CODING: Words stricken are deletions; words underlined are additions.
HOUSE AMENDMENT
Bill No. HB 775
Amendment No. 29 (for drafter's use only)
CHAMBER ACTION
Senate House
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5 ORIGINAL STAMP BELOW
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11 Representative(s) Byrd and Feeney offered the following:
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13 Substitute Amendment for Amendment (031483) (with title
14 amendment)
15 On page 35, line 3, of the bill
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18 Section 22. (1) The Department of Insurance shall,
19 after issuing a request for proposals, contract with a
20 national independent actuarial firm to conduct an actuarial
21 analysis, consistent with generally accepted actuarial
22 practices, of the expected reduction in liability judgments,
23 settlements, and related costs resulting from the provisions
24 of this act. The analysis must be based on credible loss-cost
25 data derived from the settlement or adjudication of liability
26 claims, other than liability claims insured under private
27 passenger automobile insurance or personal lines residential
28 property insurance, accruing after October 1, 1999. The
29 analysis must include an estimate of the percentage decrease
30 in such judgments, settlements, and costs by type of coverage
31 affected by this act, including the time period when such
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hju0004 04:59 pm 00775-0062-395301
HOUSE AMENDMENT
Bill No. HB 775
Amendment No. 29 (for drafter's use only)
1 savings or reductions are expected.
2 (2) The report must be completed and submitted to the
3 Department of Insurance by March 1, 2001.
4 (3) After March 1, 2001, the Department of Insurance
5 shall review the filed rates of insurers and underwriting
6 profits and losses for Florida liability insurance businesses
7 and shall require any prospective rate modifications that the
8 department deems necessary, consistent with the applicable
9 rating law, in order to cause the rates of any specific
10 insurer to comply with the applicable rating law. The
11 department shall require each liability insurer's first rate
12 filing after March 1, 2001, other than rate filings for
13 private passenger automobile insurance or personal lines
14 residential property insurance, to include specific data on
15 the impact of this act on the insurer's liability judgments,
16 settlements, and costs for the purpose of enabling the
17 department and the Legislature to accurately monitor and
18 evaluate the effects of this act.
19 (4) The report under subsection (1) is admissible in
20 any proceedings relating to a liability insurance rate filing
21 if the actuary who prepared the report is made available by
22 the department to testify regarding the report's preparation
23 and validity. Each party shall otherwise bear its own cost of
24 any such proceeding.
25 (5) This section does not limit the authority of the
26 department to order an insurer to refund excessive profits, as
27 provided in sections 627.066 and 627.215, Florida Statutes.
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30 ================ T I T L E A M E N D M E N T ===============
31 And the title is amended as follows:
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File original & 9 copies 03/08/99
hju0004 04:59 pm 00775-0062-395301
HOUSE AMENDMENT
Bill No. HB 775
Amendment No. 29 (for drafter's use only)
1 On page 4, line 15, after the word, "employment;",
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3 insert:
4 requiring the Department of Insurance to
5 contract with an actuarial firm to conduct an
6 actuarial analysis of expected reductions in
7 judgments and related costs resulting from
8 litigation reforms; specifying the basis and
9 due date for the actuarial report; providing
10 for a review of rate filings by certain types
11 of insurers after a specified date; providing
12 that such provisions do not limit the refund of
13 excessive profits by certain insurers;
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File original & 9 copies 03/08/99
hju0004 04:59 pm 00775-0062-395301