Florida Senate - 2007                        SENATOR AMENDMENT
    Bill No. SB 4-A
                        Barcode 892546
                            CHAMBER ACTION
              Senate                               House
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       01/17/2007 03:48 PM         .                    
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11  Senators Geller and Deutch moved the following amendment:
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13         Senate Amendment (with title amendment) 
14         On page 54, following line 31,
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16  insert:  
17         (5)  By March 15, 2007, the Office of Insurance
18  Regulation shall calculate a presumed factor to be used in the
19  rate filings required by this section to reflect the impact to
20  rates of the changes made by section 4 and this section.
21         (6)  In determining the presumed factor, the Office of
22  Insurance Regulation shall use generally accepted actuarial
23  techniques and standards in determining the expected impact on
24  losses, expenses, and investment income of insurers.
25         (7)  The office may contract with an appropriate vendor
26  to determine the presumed factor.
27         (8)  Each residential property insurer shall reflect a
28  rate change that takes into account the presumed factor
29  determined under subsection (5) for any policy written or
30  renewed on or after June 1, 2007.
31         (9)  The sum of $250,000 in nonrecurring funds is
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    12:39 PM   01/17/07                             s0004Ac-31-b03


    Florida Senate - 2007                        SENATOR AMENDMENT
    Bill No. SB 4-A
                        Barcode 892546
 1  appropriated from the Insurance Regulatory Trust Fund in the
 2  Department of Financial Services to the Office of Insurance
 3  Regulation for the 2006-2007 fiscal year for the purpose of
 4  implementing this section.
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 8  And the title is amended as follows:
 9         On page 3, line 12, following the first semicolon
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11  insert:
12         requiring the Office of Insurance Regulation to
13         calculate a presumed factor to reflect the
14         impact on rates resulting from this act;
15         providing an appropriation;
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    12:39 PM   01/17/07                             s0004Ac-31-b03