Senate Bill sb2358

    Florida Senate - 2005                                  SB 2358

    By Senator Constantine





    22-1214-05

  1                      A bill to be entitled

  2         An act relating to the Citizens Property

  3         Insurance Corporation; amending s. 627.351,

  4         F.S.; requiring the corporation's board of

  5         governors to offer insureds the option of

  6         paying premiums semiannually or quarterly;

  7         providing for a processing fee for such

  8         payments; requiring the plan and fee to be

  9         approved by the Office of Insurance Regulation;

10         providing an effective date.

11  

12  Be It Enacted by the Legislature of the State of Florida:

13  

14         Section 1.  Paragraph (s) is added to subsection (6) of

15  section 627.351, Florida Statutes, to read:

16         627.351  Insurance risk apportionment plans.--

17         (6)  CITIZENS PROPERTY INSURANCE CORPORATION.--

18         (s)  The board of governors shall adopt a plan under

19  which insureds of the corporation have, at their election, the

20  opportunity to pay premiums semiannually or quarterly. The

21  plan shall provide for a processing fee that represents the

22  administrative costs resulting from additional billing and

23  recordkeeping. The plan and the processing fee must be

24  approved by the office.

25         Section 2.  This act shall take effect July 1, 2005.

26  

27            *****************************************

28                          SENATE SUMMARY

29    Directs the board of governors of the Citizens Property
      Insurance Corporation to adopt a plan allowing insureds
30    the option of paying premiums semiannually or quarterly,
      subject to an additional processing fee. The plan and fee
31    must be approved by the Office of Insurance Regulation.

                                  1

CODING: Words stricken are deletions; words underlined are additions.