Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. PCS for SB 1488 (060960)
Barcode 785302
CHAMBER ACTION
Senate House
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11 The Committee on Banking and Insurance (Alexander) recommended
12 the following amendment:
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14 Senate Amendment (with title amendment)
15 On page 7, between lines 16 and 17,
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18 (7) ADDITIONAL POWERS AND DUTIES.--
19 (a) The board may procure reinsurance from reinsurers
20 acceptable to the Office of Insurance Regulation for the
21 purpose of maximizing the capacity of the fund. The board
22 shall procure reinsurance or similar financing that fully
23 transfers the risk of the obligation to reimburse insurers
24 between $10 billion and $15 billion for the 2005 contract year
25 and, for subsequent years, that fully transfers the risk of
26 the obligation to reimburse insurers for the top $5 billion in
27 reimbursement capacity.
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30 ================ T I T L E A M E N D M E N T ===============
31 And the title is amended as follows:
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2:18 PM 04/04/05 s1488c-bi17-c3r
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. PCS for SB 1488 (060960)
Barcode 785302
1 On page 1, line 6, after the first semicolon,
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3 insert:
4 requiring the State Board of Administration to
5 purchase reinsurance for the fund;
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2:18 PM 04/04/05 s1488c-bi17-c3r