(LATE FILED)	Amendment
Bill No. 7225

Amendment No. 907599

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

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