SENATE AMENDMENT

    Bill No. CS for SB 2192

    Amendment No. ___   Barcode 600722

                            CHAMBER ACTION
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11  Senator Sanderson moved the following amendment:

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13         Senate Amendment (with title amendment) 

14         On page 3, line 31, through page 4, line 30, delete

15  those lines,

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17  and insert:  this part. An order issued by the department

18  pursuant to this subsection entitles the insurer to request a

19  proceeding under ss. 120.569 and 120.57 and such a request

20  shall stay the action pending such proceeding.

21         (6)  If the department and the insurer are unable to

22  agree on the provisions of the plan, the department may

23  require the insurer to take such corrective action as may be

24  reasonably necessary to remove the causes and conditions

25  giving rise to the need for administrative supervision proceed

26  under applicable provisions of this code other than the

27  provisions of this part.

28         (10)  The department may adopt rules to define

29  standards of hazardous financial condition and corrective

30  action substantially similar to that indicated in the National

31  Association of Insurance Commissioners' 1997 "Model Regulation

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    3:10 PM   03/15/02                              s2192c1c-31ry3




                                                  SENATE AMENDMENT

    Bill No. CS for SB 2192

    Amendment No. ___   Barcode 600722





  1  to Define Standards and Commissioner's Authority for Companies

  2  Deemed to be Hazardous Financial Condition," which are

  3  necessary to implement the provisions of this part.

  4         Section 4.  Section 624.84, Florida Statutes, is

  5  amended to read:

  6         624.84  Review and stay of action.--During the period

  7  of supervision, the insurer may contest an action taken or

  8  proposed to be taken by the supervisor, specifying the manner

  9  wherein the action complained of would not result in improving

10  the condition of the insurer. Such, and the request shall not

11  stay the action specified pending reconsideration of the

12  action by the department. If upon reconsideration the action

13  of the department is upheld, the stay shall be lifted.  Denial

14  of the insurer's request upon reconsideration entitles the

15  insurer to request a proceeding under ss. 120.569 and 120.57.

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18  ================ T I T L E   A M E N D M E N T ===============

19  And the title is amended as follows:

20         On page 1, lines 6-12, delete those lines,

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22  and insert:

23         amending s. 624.81, F.S.; providing for effect

24         of certain department orders; specifying that

25         certain requests stay certain actions;

26         specifying authority of the Department of

27         Insurance relating to certain notice

28         requirements; authorizing the department to

29         adopt certain rules; amending s. 624.84, F.S.;

30         specifying that certain requests do not stay

31         certain actions; amending s.

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    3:10 PM   03/15/02                              s2192c1c-31ry3