Florida Senate - 2007                      COMMITTEE AMENDMENT
    Bill No. SB 2498
                        Barcode 491780
                            CHAMBER ACTION
              Senate                               House
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 1           Comm: RCS             .                    
       04/09/2007 06:09 PM         .                    
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11  The Committee on Banking and Insurance (Peaden) recommended
12  the following amendment:
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14         Senate Amendment 
15         On page 2, line 16, through
16            page 3, line 19, delete those lines
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18  and insert:  
19         (a)1.  It is the public purpose of this subsection to
20  ensure the existence of an orderly market for property
21  insurance for Floridians and Florida businesses. The
22  Legislature finds that private insurers are unwilling or
23  unable to provide affordable property insurance coverage in
24  this state to the extent sought and needed. The absence of
25  affordable property insurance threatens the public health,
26  safety, and welfare and likewise threatens the economic health
27  of the state. The state therefore has a compelling public
28  interest and a public purpose to assist in assuring that
29  property in the state is insured and that it is insured at
30  affordable rates so as to facilitate the remediation,
31  reconstruction, and replacement of damaged or destroyed
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    12:49 PM   04/06/07                            s2498b-bi02-k0s

Florida Senate - 2007 COMMITTEE AMENDMENT Bill No. SB 2498 Barcode 491780 1 property in order to reduce or avoid the negative effects 2 otherwise resulting to the public health, safety, and welfare; 3 to the economy of the state; and to the revenues of the state 4 and local governments which are needed to provide for the 5 public welfare. It is necessary, therefore, to provide 6 affordable property insurance to applicants who are in good 7 faith entitled to procure insurance through the voluntary 8 market but are unable to do so. The Legislature intends by 9 this subsection that affordable property insurance be provided 10 and that it continue to be provided, as long as necessary, 11 through Citizens Property Insurance Corporation, a government 12 entity that is an integral part of the state, and that is not 13 a private insurance company. To that end, Citizens Property 14 Insurance Company shall strive to increase the availability of 15 affordable property insurance in this state, while achieving 16 efficiencies and economies, and while providing service to 17 policyholders, applicants, and agents which is no less than 18 the quality generally provided in the voluntary market, for 19 the achievement of the foregoing public purposes. Because it 20 is essential for this government entity to have the maximum 21 financial resources to pay claims following a catastrophic 22 hurricane, it is the intent of the Legislature that Citizens 23 Property Insurance Corporation continue to be an integral part 24 of the state and that the income of the corporation be exempt 25 from federal income taxation and that interest on the debt 26 obligations issued by the corporation be exempt from federal 27 income taxation. The Legislature finds 28 29 30 31 2 12:49 PM 04/06/07 s2498b-bi02-k0s