Amendment
Bill No. 7225
Amendment No. 324761
CHAMBER ACTION
Senate House
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1Representative(s) Planas offered the following:
2
3     Amendment (with title amendment)
4     Between line(s) 3947 and 3948 and insert:
5     Section 30.  Paragraph (a) of subsection (1) and subsection
6(6) of section 624.424, Florida Statutes, are amended to read:
7     624.424  Annual statement and other information.--
8     (1)(a)  Each authorized insurer shall file with the office
9full and true statements of its financial condition,
10transactions, and affairs. An annual statement covering the
11preceding calendar year shall be filed on or before March 1, and
12quarterly statements covering the periods ending on March 31,
13June 30, and September 30 shall be filed within 45 days after
14each such date. The office may, for good cause, grant an
15extension of time for filing of an annual or quarterly
16statement. The statements shall contain information generally
17included in insurers' financial statements prepared in
18accordance with generally accepted insurance accounting
19principles and practices and in a form generally utilized by
20insurers for financial statements, sworn to by at least two
21executive officers of the insurer or, as to property insurers,
22the chief executive officer and chief financial officer of each
23insurer, or its certified public accountant on its behalf, or,
24if a reciprocal insurer, by the oath of the attorney in fact or
25its like officer if a corporation. To facilitate uniformity in
26financial statements and to facilitate office analysis, the
27commission may by rule adopt the form for financial statements
28approved by the National Association of Insurance Commissioners
29in 2002, and may adopt subsequent amendments thereto if the
30methodology remains substantially consistent, and may by rule
31require each insurer to submit to the office or such
32organization as the office may designate all or part of the
33information contained in the financial statement in a computer-
34readable form compatible with the electronic data processing
35system specified by the office.
36     (6)  In addition to information called for and furnished in
37connection with its annual or quarterly statements, an insurer
38shall furnish to the office as soon as reasonably possible such
39information as to its transactions or affairs as the office may
40from time to time request in writing. All such information
41furnished pursuant to the office's request shall be verified by
42the oath of two executive officers of the insurer or, as to
43property insurers, the chief executive officer and chief
44financial officer of each insurer, or its certified public
45accountant on its behalf, or, if a reciprocal insurer, by the
46oath of the attorney in fact or its like officers if a
47corporation.
48     Section 31.  Subsection (2) of section 624.448, Florida
49Statutes, is amended to read:
50     624.448  Assets of insurers; reporting requirements.--
51     (2)  Each domestic insurer shall file a report with the
52office disclosing a material acquisition of assets, a material
53disposition of assets, or a material nonrenewal, cancellation,
54or revision of a ceded reinsurance agreement, unless the
55material acquisition or disposition of assets or the material
56nonrenewal, cancellation, or revision of a ceded reinsurance
57agreement has been submitted to the office for review, approval,
58or informational purposes under another section of the Florida
59Insurance Code or a rule adopted thereunder. As to property
60insurers, the chief executive officer and chief financial
61officer of each insurer, or its certified public accountant on
62its behalf, shall sign a sworn Statement of Certification to
63accompany the report. The Statement of Certification shall
64certify the appropriateness of the information provided in and
65with the report and that the information fairly presents, in all
66material respects, the material acquisition of assets, the
67material disposition of assets, or the material nonrenewal,
68cancellation, or revision of a ceded reinsurance agreement. The
69Office of Insurance Regulation shall promulgate by rule the
70Statement of Certification. A copy of the report and each
71exhibit or other attachment must be filed by the insurer with
72the National Association of Insurance Commissioners. The report
73required in this section is due within 15 days after the end of
74the calendar month in which the transaction occurs.
75     Section 32.  Paragraph (a) of subsection (2) of section
76627.062, Florida Statutes, is amended to read:
77     627.062  Rate standards.--
78     (2)  As to all such classes of insurance:
79     (a)  Insurers or rating organizations shall establish and
80use rates, rating schedules, or rating manuals to allow the
81insurer a reasonable rate of return on such classes of insurance
82written in this state. A copy of rates, rating schedules, rating
83manuals, premium credits or discount schedules, and surcharge
84schedules, and changes thereto, shall be filed with the office
85under one of the following procedures:
86     1.  If the filing is made at least 90 days before the
87proposed effective date and the filing is not implemented during
88the office's review of the filing and any proceeding and
89judicial review, then such filing shall be considered a "file
90and use" filing. In such case, the office shall finalize its
91review by issuance of a notice of intent to approve or a notice
92of intent to disapprove within 90 days after receipt of the
93filing. The notice of intent to approve and the notice of intent
94to disapprove constitute agency action for purposes of the
95Administrative Procedure Act. Requests for supporting
96information, requests for mathematical or mechanical
97corrections, or notification to the insurer by the office of its
98preliminary findings shall not toll the 90-day period during any
99such proceedings and subsequent judicial review. The rate shall
100be deemed approved if the office does not issue a notice of
101intent to approve or a notice of intent to disapprove within 90
102days after receipt of the filing.
103     2.  If the filing is not made in accordance with the
104provisions of subparagraph 1., such filing shall be made as soon
105as practicable, but no later than 30 days after the effective
106date, and shall be considered a "use and file" filing. An
107insurer making a "use and file" filing is potentially subject to
108an order by the office to return to policyholders portions of
109rates found to be excessive, as provided in paragraph (h).
110     3.  The chief executive officer and chief financial officer
111of each property insurer, or its certified public accountant on
112its behalf, shall sign a sworn Statement of Certification to
113accompany the rate filing. The statement shall certify the
114appropriateness of the information provided in and with the
115rate-filing and that the information fairly presents, in all
116material respects, the basis of the rate-filing submitted by the
117property and casualty insurer. The insurer shall certify all of
118the information and factors described in paragraph)(b),
119including, but not limited to, investment income. The Office of
120Insurance Regulation shall promulgate by rule the Statement of
121Certification. Failure to provide such Statement of
122Certification shall result in the rate-filing being disapproved
123without prejudice to be refiled.
124
125The provisions of this subsection shall not apply to workers'
126compensation and employer's liability insurance and to motor
127vehicle insurance.
128
129======= T I T L E  A M E N D M E N T =======
130     Remove line(s) 242 and insert:
131specifying uses and purposes of appropriations; amending s.
132624.424, F.S.; revising provisions relating to persons who may
133swear to an annual statement filed by an authorized insurer;
134revising provisions relating to persons who may verify by oath
135certain additional information; amending s. 624.448, F.S.;
136revising reporting requirements for property insurers ;
137requiring a signed Statement of Certification; requiring the
138Office of Insurance Regulation to promulgate a Statement of
139Certification; amending s. 627.062, F.S.; requiring certain
140officers of property insurers to sign a Statement of
141Certification to accompany a rate filing; providing conditions
142for disapproval of a rate filing; providing


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