| 1 | Representative Gelber offered the following: |
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| 3 | Amendment to Amendment (128731) (with title amendment) |
| 4 | Between lines 3090and 3091 insert: |
| 5 | Section 25. In addition to any other powers granted to the |
| 6 | Financial Services Commission, the commission shall also require |
| 7 | all property insurance contracts to contain a provision |
| 8 | entitling the insured to a refund if the insured is canceled |
| 9 | without good cause. The amount of the refund shall be |
| 10 | established by the commission but shall be no less than 50 |
| 11 | percent of an annual premium and no more than 200 percent of an |
| 12 | annual premium. This provision shall not apply if 1 year notice |
| 13 | of cancellation is given. |
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| 19 | T I T L E A M E N D M E N T |
| 20 | Remove line 3309 and insert: |
| 21 | wind coverage for certain structures; requiring the Financial |
| 22 | Services Commission to require property insurance contracts to |
| 23 | entitle insureds to a refund for contract cancellations without |
| 24 | cause; providing criteria for refund amounts; providing an |
| 25 | exception; providing for provisions |
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