703(3) that requires residency in Florida
27 shall not apply to the term "minority person" as used in this
28 section or s. 627.3511.
29 (4) This section is repealed effective July 1, 2003,
30 and the tax and assessment exemptions authorized by this
31 section shall terminate on such date.
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File original & 9 copies 04/24/98
hbd0001 09:07 am 02524-0039-772419
HOUSE AMENDMENT
hbd-32 Bill No. CS for CS for SB 2524, 2nd Eng.
Amendment No. (for drafter's use only)
1 ================ T I T L E A M E N D M E N T ===============
2 And the title is amended as follows:
3 On page 112, line 23, of the amendment
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5 insert after the semicolon:
6 creating s. 288.7150, F.S.; exempting
7 minority-owned property and casualty insurers
8 from prescribed taxes and assessments for
9 specified period; specifying conditions;
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File original & 9 copies 04/24/98
hbd0001 09:07 am 02524-0039-772419