| 1 | Representative(s) Galvano offered the following: |
| 2 |
|
| 3 | Amendment (with title amendment) |
| 4 | Remove line(s) 1445-1470 and insert: |
| 5 | (C)(III) A high-risk account for personal residential |
| 6 | policies and commercial residential and commercial |
| 7 | nonresidential property policies issued by the corporation or |
| 8 | transferred to the corporation that provide coverage for the |
| 9 | peril of wind on risks that are located in areas eligible for |
| 10 | coverage in the Florida Windstorm Underwriting Association as |
| 11 | those areas were defined on January 1, 2002. The high-risk |
| 12 | account must also include quota share primary insurance under |
| 13 | subparagraph (c)2. The area eligible for coverage under the |
| 14 | high-risk account also includes the area within Port Canaveral, |
| 15 | which is bordered on the south by the City of Cape Canaveral, |
| 16 | bordered on the west by the Banana River, and bordered on the |
| 17 | north by Federal Government property, the entire portion of any |
| 18 | barrier island, and any coastal area where no barrier island |
| 19 | exists and the coastal area was not eligible for the high-risk |
| 20 | account as of January 1, 2006, and after such date any area up |
| 21 | to and including 2,000 feet from the coast. The office may |
| 22 | remove territory from the area eligible for wind-only and quota |
| 23 | share coverage if, after a public hearing, the office finds that |
| 24 | authorized insurers in the voluntary market are willing and able |
| 25 | to write sufficient amounts of personal and commercial |
| 26 | residential coverage for all perils in the territory, including |
| 27 | coverage for the peril of wind, such that risks covered by wind- |
| 28 | only policies in the removed territory could be issued a policy |
| 29 | by the corporation in either the personal lines or commercial |
| 30 | lines account without a significant increase in the |
| 31 | corporation's probable maximum loss in such account. Removal of |
| 32 | territory from the area eligible for wind-only or quota share |
| 33 | coverage does not alter the assignment of wind coverage written |
| 34 | in such areas to the high-risk account. Eligibility for the |
| 35 | high-risk account for barrier islands and any area up to and |
| 36 | including 2,000 feet from the coast provided for by this sub- |
| 37 | sub-sub-subparagraph becomes effective upon the amendment to |
| 38 | this sub-sub-sub-subparagraph becoming a law and expires on |
| 39 | December 1, 2006. |
| 40 |
|
| 41 |
|
| 42 | ======= T I T L E A M E N D M E N T ======= |
| 43 | Remove line 90 and insert: |
| 44 | definition; providing for additional areas to be included in the |
| 45 | high-risk account; providing for eligibility for inclusion; |
| 46 | providing an expiration date; providing for an additional |
| 47 | separate account |