| 1 | Representative Berfield offered the following: |
| 2 |
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| 3 | Amendment (with title amendments) |
| 4 | Remove line(s) 557-576 and insert: |
| 5 | Section 2. (1) Notwithstanding the provisions of ss. |
| 6 | 440.50 and 440.51, Florida Statutes, for the 2004-2005 fiscal |
| 7 | year the sum of $10 million is appropriated from the Workers' |
| 8 | Workers' Compensation Administration Trust Fund in the |
| 9 | Department of Financial Services for transfer to the workers' |
| 10 | workers' compensation joint underwriting plan provided in s. |
| 11 | 627.311(5), Florida Statutes, as a capital contribution to fund |
| 12 | any deficit in the plan. The Chief Financial Officer shall |
| 13 | transfer such funds to the plan no later than July 31, 2004. |
| 14 | (2) Notwithstanding the provisions of ss. 440.50 and |
| 15 | 440.51, Florida Statutes, subject to the following procedures |
| 16 | and approval, the Department of Financial Services may request |
| 17 | transfer funds from the Workers' Compensation Administration |
| 18 | Trust Fund within the Department of Financial Services to the |
| 19 | workers' compensation joint underwriting plan provided in s. |
| 20 | 627.311(5), Florida Statutes. |
| 21 | (a) The department shall establish a contingency reserve |
| 22 | within the Workers' Compensation Administration Trust Fund, from |
| 23 | which the department is authorized to expend funds as provided |
| 24 | in the subsection, in an amount not to exceed $10 million to be |
| 25 | released only upon the approval of a budget amendment presented |
| 26 | to the Legislative Budget Commission. For actuarial deficits |
| 27 | projected for policyholders, based on actuarial best estimates, |
| 28 | covered in subplan "D" prior to July 1, 2004, and upon |
| 29 | verification by the Office of Insurance Regulation, the plan is |
| 30 | authorized to request and the department is authorized to submit |
| 31 | a budget amendment in an amount not to exceed $10 million for |
| 32 | the purpose of funding deficits in subplan "D". |
| 33 | (b) After the contingency reserve is established, whenever |
| 34 | the board determines subplan "D" does not have a sufficient cash |
| 35 | basis to meet 3 months of projected cash needs due to any |
| 36 | deficit in subplan "D," the board is authorized to request the |
| 37 | department to transfer funds from the contingency reserve fund |
| 38 | within the Workers' Compensation Administration Trust Fund to |
| 39 | the plan in an amount sufficient to fund the difference between |
| 40 | the amount available and the amount needed to meet subplan "D"'s |
| 41 | & |
| 42 | projected cash need for the subsequent 3-month period. The board |
| 43 | and the office must first certify to the Department of Financial |
| 44 | Services that there is not sufficient cash within subplan |
| 45 | "D" to meet the projected cash needs in subplan "D" within |
| 46 | subsequent 3 months. The amount requested for transfer to |
| 47 | subplan "D" may not exceed the difference between the |