1 | Representative Legg offered the following: |
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3 | Amendment (with title amendment) |
4 | Between lines 323 and 324, insert: |
5 | Section 7. (1) By February 1, 2007, the Office of |
6 | Insurance Regulation shall calculate a presumed factor to |
7 | reflect the impact of the changes made in this act to rates |
8 | filed by residential property insurers providing sinkhole loss |
9 | coverage. The office shall issue a notice informing all insurers |
10 | writing residential property insurance coverage of the presumed |
11 | factor. |
12 | (2) In determining the presumed factor, the office shall |
13 | use generally accepted actuarial techniques and standards in |
14 | determining the expected impact on losses, expenses, and |
15 | investment income of the insurer. |
16 | (3) The office may contract with an appropriate vendor to |
17 | determine the presumed factor. |
18 | (4) Each residential property insurer shall, at its next |
19 | rate filing after May 1, 2007, reflect a rate change that takes |
20 | into account the presumed factor determined under subsection |
21 | (1). |
22 | (5) The sum of $250,000 in nonrecurring funds is |
23 | appropriated from the Insurance Regulatory Trust Fund in the |
24 | Department of Financial Services to the Office of Insurance |
25 | Regulation for the 2006-2007 fiscal year for the purposes of |
26 | funding 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 |
29 | Insurance Regulatory Trust Fund in the Department of Financial |
30 | Services for the 2006-2007 fiscal year for the purposes of |
31 | funding the provisions of this act, and two full-time equivalent |
32 | positions 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: |
37 | requiring the Office of Insurance Regulation to calculate |
38 | a certain presumed factor on residential property |
39 | insurance rates; providing requirements and procedures for |
40 | determining such calculation; requiring the office to |
41 | provide notice of such rate factor to insurers; requiring |
42 | insurers to include such rate factor in certain rate |
43 | filings; providing appropriations and authorizing |
44 | additional positions and salary rates; providing effective |
45 | dates. |