HOUSE AMENDMENT
Bill No. HB 1365
Amendment No. 1 (for drafter's use only)
CHAMBER ACTION
Senate House
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5 ORIGINAL STAMP BELOW
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11 The Committee on Insurance offered the following:
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13 Amendment (with title amendment)
14 Remove from the bill: Everything after the enacting clause
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16 and insert in lieu thereof:
17 Section 1. Section 625.071, Florida Statutes, is
18 amended to read:
19 625.071 Special reserve for bail and judicial
20 bonds.--In lieu of the unearned premium reserve required on
21 surety bonds under s. 625.051, the department may require any
22 surety insurer or limited surety insurer to set up and
23 maintain a reserve on all bail bonds, or other single-premium
24 bonds without definite expiration date, furnished in judicial
25 proceedings, equal to the lesser of 35 25 percent of the bail
26 premiums in force or $7 per $1,000 of bail liability. Such
27 reserve shall be reported as a liability in financial
28 statements required to be filed with the department. Each
29 insurer shall file a supplementary schedule showing bail
30 premiums in force and bail liability and the associated
31 special reserve for bail and judicial bonds with financial
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File original & 9 copies 04/12/01
hin0002 05:08 pm 01365-in -682433
HOUSE AMENDMENT
Bill No. HB 1365
Amendment No. 1 (for drafter's use only)
1 statements required by s. 624.424. Bail premiums in force, not
2 including amounts retained by licensed bail bond agents or
3 licensed managing general agents, may not be less than 6.5
4 percent of the total consideration received for all bail bonds
5 in force total consideration charged for such bonds as are
6 outstanding as of the date of any current financial statement
7 of the insurer.
8 Section 2. This act shall take effect July 1, 2001.
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12 And the title is amended as follows:
13 On page 1,
14 remove from the title of the bill: The entire title
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16 and insert in lieu thereof:
17 A bill to be entitled
18 An act relating to surety bonds; amending s.
19 625.071, F.S.; modifying the amount of reserve
20 which surety insurers may maintain on bail
21 bonds and judicial bonds in lieu of the
22 unearned premium reserve required under s.
23 625.051, F.S.; providing financial reporting
24 requirements; providing for minimum percentage
25 for bail premiums in force providing an
26 effective date.
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File original & 9 copies 04/12/01
hin0002 05:08 pm 01365-in -682433