| 1 | Representative Justice offered the following: |
| 2 |
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| 3 | Amendment |
| 4 | Remove lines 318 through 332 and insert: |
| 5 | Section 7. (1) By October 1, 2006, the Office of |
| 6 | Insurance Regulation shall calculate a presumed factor to |
| 7 | reflect the impact of the changes made in this act and chapter |
| 8 | 2005-111, Laws of Florida, to rates filed by residential |
| 9 | property insurers providing sinkhole loss coverage. The office |
| 10 | shall issue a notice informing all insurers writing residential |
| 11 | property insurance coverage of the presumed 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 | annual rate filing after January 1, 2007, reflect an overall |
| 20 | rate |