HOUSE AMENDMENT

                                                  Bill No. HB 1979

    Amendment No.     (for drafter's use only)

                            CHAMBER ACTION
              Senate                               House
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 5                                           ORIGINAL STAMP BELOW

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10                                                                

11  Representative(s) Tullis offered the following:

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13         Amendment (with title amendment) 

14         On page 3, line 15 through page 4, line 2,

15  remove from the bill:  all of said lines

16

17  and insert in lieu thereof:

18         1.  Have and maintain at least $10 million in surplus

19  and otherwise satisfy the requirements of s. 624.4095, except

20  that a special purpose homeowner insurance company that has

21  maintained a certificate of authority for at least one year

22  may have and maintain a surplus of $5 million if the special

23  purpose homeowner insurance company's ratio of actual or

24  projected annual written premiums adjusted in accordance with

25  subsection (4) of 624.4095 to current or projected surplus as

26  to policyholders as adjusted in accordance with subsection (5)

27  of section 624.4095 does not exceed 7 to 1 for gross written

28  premium or 3 to 1 for net written premiums.

29         2.  Be a member of the Florida Insurance Guaranty

30  Association and the Florida Hurricane Catastrophe Fund, and be

31  subject to any of their required assessments and premium

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    File original & 9 copies    04/22/99
    hin0002                     02:31 pm         01979-0017-910665




                                                   HOUSE AMENDMENT

                                                  Bill No. HB 1979

    Amendment No.     (for drafter's use only)





 1  charges. However, a special purpose homeowner insurance

 2  company may not be a member of the Florida Windstorm

 3  Underwriting Association or the Florida Residential Property

 4  and Casualty Joint Underwriting Association, and neither the

 5  company nor its policyholders are subject to any assessments

 6  by these associations except for emergency assessments

 7  collected from policyholders pursuant to s.

 8  627.351(2)(b)2.d.IV(III) and (6)(b)3.d. For the sole purpose

 9  of levying and collecting emergency assessments and

10  determining the statewide written premium for property

11  insurance, special purpose homeowner insurance companies shall

12  be considered member insurers of the Florida Windstorm

13  Underwriting Association and the Florida Residential Property

14  and Casualty Joint Underwriting Association.  For the sole

15  purpose of reimbursement under section 215.555(4)(e)3, a

16  special purpose homeowner insurance company shall be

17  considered a limited apportionment company as defined under

18  section 627.351(2)(b)3.

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

22  And the title is amended as follows:

23         On page 1, lines 3 & 4,

24  remove from the title of the bill:  all of said lines

25

26  and insert in lieu thereof:

27  s. 624.4071, F.S.; relating to special purpose homeowner

28  insurance companies; revising a cross-reference; amending s.

29  624.4072, F.S.; revising a cross-reference; amending s.

30  627.752, F.S;

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    File original & 9 copies    04/22/99
    hin0002                     02:31 pm         01979-0017-910665