Florida Senate - 2007                        SENATOR AMENDMENT
    Bill No. SB 666
                        Barcode 770260
                            CHAMBER ACTION
              Senate                               House
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 3         Floor: 1/AD/2R          .                    
       03/28/2007 03:31 PM         .                    
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11  Senator Bennett moved the following amendment:
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13         Senate Amendment (with directory and title amendments) 
14         On page 2, between lines 2 and 3,
15  
16  insert:  
17         (4)  A fiscal intermediary services organization, as
18  described in subsection (3), shall secure and maintain a
19  surety bond on file with the office, naming the intermediary
20  as principal. The bond must be obtained from a company
21  authorized to write surety insurance in the state, and the
22  office shall be obligee on behalf of itself and third parties.
23  The penal sum of the bond may not be less than 5 percent of
24  the funds handled by the intermediary in connection with its
25  fiscal and fiduciary services during the prior year or
26  $250,000, whichever is less. The minimum bond amount must be
27  $10,000. The condition of the bond must be that the
28  intermediary shall register with the office and shall not
29  misappropriate funds within its control or custody as a fiscal
30  intermediary or fiduciary. The aggregate liability of the
31  surety for any and all breaches of the conditions of the bond
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    4:37 PM   03/27/07                               s0666c-21-k0a


    Florida Senate - 2007                        SENATOR AMENDMENT
    Bill No. SB 666
                        Barcode 770260
 1  may not exceed the penal sum of the bond. The bond must be
 2  continuous in form, must be renewed annually by a continuation
 3  certificate, and may be terminated by the surety upon its
 4  giving 30 days' written notice of termination to the office.
 5  This subsection does not apply to a fiscal intermediary
 6  services organization that is owned, operated, or controlled
 7  by a third-party administrator holding a certificate of
 8  authority under part VII of chapter 626,
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11  ==== D I R E C T O R Y   C L A U S E   A M E N D M E N T ====
12  And the directory clause is amended as follows:
13         On page 1, line 15, delete that line
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15  and insert:  
16         Section 1.  Paragraph (b) of subsection (2), subsection
17  (4), and
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20  ================ T I T L E   A M E N D M E N T ===============
21  And the title is amended as follows:
22         On page 1, line 8, after the semicolon
23  
24  insert:
25         providing an exception from the requirement to
26         obtain a bond;
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    4:37 PM   03/27/07                               s0666c-21-k0a