(LATE FILED)Amendment
Bill No. 7225
Amendment No. 111401
CHAMBER ACTION
Senate House
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1Representative(s) Galvano offered the following:
2
3     Amendment to Amendment (074037) (with directory and title
4amendments)
5Remove lines 1249-1274 and insert:
6     (C)(III)  A high-risk account for personal residential
7policies and commercial residential and commercial
8nonresidential property policies issued by the corporation or
9transferred to the corporation that provide coverage for the
10peril of wind on risks that are located in areas eligible for
11coverage in the Florida Windstorm Underwriting Association as
12those areas were defined on January 1, 2002. The high-risk
13account must also include quota share primary insurance under
14subparagraph (c)2. The area eligible for coverage under the
15high-risk account also includes the area within Port Canaveral,
16which is bordered on the south by the City of Cape Canaveral,
17bordered on the west by the Banana River, and bordered on the
18north by Federal Government property, the entire portion of any
19barrier island, and any coastal area where no barrier island
20exists and the coastal area was not eligible for the high-risk
21account as of January 1, 2006, and after such date any area up
22to and including 2,000 feet from the coast. The office may
23remove territory from the area eligible for wind-only and quota
24share coverage if, after a public hearing, the office finds that
25authorized insurers in the voluntary market are willing and able
26to write sufficient amounts of personal and commercial
27residential coverage for all perils in the territory, including
28coverage for the peril of wind, such that risks covered by wind-
29only policies in the removed territory could be issued a policy
30by the corporation in either the personal lines or commercial
31lines account without a significant increase in the
32corporation's probable maximum loss in such account. Removal of
33territory from the area eligible for wind-only or quota share
34coverage does not alter the assignment of wind coverage written
35in such areas to the high-risk account. Eligibility for the
36high-risk account for barrier islands and any area up to and
37including 2,000 feet from the coast provided for by this sub-
38sub-sub-subparagraph becomes effective upon the amendment to
39this sub-sub-sub-subparagraph becoming a law and expires on
40December 1, 2006.
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42
43======= T I T L E  A M E N D M E N T =======
44     Remove line 4623 and insert:
45property; providing a definition; providing for additional areas
46to be included in the high-risk account; providing for
47eligibility for inclusion; providing an expiration date;
48providing for an additional


CODING: Words stricken are deletions; words underlined are additions.