Florida Senate - 2006 SENATOR AMENDMENT
Bill No. CS for SB 286
Barcode 782874
CHAMBER ACTION
Senate House
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05/04/2006 09:36 AM .
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11 Senator Fasano moved the following amendment:
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13 Senate Amendment (with title amendment)
14 On page 11, between lines 20 and 21,
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16 insert:
17 Section 7. (1) By February 1, 2007, the Office of
18 Insurance Regulation shall calculate a presumed factor to
19 reflect the impact the changes made in this act to rates filed
20 by residential property insurers providing sinkhole loss
21 coverage. The office shall issue a notice informing all
22 insurers writing residential property insurance coverage of
23 the presumed factor.
24 (2) In determining the presumed factor, the office
25 shall use generally accepted actuarial techniques and
26 standards in determining the expected impact on losses,
27 expenses, and investment income of the insurer.
28 (3) The office may contract with an appropriate vendor
29 to determine the presumed factor.
30 (4) Each residential property insurer shall, at its
31 next rate filing after May 1, 2007, reflect a rate change that
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12:28 PM 04/28/06 s0286c1c-11-b01
Florida Senate - 2006 SENATOR AMENDMENT
Bill No. CS for SB 286
Barcode 782874
1 takes into account the presumed factor determined under
2 subsection (1).
3 (5) The sum of $250,000 in nonrecurring funds is
4 appropriated from the Insurance Regulatory Trust Fund in the
5 Department of Financial Services to the Office of Insurance
6 Regulation for the 2006-2007 fiscal year for the purposes of
7 funding the provisions of this section.
8 Section 8. The sums of $115,322 in recurring funds and
9 $10,486 in nonrecurring funds are appropriated from the
10 Insurance Regulatory Trust Fund in the Department of Financial
11 Services for the 2006-2007 fiscal year for the purposes of
12 funding the provisions of this act, and two full-time
13 equivalent positions with 59,435 in associated salary rate are
14 authorized.
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16 (Redesignate subsequent sections.)
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19 ================ T I T L E A M E N D M E N T ===============
20 And the title is amended as follows:
21 On page 2, line 4, following the semicolon
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23 insert:
24 requiring the Office of Insurance Regulation to
25 calculate a certain presumed factor on
26 residential property insurance rates; providing
27 requirements and procedures for determining
28 such calculation; requiring the office to
29 provide notice of such rate factor to insurers;
30 requiring insurers to include such rate factor
31 in certain rate filings; providing
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Florida Senate - 2006 SENATOR AMENDMENT
Bill No. CS for SB 286
Barcode 782874
1 appropriations and authorizing additional
2 positions and salary rates;
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