Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. PCS for SB 1980 (070118)
Barcode 791572
CHAMBER ACTION
Senate House
.
.
1 Comm: FAV .
04/10/2006 01:26 PM .
2 .
.
3 .
.
4 ______________________________________________________________
5
6
7
8
9
10 ______________________________________________________________
11 The Committee on Banking and Insurance (Alexander) recommended
12 the following amendment:
13
14 Senate Amendment (with title amendment)
15 On page 85, between lines 25 and 26,
16
17 insert:
18 Section 12. Section 627.3519, Florida Statutes, is
19 created to read:
20 627.3519 Annual report of aggregate net probable
21 maximum losses, financing options, and potential
22 assessments.--No later than February 1 of each year, the
23 Financial Services Commission shall provide to the Legislature
24 a report of the aggregate net probable maximum losses,
25 financing options, and potential assessments of the Florida
26 Hurricane Catastrophe Fund and Citizens Property Insurance
27 Corporation. The report must include the respective 50-year,
28 100-year, and 250-year probable maximum losses of the fund and
29 the corporation; analysis of all reasonable financing
30 strategies for each such probable maximum loss, including the
31 amount and term of debt instruments; specification of the
1
10:49 PM 04/06/06 s1980c-bi17-j19
Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. PCS for SB 1980 (070118)
Barcode 791572
1 percentage assessments that would be needed to support each of
2 the financing strategies; and calculations of the aggregate
3 assessment burden on Florida property and casualty
4 policyholders for each of the probable maximum losses. The
5 commission shall require the fund and the corporation to
6 provide the commission with such data and analysis as the
7 commission considers necessary to prepare the report.
8
9 (Redesignate subsequent sections.)
10
11
12 ================ T I T L E A M E N D M E N T ===============
13 And the title is amended as follows:
14 On page 5, line 10, after the semicolon,
15
16 insert:
17 creating s. 627.3519, F.S.; requiring the
18 Financial Services Commission to report
19 annually to the Legislature on probable maximum
20 losses, financing options, and assessment
21 potentials of the Florida Hurricane Catastrophe
22 Fund and Citizens Property Insurance
23 Corporation;
24
25
26
27
28
29
30
31
2
10:49 PM 04/06/06 s1980c-bi17-j19