Senate Bill sb1012c1
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Florida Senate - 2006 CS for SB 1012
By the Committee on Banking and Insurance; and Senator Geller
597-2217-06
1 A bill to be entitled
2 An act relating to insurance risk
3 apportionment; amending s. 627.351, F.S.;
4 requiring the board of governors of Citizens
5 Property Insurance Corporation to certify
6 deficits resulting from named hurricanes and
7 tropical storms; requiring the Revenue
8 Estimating Conference to determine net
9 increases in tax revenues resulting from such
10 impacts; directing the Chief Financial Officer
11 to transfer moneys from the General Revenue
12 Fund to the corporation, the Florida Hurricane
13 Catastrophe Fund, and the Executive Office of
14 the Governor for certain purposes; providing
15 for the disposition of revenues when the
16 corporation does not sustain a deficit;
17 providing applicability; providing an effective
18 date.
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20 Be It Enacted by the Legislature of the State of Florida:
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22 Section 1. Paragraph (s) is added to subsection (6) of
23 section 627.351, Florida Statutes, to read:
24 627.351 Insurance risk apportionment plans.--
25 (6) CITIZENS PROPERTY INSURANCE CORPORATION.--
26 (s)1. If, during any calendar year, the corporation
27 sustains a deficit due to the impact of one or more named
28 hurricanes or tropical storms, including any deficit that
29 resulted from the impact of one or more named hurricanes or
30 tropical storms during the previous calendar year but that was
31 not realized until the current calendar year, the board of
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2006 CS for SB 1012
597-2217-06
1 governors shall certify the amount of the deficit to the
2 Revenue Estimating Conference by March 15 of the following
3 calendar year.
4 2. The Revenue Estimating Conference shall, by July 1
5 following such certification, estimate the net increased
6 revenues accruing to the General Revenue Fund from taxes
7 imposed under chapter 212 for the fiscal year during which the
8 impact occurred and for the following fiscal year, which
9 increase is attributable to such impact.
10 3.a. The Chief Financial Officer shall, by July 31
11 following such certification, transfer from moneys in the
12 General Revenue Fund in an amount equal to the increased
13 revenues estimated by the Revenue Estimating Conference under
14 subparagraph 2., as follows:
15 (I) Forty percent to the corporation to be used to
16 offset assessments that would otherwise have been made against
17 assessable insurers and insureds under this subsection.
18 (II) Forty percent to the Florida Hurricane
19 Catastrophe Fund.
20 (III) Twenty percent to the Executive Office of the
21 Governor for purposes of funding the housing retrofit program
22 to be administered by the office.
23 b. If the increased revenues estimated under
24 subparagraph 2. are greater than the certified deficit, or if
25 the corporation does not sustain a deficit, the Chief
26 Financial Officer shall transfer an amount equal to such
27 revenues from the General Revenue Fund as follows:
28 (I) Eighty percent to the Florida Hurricane
29 Catastrophe Fund.
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2006 CS for SB 1012
597-2217-06
1 (II) Twenty percent to the Executive Office of the
2 Governor for the purpose of funding the housing retrofit
3 program to be administered by the office.
4 Section 2. Subject to appropriations by the
5 Legislature, the provisions of this act apply to the deficit
6 incurred by the corporation for fiscal years 2004 and 2005.
7 Section 3. This act shall take effect upon becoming a
8 law.
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10 STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
COMMITTEE SUBSTITUTE FOR
11 Committee Substitute for Senate Bill 1012
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13 Changes the amount of estimated revenues allocated to the
Citizens Property Insurance Corporation and the Florida
14 Hurricane Catastrophe Fund.
15 Authorizes specified percentages of estimated revenues to be
allocated to the Citizens Property Insurance Corporation, the
16 Florida Hurricane Catastrophe Fund, and the housing
retrofitting programs under the Office of the Governor, under
17 specified circumstances.
18 Provides that subject to appropriations by the Legislature,
the act's provisions apply to the deficit incurred by the
19 Citizens Property Insurance Corporation for fiscal years 2004
and 2005.
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