| 1 | Representative(s) Planas offered the following: |
| 2 |
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| 3 | Amendment to Amendment (074037) (with directory and title |
| 4 | amendments) |
| 5 | Between lines 4305 and 4306 and insert: |
| 6 | Section 29. Paragraph (a) of subsection (1) and subsection |
| 7 | (6) of section 624.424, Florida Statutes, are amended to read: |
| 8 | 624.424 Annual statement and other information.-- |
| 9 | (1)(a) Each authorized insurer shall file with the office |
| 10 | full and true statements of its financial condition, |
| 11 | transactions, and affairs. An annual statement covering the |
| 12 | preceding calendar year shall be filed on or before March 1, and |
| 13 | quarterly statements covering the periods ending on March 31, |
| 14 | June 30, and September 30 shall be filed within 45 days after |
| 15 | each such date. The office may, for good cause, grant an |
| 16 | extension of time for filing of an annual or quarterly |
| 17 | statement. The statements shall contain information generally |
| 18 | included in insurers' financial statements prepared in |
| 19 | accordance with generally accepted insurance accounting |
| 20 | principles and practices and in a form generally utilized by |
| 21 | insurers for financial statements, sworn to by at least two |
| 22 | executive officers of the insurer or, as to property insurers, |
| 23 | the chief executive officer and chief financial officer of each |
| 24 | insurer, or its certified public accountant on its behalf, or, |
| 25 | if a reciprocal insurer, by the oath of the attorney in fact or |
| 26 | its like officer if a corporation. To facilitate uniformity in |
| 27 | financial statements and to facilitate office analysis, the |
| 28 | commission may by rule adopt the form for financial statements |
| 29 | approved by the National Association of Insurance Commissioners |
| 30 | in 2002, and may adopt subsequent amendments thereto if the |
| 31 | methodology remains substantially consistent, and may by rule |
| 32 | require each insurer to submit to the office or such |
| 33 | organization as the office may designate all or part of the |
| 34 | information contained in the financial statement in a computer- |
| 35 | readable form compatible with the electronic data processing |
| 36 | system specified by the office. |
| 37 | (6) In addition to information called for and furnished in |
| 38 | connection with its annual or quarterly statements, an insurer |
| 39 | shall furnish to the office as soon as reasonably possible such |
| 40 | information as to its transactions or affairs as the office may |
| 41 | from time to time request in writing. All such information |
| 42 | furnished pursuant to the office's request shall be verified by |
| 43 | the oath of two executive officers of the insurer or, as to |
| 44 | property insurers, the chief executive officer and chief |
| 45 | financial officer of each insurer, or its certified public |
| 46 | accountant on its behalf, or, if a reciprocal insurer, by the |
| 47 | oath of the attorney in fact or its like officers if a |
| 48 | corporation. |
| 49 | Section 30. Subsection (2) of section 624.448, Florida |
| 50 | Statutes, is amended to read: |
| 51 | 624.448 Assets of insurers; reporting requirements.-- |
| 52 | (2) Each domestic insurer shall file a report with the |
| 53 | office disclosing a material acquisition of assets, a material |
| 54 | disposition of assets, or a material nonrenewal, cancellation, |
| 55 | or revision of a ceded reinsurance agreement, unless the |
| 56 | material acquisition or disposition of assets or the material |
| 57 | nonrenewal, cancellation, or revision of a ceded reinsurance |
| 58 | agreement has been submitted to the office for review, approval, |
| 59 | or informational purposes under another section of the Florida |
| 60 | Insurance Code or a rule adopted thereunder. As to property |
| 61 | insurers, the chief executive officer and chief financial |
| 62 | officer of each insurer, or its certified public accountant on |
| 63 | its behalf, shall sign a sworn Statement of Certification to |
| 64 | accompany the report. The Statement of Certification shall |
| 65 | certify the appropriateness of the information provided in and |
| 66 | with the report and that the information fairly presents, in all |
| 67 | material respects, the material acquisition of assets, the |
| 68 | material disposition of assets, or the material nonrenewal, |
| 69 | cancellation, or revision of a ceded reinsurance agreement. The |
| 70 | Office of Insurance Regulation shall promulgate by rule the |
| 71 | Statement of Certification. A copy of the report and each |
| 72 | exhibit or other attachment must be filed by the insurer with |
| 73 | the National Association of Insurance Commissioners. The report |
| 74 | required in this section is due within 15 days after the end of |
| 75 | the calendar month in which the transaction occurs. |
| 76 | Section 31. Paragraph (a) of subsection (2) of section |
| 77 | 627.062, Florida Statutes, is amended to read: |
| 78 | 627.062 Rate standards.-- |
| 79 | (2) As to all such classes of insurance: |
| 80 | (a) Insurers or rating organizations shall establish and |
| 81 | use rates, rating schedules, or rating manuals to allow the |
| 82 | insurer a reasonable rate of return on such classes of insurance |
| 83 | written in this state. A copy of rates, rating schedules, rating |
| 84 | manuals, premium credits or discount schedules, and surcharge |
| 85 | schedules, and changes thereto, shall be filed with the office |
| 86 | under one of the following procedures: |
| 87 | 1. If the filing is made at least 90 days before the |
| 88 | proposed effective date and the filing is not implemented during |
| 89 | the office's review of the filing and any proceeding and |
| 90 | judicial review, then such filing shall be considered a "file |
| 91 | and use" filing. In such case, the office shall finalize its |
| 92 | review by issuance of a notice of intent to approve or a notice |
| 93 | of intent to disapprove within 90 days after receipt of the |
| 94 | filing. The notice of intent to approve and the notice of intent |
| 95 | to disapprove constitute agency action for purposes of the |
| 96 | Administrative Procedure Act. Requests for supporting |
| 97 | information, requests for mathematical or mechanical |
| 98 | corrections, or notification to the insurer by the office of its |
| 99 | preliminary findings shall not toll the 90-day period during any |
| 100 | such proceedings and subsequent judicial review. The rate shall |
| 101 | be deemed approved if the office does not issue a notice of |
| 102 | intent to approve or a notice of intent to disapprove within 90 |
| 103 | days after receipt of the filing. |
| 104 | 2. If the filing is not made in accordance with the |
| 105 | provisions of subparagraph 1., such filing shall be made as soon |
| 106 | as practicable, but no later than 30 days after the effective |
| 107 | date, and shall be considered a "use and file" filing. An |
| 108 | insurer making a "use and file" filing is potentially subject to |
| 109 | an order by the office to return to policyholders portions of |
| 110 | rates found to be excessive, as provided in paragraph (h). |
| 111 | 3. The chief executive officer and chief financial officer |
| 112 | of each property insurer, or its certified public accountant on |
| 113 | its behalf, shall sign a sworn Statement of Certification to |
| 114 | accompany the rate filing. The statement shall certify the |
| 115 | appropriateness of the information provided in and with the |
| 116 | rate-filing and that the information fairly presents, in all |
| 117 | material respects, the basis of the rate-filing submitted by the |
| 118 | property and casualty insurer. The insurer shall certify all of |
| 119 | the information and factors described in paragraph)(b), |
| 120 | including, but not limited to, investment income. The Office of |
| 121 | Insurance Regulation shall promulgate by rule the Statement of |
| 122 | Certification. Failure to provide such Statement of |
| 123 | Certification shall result in the rate-filing being disapproved |
| 124 | without prejudice to be refiled. |
| 125 |
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| 126 | The provisions of this subsection shall not apply to workers' |
| 127 | compensation and employer's liability insurance and to motor |
| 128 | vehicle insurance. |
| 129 |
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| 130 | ======= T I T L E A M E N D M E N T ======= |
| 131 | Remove line 4786 and insert: |
| 132 | fraud; amending s. 624.424, F.S.; revising provisions relating |
| 133 | to persons who may swear to an annual statement filed by an |
| 134 | authorized insurer; revising provisions relating to persons who |
| 135 | may verify by oath certain additional information; amending s. |
| 136 | 624.448, F.S.; revising reporting requirements for property |
| 137 | insurers ; requiring a signed Statement of Certification; |
| 138 | requiring the Office of Insurance Regulation to promulgate a |
| 139 | Statement of Certification; amending s. 627.062, F.S.; requiring |
| 140 | certain officers of property insurers to sign a Statement of |
| 141 | Certification to accompany a rate filing; providing conditions |
| 142 | for disapproval of a rate filing; creating the Task Force on |
| 143 | Hurricane Mitigation and |