| 1 | Representative(s) Ross offered the following: |
| 2 |
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| 3 | Amendment to Amendment (074037) |
| 4 | Between line(s) 48 and 49, insert: |
| 5 | 5. Notwithstanding any other provisions contained in this |
| 6 | section, the board shall make available for the contract year |
| 7 | beginning June 1, 2006, and the contract year beginning June 1, |
| 8 | 2007, additional contracts to insurers, other than entities |
| 9 | created pursuant to s. 627.351, which cede to the fund an amount |
| 10 | of additional first-event liability up to $2.5 billion. This |
| 11 | additional capacity shall be provided by the fund provided that: |
| 12 | a. The layer of excess reinsurance provides coverage below |
| 13 | the attachment point of the fund; |
| 14 | b. At least 20 percent of the excess layer for each |
| 15 | participating insurer utilizing this additional capacity is |
| 16 | placed with independent reinsurers not related to the cedent; |
| 17 | c. The fund provides coverage at the same terms and |
| 18 | conditions as the independent reinsurers, not related to the |
| 19 | cedent; and |
| 20 | d. The fund receives 100 percent of the gross reinsurance |
| 21 | premium for its participation without deduction for reinsurance |
| 22 | brokerage. |
| 23 |
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| 24 | The fund may provide additional coverage for a second event on |
| 25 | the same terms and conditions as provided by the independent |
| 26 | reinsurers not related to the cedent. This coverage shall be in |
| 27 | addition to all other coverage which may be provided under this |
| 28 | section. This subparagraph shall expire May 31, 2008. |