HOUSE AMENDMENT

                                                  Bill No. HB 2247

    Amendment No. 3 (for drafter's use only)

                            CHAMBER ACTION
              Senate                               House
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 5                                           ORIGINAL STAMP BELOW

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10                                                                

11  The Committee on Insurance offered the following:

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13         Amendment (with directory language and title

14  amendments) 

15         On page 1, between lines 28 & 29 of the bill

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17  insert:

18         (2)  A reorganization pursuant to this section is

19  subject to the applicable procedures prescribed by the laws of

20  this state applying to corporations formed for profit, except

21  as otherwise provided in this subsection.

22         (b)  No such merger shall be effectuated unless in

23  advance thereof, the plan and agreement therefor have been

24  filed with the department and approved by it. The department

25  may retain outside consultants to evaluate each merger.  The

26  domestic mutual insurance holding company shall pay reasonable

27  costs associated with retaining such consultants.  Such

28  payments shall be made directly to the consultant.  The

29  department shall give such approval unless it finds such plan

30  or agreement:

31         1.  Is inequitable to the policyholders of any domestic

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    File original & 9 copies    04/19/99
    hin0002                     06:29 pm         02247-in  -594215




                                                   HOUSE AMENDMENT

                                                  Bill No. HB 2247

    Amendment No. 3 (for drafter's use only)





 1  insurer involved in the merger or the members of any domestic

 2  mutual insurance holding company involved in the merger; or

 3         2.  Would substantially reduce the security of and

 4  service to be rendered to policyholders of a domestic insurer

 5  in this state.

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 7

 8  == D I R E C T O R Y   L A N G U A G E   A M E N D M E N T ==

 9  And the directory language is amended as follows:

10         On page 1, lines 17 & 18

11  remove:  all of said lines

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13  and insert in lieu thereof:

14         Section 1.  Paragraph (f) is added to subsection (1) of

15  section 628.715, Florida Statutes, and paragraph (b) of

16  subsection (2) of said section, is amended to read:

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18

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

20  And the title is amended as follows:

21         On page 1, line 7

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23  after the semicolon insert:

24         providing for the use of consultants;

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    File original & 9 copies    04/19/99
    hin0002                     06:29 pm         02247-in  -594215