| 1 | Representative(s) Legg offered the following: |
| 2 |
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| 3 | Amendment |
| 4 | Remove lines 318 through 334 and insert: |
| 5 |
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| 6 | Section 7. (1) By September 1, 2006, the Office of |
| 7 | Insurance Regulation shall calculate a presumed factor to |
| 8 | reflect the impact of the changes made in this act and sections |
| 9 | 17, 18, 19, 20, and 21 of chapter 2005-111, Laws of Florida, to |
| 10 | rates filed by residential property insurers providing sinkhole |
| 11 | loss coverage. The office shall issue a notice informing all |
| 12 | insurers writing residential property insurance coverage of the |
| 13 | presumed factor. |
| 14 | (2) In determining the presumed factor, the office shall |
| 15 | use generally accepted actuarial techniques and standards in |
| 16 | determining the expected impact on losses, expenses, and |
| 17 | investment income of the insurer. |
| 18 | (3) The office may contract with an appropriate vendor to |
| 19 | determine the presumed factor. |
| 20 | (4) Each residential property insurer shall, at its next |
| 21 | rate filing after October 1, 2006, reflect a rate change that |
| 22 | takes into account the presumed factor determined under |
| 23 | subsection (1). |