Senate Bill sb0120

    Florida Senate - 2007        (NP)                       SM 120

    By Senator Posey





    24-76-07

  1                         Senate Memorial

  2         A memorial to the Congress of the United

  3         States, urging Congress to pass legislation

  4         that exempts from taxation all reserves placed

  5         in escrow for the exclusive use of paying

  6         potential future property insurance claims

  7         arising out of natural catastrophes.

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  9         WHEREAS, numerous severe hurricanes have caused

10  widespread property damage in Florida during the past 3 years,

11  and

12         WHEREAS, the consequences of those devastating storms

13  include a crisis in the insurance industry and a resulting

14  inability to reimburse homeowners for their losses, and

15         WHEREAS, this state is not only one of the

16  fastest-growing in the nation but is also the premier tourist

17  destination for travelers from other regions of the United

18  States, and

19         WHEREAS, the State Legislature has taken drastic steps

20  to shore up the faltering finances of hard-hit homeowners and

21  insurance companies, but is in need of further assistance in

22  promoting economic recovery, NOW, THEREFORE,

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24  Be It Resolved by the Legislature of the State of Florida:

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26         That the Congress of the United States is requested to

27  enact legislation that exempts from taxation all reserves that

28  insurance companies or governmental entities place in escrow

29  in a national catastrophe fund to be used exclusively for

30  paying future property-insurance claims arising out of natural

31  catastrophes.

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    Florida Senate - 2007        (NP)                       SM 120
    24-76-07




 1         BE IT FURTHER RESOLVED that copies of this memorial be

 2  dispatched to the President of the United States, to the

 3  President of the United States Senate, to the Speaker of the

 4  United States House of Representatives, and to each member of

 5  the Florida delegation to the United States Congress.

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