House Bill hb1247

    Florida House of Representatives - 2002                HB 1247

        By Representative Ross






  1                      A bill to be entitled

  2         An act relating to premium financing by an

  3         insurer or subsidiary; amending s. 627.902,

  4         F.S.; expanding application of pt. XV of ch.

  5         627, F.S., to certain insurers, subsidiaries,

  6         corporations, or groups of insurers charging

  7         aggregate per-policy fees in excess of certain

  8         service charges, additional fees, and other

  9         charges; providing an 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.  Section 627.902, Florida Statutes, is

14  amended to read:

15         627.902  Premium financing by an insurer or

16  subsidiary.--An insurer, a subsidiary of an insurer, or a

17  corporation under substantially the same management or control

18  as an authorized insurer or group of authorized insurers may

19  finance property, casualty, surety, and marine insurance

20  premiums on policies issued or business produced by such

21  insurer or insurers; however, and notwithstanding any other

22  provision of law, any such insurer, subsidiary, or corporation

23  or group of insurers charging aggregate per-policy fees in

24  excess of the total service charge per year or rate of

25  interest of which is substantially more than that provided in

26  s. 627.901, the additional fee provided in s. 627.840, and the

27  charges provided in s. 627.841 shall be subject to part XV of

28  this chapter.

29         Section 2.  This act shall take effect upon becoming a

30  law.

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    Florida House of Representatives - 2002                HB 1247

    793-118-02






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  2                          HOUSE SUMMARY

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      Expands application of pt. XV of ch. 627, F.S., to
  4    insurers, subsidiaries, corporations, or groups of
      insurers charging aggregate per-policy fees in excess of
  5    total service charges per year or rates of interest,
      additional fees, and other charges specified by law.
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CODING: Words stricken are deletions; words underlined are additions.