House Bill hb1247c1

    Florida House of Representatives - 2002             CS/HB 1247

        By the Committee on Insurance and Representatives Ross and
    Melvin





  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.; authorizing insurers, subsidiaries,

  5         corporations, or groups of insurers to impose

  6         certain additional service charges and fees;

  7         providing an effective date.

  8

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

10

11         Section 1.  Section 627.902, Florida Statutes, is

12  amended to read:

13         627.902  Premium financing by an insurer or

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

15  corporation under substantially the same management or control

16  as an authorized insurer or group of authorized insurers may

17  finance property, casualty, surety, and marine insurance

18  premiums on policies issued or business produced by such

19  insurer or insurers; however, any such insurer, subsidiary, or

20  corporation or group of insurers that charges a the total

21  service charge per year or rate of interest in excess of which

22  is substantially more than that provided in s. 627.901 shall

23  be subject to part XV of this chapter. Notwithstanding any

24  other provision of law, an insurer, a subsidiary of an

25  insurer, or a corporation under substantially the same

26  management or control as an authorized insurer or group of

27  authorized insurers may charge one-half of the additional

28  charge provided in s. 627.840, and the charges provided in s.

29  627.841.

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

31  law.

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