House Bill hb1105

    Florida House of Representatives - 2001                HB 1105

        By Representative Gannon






  1                      A bill to be entitled

  2         An act relating to trust funds; creating the

  3         Closed Estate Fund Trust Account within the

  4         Department of Insurance; providing for sources

  5         of moneys and purposes; providing for future

  6         review and termination or re-creation of the

  7         trust account; providing a contingent effective

  8         date.

  9

10  Be It Enacted by the Legislature of the State of Florida:

11

12         Section 1.  The Closed Estate Fund Trust Account is

13  hereby created, to be administered by the Department of

14  Insurance. Funds shall be credited to the trust account as

15  provided in HB .... or similar legislation, to be used for the

16  purposes set forth therein.

17         Section 2.  (1)  Pursuant to the provisions of s.

18  19(f)(2), Art. III of the State Constitution, the Closed

19  Estate Fund Trust Account shall, unless terminated sooner, be

20  terminated on July 1, 2005.

21         (2)  Prior to the regular legislative session

22  immediately preceding the date on which the trust account is

23  scheduled to be terminated, the Department of Insurance and

24  the Governor shall recommend to the President of the Senate

25  and the Speaker of the House of Representatives whether the

26  trust account should be allowed to terminate or should be

27  re-created.  These recommendations shall be based on a review

28  of the purpose and use of the trust account and a

29  determination of whether the trust account will continue to be

30  necessary.  A recommendation to re-create the trust account

31  may include suggested modifications to the purposes, sources

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CODING: Words stricken are deletions; words underlined are additions.






    Florida House of Representatives - 2001                HB 1105

    761-106-01






  1  of receipts, and allowable expenditures for the trust account.

  2  The department's recommendation shall be made as a part of its

  3  legislative budget request to the Legislature pursuant to s.

  4  216.023, Florida Statutes.  The Governor's recommendation

  5  shall be made as a part of the recommended budget presented to

  6  the Legislature pursuant to s. 216.162, Florida Statutes.

  7         (3)  If the trust account is terminated, the Department

  8  of Insurance shall pay any outstanding debts or obligations of

  9  the trust account as soon as practicable and the Comptroller

10  shall close out and remove the trust account from the various

11  state accounting systems, using generally accepted accounting

12  practices concerning warrants outstanding, assets, and

13  liabilities.

14         Section 3.  This act shall take effect July 1, 2001, if

15  HB .... or similar legislation is adopted in the same

16  legislative session or an extension thereof and becomes law.

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19                          HOUSE SUMMARY

20
      Creates the Closed Estate Fund Trust Account within the
21    Department of Insurance, and provides for its sources of
      moneys and purposes.  Provides for future review and
22    termination or re-creation of the trust account.

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CODING: Words stricken are deletions; words underlined are additions.