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The Committee on Banking and Insurance (Gaetz) recommended the

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following amendment to amendment (467850):

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     Senate Amendment

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     Delete lines 15-33

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and insert:

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     (a) For any self-insurer established under this section

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before June 1, 2008, the board of trustees of the self-insurer

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may declare any moneys in excess of the amount necessary to fund

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all obligations of the self-insurer as refundable to the members

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or policyholders of the self-insurer. The board of trustees may

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distribute such dividends or premium refunds at the board's

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discretion, in accordance with the agreement establishing the

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self-insurer and subject to the following limitations:

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     1. The amount of the distribution may not exceed the total

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sum of the dividends declared and unpaid to policyholders and

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unassigned funds as recorded on the most recently completed

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audited financial statements of the self-insurer.

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     2. The payment of the dividend or premium refund may not

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jeopardize the financial condition of the self-insurer or result

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in the self-insurer having a negative unassigned funds balance.

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     3. Notice of the dividend shall be submitted to the office

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no later than 10 days after the date on which payment of a

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dividend or premium refund is made.

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     (b) For any self-insurer established under this section

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after

3/31/2008  2:16:00 PM     4-06168-08