| 1 | Representative(s) Weatherford offered the following: |
| 2 |
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| 3 | Amendment |
| 4 | Remove line(s) 100-137 and insert: |
| 5 | (b) Seven million for a new insurer writing residential |
| 6 | property insurance covering only manufactured housing. |
| 7 | (c)(b) For life insurers, 4 percent of the insurer's total |
| 8 | liabilities; |
| 9 | (d)(c) For life and health insurers, 4 percent of the |
| 10 | insurer's total liabilities, plus 6 percent of the insurer's |
| 11 | liabilities relative to health insurance; or |
| 12 | (e)(d) For all insurers other than life insurers and life |
| 13 | and health insurers, 10 percent of the insurer's total |
| 14 | liabilities; |
| 15 |
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| 16 | however, a domestic insurer that transacts residential property |
| 17 | insurance and is a wholly owned subsidiary of an insurer |
| 18 | authorized to do business in any other state shall possess |
| 19 | surplus as to policyholders of at least $50 million, but no |
| 20 | insurer shall be required under this subsection to have surplus |
| 21 | as to policyholders greater than $100 million. |
| 22 | Section 5. Subsection (1) of section 624.408, Florida |
| 23 | Statutes, is amended to read: |
| 24 | 624.408 Surplus as to policyholders required; new and |
| 25 | existing insurers.-- |
| 26 | (1)(a) To maintain a certificate of authority to transact |
| 27 | any one kind or combinations of kinds of insurance, as defined |
| 28 | in part V of this chapter, an insurer in this state shall at all |
| 29 | times maintain surplus as to policyholders not less than the |
| 30 | greater of: |
| 31 | 1. Except as provided in subparagraphs subparagraph 5. and |
| 32 | 6. and paragraph (b), $1.5 million; |
| 33 | 2. For life insurers, 4 percent of the insurer's total |
| 34 | liabilities; |
| 35 | 3. For life and health insurers, 4 percent of the |
| 36 | insurer's total liabilities plus 6 percent of the insurer's |
| 37 | liabilities relative to health insurance; or |
| 38 | 4. For all insurers other than mortgage guaranty insurers, |
| 39 | life insurers, and life and health insurers, 10 percent of the |
| 40 | insurer's total liabilities;. |
| 41 | 5. For property and casualty insurers writing casualty |
| 42 | insurance, $4 million; or |
| 43 | 6. For insurers writing property insurance, $12 million. |
| 44 | (b) For any property and casualty insurer holding a |
| 45 | certificate of authority on December 30, 2006, and for an |
| 46 | insurer writing residential property insurance covering only |
| 47 | manufactured housing 1, 1993, the |