House Bill 4009e1
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CS/HB 4009, First Engrossed/ntc
1 A bill to be entitled
2 An act relating to the Florida Statutes;
3 repealing or deleting various statutory
4 provisions that have become obsolete, have had
5 their effect, have served their purpose, or
6 have been impliedly repealed or superseded;
7 amending s. 624.408, F.S.; deleting an obsolete
8 schedule provision relating to the surplus
9 required to be maintained by certain property
10 and casualty insurers; amending s. 627.0628,
11 F.S.; deleting obsolete provisions relating to
12 adoption and revision of hurricane loss
13 projection standards and guidelines; amending
14 s. 627.215, F.S.; deleting an obsolete
15 reporting requirement on the excess profits
16 law; amending s. 627.3511, F.S.; deleting
17 findings relating to the need to reduce the
18 number of Residential Property and Casualty
19 Joint Underwriting Association policies;
20 amending s. 629.520, F.S.; deleting obsolete
21 provisions relating to the authority of limited
22 reciprocal insurers; amending s. 633.41, F.S.;
23 deleting an obsolete provision relating to
24 firefighter certificates of tenure; repealing
25 s. 624.515(2)(b), F.S., relating to
26 applicability of the surcharge on policies of
27 fire, allied lines, or multiperil insurance
28 insuring commercial property; repealing s.
29 626.9929, F.S., relating to a grace period
30 under the Viatical Settlement Act; repealing s.
31 627.072(4)(c), F.S., relating to a directive to
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CS/HB 4009, First Engrossed/ntc
1 the Insurance Commissioner on the use of a
2 methodology for establishing rates for workers'
3 compensation and employer's liability
4 insurance; repealing s. 627.706(5), F.S.,
5 relating to applicability of sinkhole insurance
6 requirements; repealing pt. XXII, ch. 627,
7 F.S., relating to the Workers' Compensation
8 Insurance Purchasing Alliance; providing an
9 effective date.
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11 Be It Enacted by the Legislature of the State of Florida:
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13 Section 1. Paragraph (b) of subsection (1) of section
14 624.408, Florida Statutes, is amended to read:
15 624.408 Surplus as to policyholders required; new and
16 existing insurers.--
17 (1)
18 (b) For any property and casualty insurer holding a
19 certificate of authority on December 1, 1993, the following
20 amounts apply instead of the $4 million required by
21 subparagraph (a)5.:
22 1. On December 31, 1998, and until December 30, 1999,
23 $2.25 million.
24 1.2. On December 31, 1999, and until December 30,
25 2000, $2.5 million.
26 2.3. On December 31, 2000, and until December 30,
27 2001, $2.75 million.
28 3.4. On December 31, 2001, and until December 30,
29 2002, $3 million.
30 4.5. On December 31, 2002, and until December 30,
31 2003, $3.25 million.
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1 5.6. On December 31, 2003, and until December 30,
2 2004, $3.6 million.
3 6.7. On December 31, 2004, and thereafter, $4 million.
4 Section 2. Paragraph (d) of subsection (3) of section
5 627.0628, Florida Statutes, is amended to read:
6 627.0628 Florida Commission on Hurricane Loss
7 Projection Methodology.--
8 (3) ADOPTION AND EFFECT OF STANDARDS AND GUIDELINES.--
9 (d) The commission shall adopt initial actuarial
10 methods, principles, standards, models, or output ranges no
11 later than December 31, 1995. The commission shall adopt
12 revisions to previously adopted such actuarial methods,
13 principles, standards, models, or output ranges at least
14 annually thereafter. As soon as possible, but no later than
15 July 1, 1996, the commission shall adopt revised actuarial
16 methods, principles, standards, models, or output ranges which
17 include specification of acceptable computer models or output
18 ranges derived from computer models.
19 Section 3. Subsection (14) of section 627.215, Florida
20 Statutes, is amended to read:
21 627.215 Excessive profits for workers' compensation,
22 employer's liability, commercial property, and commercial
23 casualty insurance prohibited.--
24 (14) The application of this law to commercial
25 property and commercial casualty insurance, which includes
26 commercial umbrella liability insurance, ceases on January 1,
27 1997. The Department of Insurance shall, no later than
28 October 1, 1995, provide a report on this law to the President
29 of the Senate and the Speaker of the House of Representatives,
30 which report includes a history of the excess profits law and
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1 a year-by-year listing of excess profits returned to
2 policyholders as refunds or credits.
3 Section 4. Subsection (1) of section 627.3511, Florida
4 Statutes, is amended to read:
5 627.3511 Depopulation of Residential Property and
6 Casualty Joint Underwriting Association.--
7 (1) LEGISLATIVE FINDINGS AND INTENT.--The Legislature
8 finds and declares that the Residential Property and Casualty
9 Joint Underwriting Association has written an amount of
10 policies beyond legislative expectations and has become, by
11 virtue of its size, a significant impediment to the
12 restoration of a stable and competitive residential property
13 insurance market in this state; that the public policy of this
14 state requires the maintenance of a residual market for
15 residential property insurance; and that extraordinary
16 measures, beyond implementation of eligibility criteria and
17 noncompetitive rates, are required to reduce the number of
18 policies written by the Residential Property and Casualty
19 Joint Underwriting Association to a reasonable level. It is
20 the intent of the Legislature to provide a variety of
21 financial incentives to encourage the replacement of the
22 highest possible number of Residential Property and Casualty
23 Joint Underwriting Association policies with policies written
24 by admitted insurers at approved rates.
25 Section 5. Section 629.520, Florida Statutes, is
26 amended to read:
27 629.520 Abolition of existing Authority of the
28 department to issue a certificate of authority as a limited
29 reciprocal insurer.--On October 1, 1991, the existing
30 authority of the department to issue a certificate of
31 authority as a limited reciprocal insurer pursuant to this
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1 chapter is abolished. Existing limited reciprocal insurers
2 which continue to hold a certificate of authority after this
3 date shall have until October 1, 1992, to convert their
4 certificate of authority by meeting the requirements for a
5 certificate of authority as another type of insurer authorized
6 under this code. All existing certificates of authority as a
7 limited reciprocal insurer not so converted shall
8 automatically terminate on October 1, 1992. The authority of
9 any limited reciprocal insurer to accept new business or
10 renewals shall not continue beyond October 1, 1992; however,
11 such limited reciprocal insurer shall continue to service its
12 obligations previously incurred or with the approval of the
13 department, arrange for the transfer of these obligations to
14 an authorized insurer. All power of the department with
15 respect to limited reciprocal insurers shall continue
16 undiminished. This section does not affect any other power of
17 the department or any other function of the department.
18 Section 6. Section 633.41, Florida Statutes, is
19 amended to read:
20 633.41 Saving clause.--Firefighters employed on July
21 5, 1969, are not required to meet the provisions of ss. 633.34
22 and 633.35 as a condition of tenure or continued employment;
23 nor shall their failure to fulfill such requirements make them
24 ineligible for any promotional examination for which they are
25 otherwise eligible or affect in any way any pension rights to
26 which they may be entitled on July 5, 1969. Firefighters
27 employed on July 5, 1969, who have not yet been issued a
28 certificate of tenure shall make application to the Florida
29 State Fire College for such certificate no later than June 30,
30 1990, after which date no certificates of tenure will be
31 issued.
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1 Section 7. Paragraph (b) of subsection (2) of section
2 624.515, section 626.9929, paragraph (c) of subsection (4) of
3 section 627.072, subsection (5) of section 627.706, and
4 sections 627.990, 627.991, and 627.992, Florida Statutes, are
5 repealed.
6 Section 8. This act shall take effect upon becoming a
7 law.
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