| 1 | Representative(s) Galvano offered the following: |
| 2 |
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| 3 | Amendment to Amendment (074037) (with directory and title |
| 4 | amendments) |
| 5 | Remove lines 1249-1274 and insert: |
| 6 | (C)(III) A high-risk account for personal residential |
| 7 | policies and commercial residential and commercial |
| 8 | nonresidential property policies issued by the corporation or |
| 9 | transferred to the corporation that provide coverage for the |
| 10 | peril of wind on risks that are located in areas eligible for |
| 11 | coverage in the Florida Windstorm Underwriting Association as |
| 12 | those areas were defined on January 1, 2002. The high-risk |
| 13 | account must also include quota share primary insurance under |
| 14 | subparagraph (c)2. The area eligible for coverage under the |
| 15 | high-risk account also includes the area within Port Canaveral, |
| 16 | which is bordered on the south by the City of Cape Canaveral, |
| 17 | bordered on the west by the Banana River, and bordered on the |
| 18 | north by Federal Government property, the entire portion of any |
| 19 | barrier island, and any coastal area where no barrier island |
| 20 | exists and the coastal area was not eligible for the high-risk |
| 21 | account as of January 1, 2006, and after such date any area up |
| 22 | to and including 2,000 feet from the coast. The office may |
| 23 | remove territory from the area eligible for wind-only and quota |
| 24 | share coverage if, after a public hearing, the office finds that |
| 25 | authorized insurers in the voluntary market are willing and able |
| 26 | to write sufficient amounts of personal and commercial |
| 27 | residential coverage for all perils in the territory, including |
| 28 | coverage for the peril of wind, such that risks covered by wind- |
| 29 | only policies in the removed territory could be issued a policy |
| 30 | by the corporation in either the personal lines or commercial |
| 31 | lines account without a significant increase in the |
| 32 | corporation's probable maximum loss in such account. Removal of |
| 33 | territory from the area eligible for wind-only or quota share |
| 34 | coverage does not alter the assignment of wind coverage written |
| 35 | in such areas to the high-risk account. Eligibility for the |
| 36 | high-risk account for barrier islands and any area up to and |
| 37 | including 2,000 feet from the coast provided for by this sub- |
| 38 | sub-sub-subparagraph becomes effective upon the amendment to |
| 39 | this sub-sub-sub-subparagraph becoming a law and expires on |
| 40 | December 1, 2006. |
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| 43 | ======= T I T L E A M E N D M E N T ======= |
| 44 | Remove line 4623 and insert: |
| 45 | property; providing a definition; providing for additional areas |
| 46 | to be included in the high-risk account; providing for |
| 47 | eligibility for inclusion; providing an expiration date; |
| 48 | providing for an additional |