SENATE AMENDMENT

    Bill No. CS for CS for SB 320

    Amendment No. ___   Barcode 193792

                            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, if

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                                                  SENATE AMENDMENT

    Bill No. CS for CS for SB 320

    Amendment No. ___   Barcode 193792





  1  such insurance policy can be accurately reported as required

  2  in subsection (5). Additionally, covered policies include

  3  policies covering the peril of wind removed from the Florida

  4  Residential Property and Casualty Joint Underwriting

  5  Association, created pursuant to s. 627.351(6), or from the

  6  Florida Windstorm Underwriting Association, created pursuant

  7  to s. 627.351(2), by an authorized insurer under the terms and

  8  conditions of an executed assumption agreement between the

  9  authorized insurer and either such association. Each

10  assumption agreement between either association and such

11  authorized insurer must be approved by the Florida Department

12  of Insurance prior to the effective date of the assumption,

13  and the Department of Insurance must provide written

14  notification to the board within 15 working days after such

15  approval. "Covered policy" does not include any policy that

16  excludes wind coverage or hurricane coverage or any

17  reinsurance agreement and does not include any policy

18  otherwise meeting this definition which is issued by a surplus

19  lines insurer or a reinsurer.

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21  (Redesignate subsequent sections.)

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

25  And the title is amended as follows:

26         On page 1, line 6, after the semicolon

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28  insert:

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

30         "covered policy";

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