| 1 | Representative Patterson offered the following: |
| 2 |
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| 3 | Amendment (with directory and title amendments) |
| 4 | Between line(s) 935-936 insert: |
| 5 | Section 6. Subsection (8) of section 625.012, Florida |
| 6 | Statutes, is amended to read: |
| 7 | 625.012 "Assets" defined.--In any determination of the |
| 8 | financial condition of an insurer, there shall be allowed as |
| 9 | "assets" only such assets as are owned by the insurer and which |
| 10 | consist of: |
| 11 | (8) The full amount of reinsurance recoverable by a ceding |
| 12 | insurer from a solvent reinsurer and which reinsurance is |
| 13 | authorized under s. 624.610. The full amount of reimbursement |
| 14 | receivable by a ceding insurer from the Florida Hurricane |
| 15 | Catastrophe Fund regardless of when the reimbursements are |
| 16 | expected to be received. Rating agencies or rating services |
| 17 | assigning a financial rating to a Florida-based insurer that |
| 18 | are reinsured by the Florida Hurricane Catastrophe Fund may |
| 19 | consider any reinsurance recoverable from the Florida |
| 20 | Hurricane Catastrophe Fund to be valid and collectible unless |
| 21 | the rating agency or rating service has financial information |
| 22 | to the contrary. |
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| 26 | ----------------------------------------------------- |
| 27 | T I T L E A M E N D M E N T |
| 28 | Between lines 49-50 insert: |
| 29 | 625.012, F.S.; revising the definition of the term "assets"; |
| 30 | including the full amount of reimbursement receivable by a |
| 31 | ceding insurer from the Florida Hurricane Catastrophe Fund; |
| 32 | amending s. |
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