SENATE AMENDMENT

    Bill No. CS for CS for SB 320

    Amendment No. ___   Barcode 095944

                            CHAMBER ACTION
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11  Senator Holzendorf moved the following amendment:

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13         Senate Amendment (with title amendment) 

14         On page 2, between lines 25 and 26,

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16  insert:

17         Section 2.  Paragraph (c) of subsection (2) of section

18  215.555, Florida Statutes, is amended to read:

19         215.555  Florida Hurricane Catastrophe Fund.--

20         (2)  DEFINITIONS.--As used in this section:

21         (c)  "Covered policy" means any insurance policy

22  covering residential property in this state, including, but

23  not limited to, any homeowner's, mobile home owner's, farm

24  owner's, condominium association, condominium unit owner's,

25  tenant's, or apartment building policy, or any other policy

26  covering a residential structure or its contents issued by any

27  authorized insurer, including any joint underwriting

28  association or similar entity created pursuant to law. The

29  term "covered policy" includes any collateral protection

30  insurance policy covering personal residences which protects

31  both the borrower's and the lender's financial interests, in

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    4:59 PM   03/20/02                              s0320c2c-02b28




                                                  SENATE AMENDMENT

    Bill No. CS for CS for SB 320

    Amendment No. ___   Barcode 095944





  1  an amount at least equal to the coverage for the dwelling in

  2  place under the lapsed homeowner's policy, if such policy can

  3  be accurately reported as required in subsection (5).

  4  Additionally, covered policies include policies covering the

  5  peril of wind removed from the Florida Residential Property

  6  and Casualty Joint Underwriting Association, created pursuant

  7  to s. 627.351(6), or from the Florida Windstorm Underwriting

  8  Association, created pursuant to s. 627.351(2), by an

  9  authorized insurer under the terms and conditions of an

10  executed assumption agreement between the authorized insurer

11  and either such association. Each assumption agreement between

12  either association and such authorized insurer must be

13  approved by the Florida Department of Insurance prior to the

14  effective date of the assumption, and the Department of

15  Insurance must provide written notification to the board

16  within 15 working days after such approval. "Covered policy"

17  does not include any policy that excludes wind coverage or

18  hurricane coverage or any reinsurance agreement and does not

19  include any policy otherwise meeting this definition which is

20  issued by a surplus lines insurer or a reinsurer.

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22  (Redesignate subsequent sections.)

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

26  And the title is amended as follows:

27         On page 1, line 6, after the semicolon

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29  insert:

30         amending s. 215.555, F.S.; redefining the term

31         "covered policy";

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