| 1 | Johnson offered the following: |
| 2 |
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| 3 | Amendment |
| 4 | Remove lines 236-294 and insert: |
| 5 | Section 5. (1) Notwithstanding s. 215.555, Florida |
| 6 | Statutes, the sum of $150 million is hereby appropriated from |
| 7 | the General Revenue Fund to the Insurance Regulatory Trust Fund |
| 8 | within the Department of Financial Services to provide funding |
| 9 | for the reimbursements authorized in subsection (3). |
| 10 | (2) The sum of $150 million is appropriated for the period |
| 11 | from the effective date of this act through September 30, 2005, |
| 12 | from the Insurance Regulatory Trust Fund in the Department of |
| 13 | Financial Services in a special appropriation category |
| 14 | "Hurricane Multiple Deductible Reimbursements" for reimbursement |
| 15 | to residential property insurance policyholders for the expense |
| 16 | of multiple hurricane deductibles, as provided in sections 1 and |
| 17 | 2. Up to 1 percent of this appropriation may be used by the |
| 18 | department for the administration of payments to such |
| 19 | policyholders. |
| 20 | (3) All Florida Hurricane Catastrophe Fund moneys |
| 21 | transferred to the Insurance Regulatory Trust Fund under this |
| 22 | act which remain unexpended on December 31, 2005, shall revert |
| 23 | to the Florida Hurricane Catastrophe Fund. |
| 24 | (4) Beginning January 15, 2005, and monthly thereafter, |
| 25 | the Chief Financial Officer shall provide a report to the |
| 26 | Executive Office of the Governor and the chair and vice chair of |
| 27 | the Legislative Budget Commission containing information |
| 28 | regarding the reimbursement for multiple hurricane deductibles. |
| 29 | The report shall include, but is not limited to, cumulative and |
| 30 | monthly information on the number of reimbursement claims |
| 31 | submitted, the total amount requested for reimbursement, the |
| 32 | number of claims paid, and the amount paid for reimbursement. |
| 33 | (5) In order to maintain actuarially indicated premiums as |
| 34 | required by s. 215.555, Florida Statutes, the State Board of |
| 35 | Administration shall increase future premiums by the amount |
| 36 | appropriated and transferred from the Florida Hurricane |
| 37 | Catastrophe Fund under this section, plus additional amounts |
| 38 | necessary to recover lost investment income, less any refunds of |
| 39 | unused cash to the Florida Hurricane Catastrophe Fund. The |
| 40 | increase in future premiums shall be spread over 5 years, in |
| 41 | equal or approximately equal amounts, beginning with the June 1, |
| 42 | 2006, contract year. |
| 43 | (6) All appropriations authorized by this act are |