| 1 | Representative Jenne offered the following: |
| 2 |
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| 3 | Amendment |
| 4 | Remove line(s) 2082-2120 and insert: |
| 5 | shall remain in effect for the 2007, and 2008, 2009, 2010, and |
| 6 | 2011 calendar years except for any rate change that results in a |
| 7 | lower rate. The next rate change that may increase rates shall |
| 8 | take effect pursuant to a new rate filing recommended by the |
| 9 | corporation and established by the office, subject to the |
| 10 | requirements of this paragraph. |
| 11 | 5. Beginning on July 15, 2012 2009, and each year |
| 12 | thereafter, the corporation must make a recommended actuarially |
| 13 | sound rate filing for each personal and commercial line of |
| 14 | business it writes, to be effective no earlier than January 1, |
| 15 | 2013 2010. |
| 16 | 6. The Legislature finds that it is in the public interest |
| 17 | to ensure that actuarially sound rates for coverage by the |
| 18 | corporation be implemented incrementally to provide rate |
| 19 | stability and predictability to its policyholders. |
| 20 | 7. Beginning on or after January 1, 2013, the corporation |
| 21 | shall begin to implement actuarially sound rates for each |
| 22 | commercial and personal line of business it writes, which may |
| 23 | not exceed an average statewide increase of 10 percent or exceed |
| 24 | 20 percent for any single policy issued by the corporation, |
| 25 | excluding coverage changes and surcharges. |
| 26 | 8. The corporation's incremental implementation of rates |
| 27 | as prescribed in subparagraph 7. shall cease for any line of |
| 28 | business written by the corporation after actuarially sound |
| 29 | rates as prescribed in subparagraph 1. are achieved. Thereafter, |
| 30 | the corporation shall annually make a recommended actuarially |
| 31 | sound rate filing for each commercial and personal line of |
| 32 | business it writes. |
| 33 | 9. In addition to the rate increase required pursuant to |
| 34 | subparagraph 7., the corporation may increase its rates an |
| 35 | amount sufficient to recoup additional reimbursement premium |
| 36 | paid to the Florida Hurricane Catastrophe Fund due to the |
| 37 | application of a cash build-up factor. |
| 38 | 10. Beginning April 1, 2013, and each quarter thereafter, |
| 39 | the corporation shall transfer 10 percent of the funds received |
| 40 | from the rate increase prescribed by subparagraph 7. to the |
| 41 | Insurance Regulatory Trust Fund in the Department of Financial |
| 42 | Services. The corporation's transfer of such funds shall cease |
| 43 | upon the corporation's implementation of actuarially sound rates |
| 44 | as prescribed in subparagraph 1. |