| 1 | Representative(s) Allen offered the following: |
| 2 |
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| 3 | Amendment (with title amendment) |
| 4 | On page 38, between lines 10 and 11, |
| 5 | insert: |
| 6 | Section 13. Hurricane Deductible Cooperative Reimbursement |
| 7 | Pilot Program.-- |
| 8 | (1) The Legislature, in consultation with the Office of |
| 9 | Insurance Regulation, shall conduct research and prepare a |
| 10 | report regarding the creation of a hurricane deductible |
| 11 | cooperative reimbursement pilot program. The report shall study |
| 12 | and conduct research on the feasibility of a pilot program in |
| 13 | Brevard, Duval, Lake, Orange, and Seminole Counties or other |
| 14 | counties as deemed appropriate, to reimburse participating |
| 15 | residents for losses above their selected deductible retention |
| 16 | of 2 or 5 percent and up to the hurricane deductible program of |
| 17 | 10 percent of the insured value of the personal residential risk |
| 18 | located in those counties. The Hurricane Deductible Cooperative |
| 19 | Reimbursement Program would apply to losses incurred only as the |
| 20 | result of named storms. The research and report shall take into |
| 21 | account and make recommendations regarding the following: |
| 22 | (a) Use of a not for profit entity to administer the |
| 23 | program. |
| 24 | (b) Possible sources for the initial funding of the pilot |
| 25 | program. |
| 26 | (c) Income, residency requirements, and total insured |
| 27 | value limits, if any, of participants of the pilot program. |
| 28 | (d) Evaluation of risk and loss projections within the |
| 29 | pilot counties to ensure the financial soundness of the program. |
| 30 | (e) Potential premium savings to insureds participating in |
| 31 | the program. |
| 32 | (f) The amount a participant shall pay to participate in |
| 33 | the pilot program. |
| 34 | (g) The administration and operation of the pilot program, |
| 35 | including claims administration and the participation of |
| 36 | insurance companies in the pilot program. |
| 37 | (h) Mechanisms for controlling and preventing instances of |
| 38 | fraud. |
| 39 | (i) Any additional items that may be necessary to |
| 40 | implement this pilot program. |
| 41 | (2) The report on the feasibility of the Hurricane |
| 42 | Deductible Cooperative Reimbursement Pilot Program shall be |
| 43 | submitted by December 1, 2007, to the President of the Senate, |
| 44 | the Speaker of the House of Representatives, the minority party |
| 45 | leaders of the Senate and the House of Representatives, and the |
| 46 | chairs of the standing committees of the Senate and the House of |
| 47 | Representatives having jurisdiction over matters relating to |
| 48 | property and casualty insurance. |
| 49 |
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| 50 | ========= T I T L E A M E N D M E N T ========= |
| 51 | On page 2, between lines 27 and 28, |
| 52 | insert: |
| 53 | providing for the Legislature, in consultation with the Office |
| 54 | of Insurance Regulation, to conduct research and prepare a |
| 55 | report on creating a hurricane deductible cooperative |
| 56 | reimbursement pilot program in certain counties for certain |
| 57 | purposes; specifying criteria for the program; specifying |
| 58 | recommendations to be addressed by the report; requiring |
| 59 | submittal of the report to the Legislature; |