SENATE AMENDMENT

    Bill No. CS/CS/HB 4407, 1st Eng.

    Amendment No.    

                            CHAMBER ACTION
              Senate                               House
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11  Senators Geller, Campbell, Forman, Turner, Meadows, and Silver

12  moved the following amendment to amendment (363934):

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14         Senate Amendment (with title amendment) 

15         On page 2, between lines 5 and 6,

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17  insert:

18         Section 3.  (1)  The tax imposed by section 624.509,

19  Florida Statutes, does not apply to premiums received by

20  insurers in calendar year 1998 for residential property

21  insurance policies. For the purposes of this subsection, the

22  term "residential property insurance policies" has the same

23  meaning as the term "covered policy" as defined in section

24  215.555(2), Florida Statutes.

25         (2)  An insurer exempt from premium tax liability under

26  subsection (1) shall not be required to pay any additional

27  retaliatory tax levied pursuant to section 624.5091, Florida

28  Statutes, as a result of claiming such credit.

29         (3)  Within 60 days after January 1, 1999, each insurer

30  writing residential property insurance policies in this state

31  shall make a rate filing indicating the reduction in expenses

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                                                  SENATE AMENDMENT

    Bill No. CS/CS/HB 4407, 1st Eng.

    Amendment No.    





 1  resulting from the exemption from the premium tax and

 2  retaliatory tax provided in subsection (1). An insurer may

 3  include this factor in a rate filing that indicates additional

 4  factors, as authorized by laws and rules applying to such rate

 5  filing.

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 7  (Redesignate subsequent sections.)

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

11  And the title is amended as follows:

12         On page 2, line 22, after the semicolon

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14  insert:

15         exempting residential property insurance from

16         certain taxes; requiring rate filings that

17         indicate reduced expense resulting from such

18         tax exemptions;

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