Amendment
Bill No. 1251
Amendment No. 101999
CHAMBER ACTION
Senate House
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1Representative Berfield offered the following:
2
3     Amendment (with title amendments)
4     Remove line(s) 561-580 and insert:
5     Section 2.  (1)  Notwithstanding the provisions of ss.
6440.50 and 440.51, Florida Statutes, for the 2004-2005 fiscal
7year the sum of $10 million is appropriated from the Workers'
8Workers' Compensation Administration Trust Fund in the
9Department of Financial Services for transfer to the workers'
10workers' compensation joint underwriting plan provided in s.
11627.311(5), Florida Statutes, as a capital contribution to fund
12any deficit in the plan. The Chief Financial Officer shall
13transfer such funds to the plan no later than July 31, 2004.
14     (2)  Notwithstanding the provisions of ss. 440.50 and
15440.51, Florida Statutes, subject to the following procedures
16and approval, the Department of Financial Services may request
17transfer funds from the Workers' Compensation Administration
18Trust Fund within the Department of Financial Services to the
19workers' compensation joint underwriting plan provided in s.
20627.311(5), Florida Statutes.
21     (a)  The department shall establish a contingency reserve
22within the Workers' Compensation Administration Trust Fund, from
23which the department is authorized to expend funds as provided
24in the subsection, in an amount not to exceed $10 million to be
25released only upon the approval of a budget amendment presented
26to the Legislative Budget Commission. For actuarial deficits
27projected for policyholders, based on actuarial best estimates,
28covered in subplan "D" prior to July 1, 2004, and upon
29verification by the Office of Insurance Regulation, the plan is
30authorized to request and the department is authorized to submit
31a budget amendment in an amount not to exceed $10 million for
32the purpose of funding deficits in subplan "D".
33     (b)  After the contingency reserve is established, whenever
34the board determines subplan "D" does not have a sufficient cash
35basis to meet 3 months of projected cash needs due to any
36deficit in subplan "D," the board is authorized to request the
37department to transfer funds from the contingency reserve fund
38within the Workers' Compensation Administration Trust Fund to
39the plan in an amount sufficient to fund the difference between
40the amount available and the amount needed to meet subplan "D"'s
41&
42projected cash need for the subsequent 3-month period. The board
43and the office must first certify to the Department of Financial
44Services that there is not sufficient cash within subplan
45"D" to meet the projected cash needs in subplan "D" within
46subsequent 3 months. The amount requested for transfer to
47subplan "D" may not exceed the difference between the


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