(LATE FILED)Amendment
Bill No. 0217
Amendment No. 284399
CHAMBER ACTION
Senate House
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1Representative Legg offered the following:
2
3     Amendment (with title amendment)
4     Between lines 323 and 324, insert:
5     Section 7.  (1)  By February 1, 2007, the Office of
6Insurance Regulation shall calculate a presumed factor to
7reflect the impact of the changes made in this act to rates
8filed by residential property insurers providing sinkhole loss
9coverage. The office shall issue a notice informing all insurers
10writing residential property insurance coverage of the presumed
11factor.
12     (2)  In determining the presumed factor, the office shall
13use generally accepted actuarial techniques and standards in
14determining the expected impact on losses, expenses, and
15investment income of the insurer.
16     (3)  The office may contract with an appropriate vendor to
17determine the presumed factor.
18     (4)  Each residential property insurer shall, at its next
19annual rate filing after May 1, 2007, reflect an overall rate
20reduction at least as great as the presumed factor determined
21under subsection (1).
22     (5)  The sum of $250,000 in nonrecurring funds is
23appropriated from the Insurance Regulatory Trust Fund in the
24Department of Financial Services to the Office of Insurance
25Regulation for the 2006-2007 fiscal year for the purposes of
26funding the provisions of this section.
27     Section 8.  The sums of $115,322 in recurring funds and
28$10,486 in nonrecurring funds are appropriated from the
29Insurance Regulatory Trust Fund in the Department of Financial
30Services for the 2006-2007 fiscal year for the purposes of
31funding the provisions of this act, and two full-time equivalent
32positions with 59,435 in associated salary rate are authorized.
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35======= T I T L E  A M E N D M E N T =======
36     Remove line 33 and insert:
37requiring the Office of Insurance Regulation to calculate
38a certain presumed factor on residential property
39insurance rates; providing requirements and procedures for
40determining such calculation; requiring the office to
41provide notice of such rate factor to insurers; requiring
42insurers to include such rate factor in certain rate
43filings; providing appropriations and authorizing
44additional positions and salary rates; providing effective
45dates.


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