Florida Senate - 2006                        SENATOR AMENDMENT
    Bill No. CS for SB 286
                        Barcode 782874
                            CHAMBER ACTION
              Senate                               House
                                   .                    
                                   .                    
 1                                 .                    
                                   .                    
 2                                 .                    
                                   .                    
 3         Floor: WD/2R            .                    
       05/04/2006 09:36 AM         .                    
 4  ______________________________________________________________
 5  
 6  
 7  
 8  
 9  
10  ______________________________________________________________
11  Senator Fasano moved the following amendment:
12  
13         Senate Amendment (with title amendment) 
14         On page 11, between lines 20 and 21,
15  
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
                                  1
    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. 15 16 (Redesignate subsequent sections.) 17 18 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 22 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 2 12:28 PM 04/28/06 s0286c1c-11-b01
Florida Senate - 2006 SENATOR AMENDMENT Bill No. CS for SB 286 Barcode 782874 1 appropriations and authorizing additional 2 positions and salary rates; 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 3 12:28 PM 04/28/06 s0286c1c-11-b01