Florida Senate - 2005 SENATOR AMENDMENT
Bill No. CS for CS for SB 1488
Barcode 892802
CHAMBER ACTION
Senate House
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05/05/2005 08:28 PM .
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11 Senator Garcia moved the following amendment:
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13 Senate Amendment (with title amendment)
14 On page 66, between lines 2 and 3,
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16 insert:
17 Section 23. Joint Legislative-Executive Task Force on
18 Long-Term Solutions for Florida's Hurricane Insurance
19 Market.--
20 (1) TASK FORCE CREATED.--There is created the Joint
21 Legislative-Executive Task Force on Long-Term Solutions for
22 Florida's Hurricane Insurance Market.
23 (2) ADMINISTRATION.--The task force shall be
24 administratively housed within the Office of the Chief
25 Financial Officer, but shall operate independently of any
26 state officer or agency. The Office of the Chief Financial
27 Officer shall provide such administrative support as the task
28 force deems necessary to accomplish its mission and shall
29 provide necessary funding for the task force within its
30 existing resources. The Executive Office of the Governor and
31 the Department of Financial Services shall provide substantive
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Florida Senate - 2005 SENATOR AMENDMENT
Bill No. CS for CS for SB 1488
Barcode 892802
1 staff support for the task force.
2 (3) MEMBERSHIP.--The members of the task force shall
3 be appointed as follows:
4 (a) The Governor shall appoint two members who have
5 expertise in financial matters, one of whom is a
6 representative of the mortgage lending industry and one of
7 whom is a representative of the real estate or construction
8 industry.
9 (b) The Chief Financial Officer shall appoint two
10 members who have expertise in financial matters, one of whom
11 is a representative of a national property insurer or of a
12 Florida-only subsidiary of a national property insurer and one
13 of whom is a representative of a domestic property insurer in
14 this state.
15 (c) The Attorney General shall appoint a member who
16 has expertise in financial matters and who is a representative
17 of insurance consumers.
18 (d) The Commissioner of Agriculture shall appoint a
19 member who has expertise in financial matters and who is a
20 representative of insurance consumers.
21 (e) The President of the Senate shall appoint three
22 members of the Senate. Of the three members of the Senate, one
23 shall be the chair of the Senate Committee on Banking and
24 Insurance and one shall be the Senate Minority Leader or his
25 or her designee.
26 (f) The Speaker of the House of Representatives shall
27 appoint three members of the House of Representatives. Of the
28 three members of the House of Representatives, one shall be
29 the chair of the House Committee on Insurance and one shall be
30 the House Minority Leader or his or her designee.
31 (g) The Commissioner of Insurance Regulation shall
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Florida Senate - 2005 SENATOR AMENDMENT
Bill No. CS for CS for SB 1488
Barcode 892802
1 serve as an exofficio voting member of the task force.
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3 Members of the task force shall serve without compensation but
4 are entitled to receive reimbursement for per diem and travel
5 expenses as provided in section 112.061, Florida Statutes.
6 (4) PURPOSE AND INTENT.--The Legislature recognizes
7 that the continued availability of hurricane insurance
8 coverage for property owners in this state is essential to the
9 state's economic survival. The Legislature further recognizes
10 that the private sector alone is incapable or unwilling to
11 provide all of the insurance capacity necessary to meet this
12 need; that public-private partnerships, including the Florida
13 Hurricane Catastrophe Fund and Citizens Property Insurance
14 Corporation have played a critical role in meeting this need
15 over the last decade; that legislative efforts to resolve
16 problems in the hurricane insurance market in 2005 may not be
17 sufficient to address this state's long-term needs; and that
18 further action may be necessary in subsequent legislative
19 sessions. The purpose of the task force is to make
20 recommendations to the legislative and executive branches of
21 this state's government relating to the creation and
22 maintenance of insurance capacity in the private sector and
23 public sector which is sufficient to ensure that all property
24 owners in this state are able to obtain appropriate insurance
25 coverage for hurricane losses, as further described in this
26 section.
27 (5) SPECIFIC TASKS.--The task force shall conduct such
28 research and hearings as it deems necessary to achieve the
29 purposes specified in subsection (4) and shall develop
30 information on relevant issues, including, but not limited to,
31 the following issues:
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Florida Senate - 2005 SENATOR AMENDMENT
Bill No. CS for CS for SB 1488
Barcode 892802
1 (a) Whether this state currently has sufficient
2 hurricane insurance capacity to ensure the continuation of a
3 healthy, competitive marketplace, taking into consideration
4 both private-sector resources and public-sector resources.
5 (b) Identifying the future demands on this state's
6 hurricane insurance capacity, taking into account population
7 growth, coastal growth, and anticipated future hurricane
8 activity.
9 (c) Whether the Florida Hurricane Catastrophe Fund
10 fulfilled its purpose of creating additional insurance
11 capacity sufficient to ameliorate the current dangers to the
12 state's economy and to the public health, safety, and welfare
13 in its response to the 2004 hurricane season.
14 (d) The extent to which the growth in Citizens
15 Property Insurance Corporation is attributable to insufficient
16 insurance capacity.
17 (e) The extent to which the growth trends of Citizens
18 Property Insurance Corporation create long-term problems for
19 property owners, buyers, and sellers in this state and for
20 other persons and businesses that depend on a viable market.
21 (f) Whether changes in the way this state regulates
22 insurers can reduce the need for the state to create
23 additional insurance capacity.
24 (g) The feasibility of alternative means of covering
25 hurricane losses in the residential property insurance
26 marketplace, including, but not limited to, the creation of a
27 state hurricane insurer.
28 (h) The form of state activity which is most
29 consistent with competitive free-market principles and
30 consumer protection if state activity is needed to create
31 additional insurance capacity.
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Florida Senate - 2005 SENATOR AMENDMENT
Bill No. CS for CS for SB 1488
Barcode 892802
1 (6) REPORT AND RECOMMENDATIONS.--No later than April
2 1, 2006, the task force shall provide a report containing
3 findings relating to the tasks identified in subsection (5)
4 and recommendations consistent with the purposes of this
5 section and also consistent with such findings. The task force
6 shall submit the report to the Governor, the Chief Financial
7 Officer, the Attorney General, the Commissioner of
8 Agriculture, the President of the Senate, and the Speaker of
9 the House of Representatives. Any recommendations for
10 legislative action shall be accompanied by draft legislation.
11 The task force may also submit such interim reports as it
12 deems appropriate.
13 (7) ADDITIONAL ACTIVITIES.--The task force shall
14 monitor the implementation of hurricane insurance-related
15 legislation enacted during the 2005 Regular Session and shall
16 make such additional recommendations as it deems appropriate
17 for further legislative action during the 2004-2006
18 legislative biennium.
19 (8) EXPIRATION.--The task force shall expire at the
20 end of the 2004-2006 legislative biennium.
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22 (Redesignate subsequent sections.)
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25 ================ T I T L E A M E N D M E N T ===============
26 And the title is amended as follows:
27 On page 5, line 13, after the semicolon,
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29 insert:
30 specifying reporting requirements; creating the
31 Joint Legislative-Executive Task Force on
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Florida Senate - 2005 SENATOR AMENDMENT
Bill No. CS for CS for SB 1488
Barcode 892802
1 Long-Term Solutions for Florida's Hurricane
2 Insurance Market; requiring the Executive
3 Office of the Governor and the Department of
4 Financial Services to provide administrative
5 support and staff support; providing
6 membership; providing purpose and intent;
7 providing for research and hearings on
8 specified issues; requiring the task force to
9 submit a report of findings and recommendations
10 to the Governor, the Chief Financial Officer,
11 the Attorney General, the Commissioner of
12 Agriculture, the President of the Senate, and
13 the Speaker of the House of Representatives;
14 providing for additional activities; providing
15 for expiration of the task force;
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