CODING: Words stricken are deletions; words underlined are additions.
SENATE AMENDMENT
Bill No. CS for SB 2522
Amendment No.
CHAMBER ACTION
Senate House
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11 Senator Grant moved the following amendment:
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13 Senate Amendment (with title amendment)
14 On page 16, between lines 20 and 21,
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17 Section 2. Section 628.903, Florida Statutes, is
18 amended to read:
19 628.903 "Industrial insured captive insurer"
20 defined.--For purposes of this part:
21 (1) An "industrial insured" means an insured which:
22 (a) Has gross assets in excess of $10 $50 million and;
23 (b) procures insurance through the use of a full-time
24 employee of the insured who acts as an insurance manager or
25 buyer or through the services of a person licensed as a
26 property and casualty insurance agent, broker, or consultant
27 in such person's state of domicile;
28 (b)(c) Has at least 25 100 full-time employees; and
29 (c)(d) Has Pays annual aggregate premiums for all
30 insurance risks that total of at least $100,000 $200,000 for
31 each line of insurance purchased from the industrial insured
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5:59 PM 04/23/99 s2522c1c-1319j
SENATE AMENDMENT
Bill No. CS for SB 2522
Amendment No.
1 captive insurer or at least $75,000, with respect to any line
2 of coverage excess of at least $25 million in the annual
3 aggregate. The purchase of umbrella or general liability
4 coverage excess of $25 million in the annual aggregate shall
5 be deemed to be the purchase of a single line of insurance.
6 (2) An "industrial insured captive insurer" is a
7 captive insurer that:
8 (a) Has as its stockholders or members only industrial
9 insureds that are reinsured pursuant to subparagraph (b)2. or
10 insured by the industrial insured captive insurer, or has as
11 its sole stockholder a corporation, which corporation's sole
12 stockholders are industrial insureds that are reinsured
13 pursuant to subparagraph (b)2. or insured by the industrial
14 insured captive insurer; and
15 (b)1. Provides insurance only to the industrial
16 insureds that are its stockholders or members, and affiliates
17 thereof, or to the stockholders, and affiliates thereof, of
18 its parent corporation; or
19 2. Provides reinsurance to insurers only on risks
20 written by such insurers for the industrial insureds who are
21 the stockholders or members, and affiliates thereof, of the
22 industrial insured captive insurer, or the stockholders, and
23 affiliates thereof, of the parent corporation of the
24 industrial insured captive insurer.
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26 For the purposes of this paragraph, the term "affiliate" means
27 a person that directly, or indirectly through one or more
28 intermediaries, controls, is controlled by, or is under common
29 control with one or more of the stockholders or members of the
30 industrial insured captive insurer or one or more of the
31 stockholders of the parent corporation of the industrial
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SENATE AMENDMENT
Bill No. CS for SB 2522
Amendment No.
1 insured captive insurer; and.
2 (c) Possesses and maintains:
3 1. Unimpaired paid-in capital of at least $5 million;
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5 2. Unimpaired surplus of at least $15 million.
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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 5, after the semicolon
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15 amending s. 628.903, F.S.; revising the
16 definition of "insured" and "industrial insured
17 captive insurer";
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