SENATE AMENDMENT
Bill No. SB 594
Amendment No. ___ Barcode 305562
CHAMBER ACTION
Senate House
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11 Senator Posey moved the following amendment:
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13 Senate Amendment (with title amendment)
14 On page 1, between lines 26 and 27,
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17 Section 2. Section 624.4623, Florida Statutes, is
18 created to read:
19 624.4623 Educational institutions; self-insurance
20 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 this state, may form a self-insurance fund for
27 the purpose of pooling and spreading liabilities of its group
28 members in any property or casualty risk or surety insurance
29 or securing the payment of benefits under chapter 440;
30 however, the independent educational institution
31 self-insurance fund that is created must:
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SENATE AMENDMENT
Bill No. SB 594
Amendment No. ___ Barcode 305562
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 that 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.
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23 (Redesignate subsequent sections.)
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27 And the title is amended as follows:
28 On page 1, line 6, following the semicolon
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30 insert:
31 creating s. 624.4623, F.S.; authorizing certain
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SENATE AMENDMENT
Bill No. SB 594
Amendment No. ___ Barcode 305562
1 independent nonprofit colleges, or
2 universities, or other educational institutions
3 to form a self-insurance fund;
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