Senate Bill sb2214

    Florida Senate - 2002                                  SB 2214

    By Senator Holzendorf





    2-1102A-02

  1                      A bill to be entitled

  2         An act relating to insurance; amending s.

  3         627.902, F.S.; subjecting certain fees and

  4         service charges made by insurers for premium

  5         financing to additional regulation; providing

  6         an effective date.

  7

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

  9

10         Section 1.  Section 627.902, Florida Statutes, is

11  amended to read:

12         627.902  Premium financing by an insurer or

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

14  corporation under substantially the same management or control

15  as an authorized insurer or group of authorized insurers may

16  finance property, casualty, surety, and marine insurance

17  premiums on policies issued or business produced by such

18  insurer or insurers. Notwithstanding any other provision of

19  law,; however, if any such insurer, subsidiary, or corporation

20  or group of insurers charges aggregate per-policy fees in

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

22  interest of which is substantially more than that provided in

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

24  charges provided in s. 627.841 are shall be subject to part XV

25  of this chapter.

26         Section 2.  This act shall take effect July 1, 2002.

27

28            *****************************************

29                          SENATE SUMMARY

30    Subjects certain insurer premium financing fees and
      charges to additional regulation.
31

                                  1

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