| 1 | Representative Berfield offered the following: |
| 2 |
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| 3 | Amendment (with directory and title amendments) |
| 4 | Remove line(s) 561-580 and insert: |
| 5 | Section 2. Notwithstanding the provisions of ss. 440.50 |
| 6 | and 440.51, Florida Statutes, subject to the following |
| 7 | procedures and approval, the Department of Financial Services |
| 8 | may request transfer funds from the Workers' Compensation |
| 9 | Administration Trust Fund within the Department of Financial |
| 10 | Services to the workers' compensation joint underwriting plan |
| 11 | provided in s. 627.311(5), Florida Statutes. |
| 12 | (1) For actuarial deficits projected for policyholders, |
| 13 | based on actuarial best estimates, covered in subplan "D" prior |
| 14 | to July 1, 2004, and upon verification by the Office of |
| 15 | Insurance Regulation, the plan is authorized to request the |
| 16 | department to submit a budget amendment in an amount not to |
| 17 | exceed $10 million for the purpose of funding deficits in |
| 18 | subplan "D." The department shall submit a budget amendment in |
| 19 | an amount not to exceed $10 million to provide for transfer |
| 20 | authority from the Workers' Compensation Administration Trust |
| 21 | Fund subject to the approval of the Legislative Budget |
| 22 | Commission. An amount not to exceed $10 million shall be held in |
| 23 | reserve and released upon approval by the Legislative Budget |
| 24 | Commission pursuant to chapter 216, Florida Statutes. The |
| 25 | department shall establish a contingency reserve within the |
| 26 | Workers' Compensation Administration Trust Fund in an amount not |
| 27 | to exceed $10 million. |
| 28 | (2) After the contingency reserve is established, whenever |
| 29 | the board determines subplan "D" does not have a sufficient cash |
| 30 | basis to meet 3 months of projected cash needs due to any |
| 31 | deficit in subplan "D," the board is authorized to request the |
| 32 | department to transfer funds from the contingency reserve fund |
| 33 | within the Workers' Compensation Administration Trust Fund to |
| 34 | the plan in an amount sufficient to fund the difference between |
| 35 | the amount available and the amount needed to meet subplan "D"'s |
| 36 | & |
| 37 | projected cash need for the subsequent 3-month period. The board |
| 38 | and the office must first certify to the Department of Financial |
| 39 | Services that there is not sufficient cash within subplan |
| 40 | "D" to meet the projected cash needs in subplan "D" within |
| 41 | subsequent 3 months. The amount requested for transfer to |
| 42 | subplan "D" may not exceed the difference between the |