SENATE AMENDMENT
    Bill No. CS/HB 513
    Amendment No. ___   Barcode 124812
                            CHAMBER ACTION
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       04/30/2003 10:40 PM         .04/30/2003 10:40 PM 
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11  Senator Atwater moved the following amendment:
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13         Senate Amendment (with title amendment) 
14         Between lines 71 and 72,
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16  insert:  
17         Section 4.  Section 624.4623, Florida Statutes, is
18  created to read:
19         624.4623  Independent Educational Institution
20  Self-Insurance Funds--
21         (1)  Notwithstanding any other provision of law, any
22  two or more independent nonprofit colleges or universities
23  accredited by the Commission on Colleges of the Southern
24  Association of Colleges and Schools or independent, nonprofit,
25  accredited secondary educational institutions, located in and
26  chartered by the state of Florida, may form a self-insurance
27  fund for the purpose of pooling and spreading liabilities of
28  its group members in any property or casualty risk or surety
29  insurance or securing the payment of benefits under chapter
30  440, provided the independent educational institution
31  self-insurance fund that is created must:
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    2:12 PM   04/28/03                              h0513c1c-25e4c

SENATE AMENDMENT Bill No. CS/HB 513 Amendment No. ___ Barcode 124812 1 (a) Have annual normal premiums in excess of $5 2 million; 3 (b) Maintain a continuing program of excess insurance 4 coverage and reserve evaluation to protect the financial 5 stability of the fund in an amount and manner determined by a 6 qualified and independent actuary; 7 (c) Submit annually an audited fiscal year-end 8 financial statement by an independent certified public 9 accountant within 6 months after the end of the fiscal year to 10 the office; and 11 (d) Have a governing body which is comprised entirely 12 of independent educational institution officials. 13 (2) An independent educational institution 14 self-insurance fund that meets the requirements of this 15 section is not subject to s. 624.4621 and is not required to 16 file any report with the department under s. 440.38(2)(b) 17 which is uniquely required of group self-insurer funds 18 qualified under s. 624.4621. If any of the requirements of 19 this section are not met, the independent educational 20 self-insurance fund is subject to the requirements of s. 21 624.4621. 22 23 (Redesignate subsequent sections.) 24 25 26 ================ T I T L E A M E N D M E N T =============== 27 And the title is amended as follows: 28 On line 18, after the semicolon, 29 30 insert: 31 creating s. 624.4623, F.S.; authorizing two or 2 2:12 PM 04/28/03 h0513c1c-25e4c
SENATE AMENDMENT Bill No. CS/HB 513 Amendment No. ___ Barcode 124812 1 more independent colleges or universities to 2 form a self-insurance fund; providing specific 3 requirements; 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 3 2:12 PM 04/28/03 h0513c1c-25e4c