Florida Senate - 2009                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1950
       
       
       
       
       
       
                                Barcode 497020                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                 Comm: UNFAV           .                                
                  04/17/2009           .                                
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       The Policy and Steering Committee on Ways and Means (Baker)
       recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 925 - 933
    4  and insert:
    5  
    6  schedule for implementation of the phased-in rate filing. An
    7  insurer may include in its rate the actual cost of private
    8  market reinsurance, liquidity instruments, or lines of credit
    9  that provide for duplicative reinsurance coverage or bridge
   10  financing correlating to coverage within the mandatory coverage
   11  limits and the Temporary Increase in Coverage Limits, TICL,
   12  which exceeds the published claims paying capacity of the
   13  Hurricane Catastrophe Fund as reported in October of the
   14  previous year. The cost of such private market reinsurance,
   15  liquidity instruments, or lines of credit may not include any
   16  expense or profit load or result in a total annual base rate
   17  increase in excess of 10 percent. The insurer may include the
   18  cost of such private market reinsurance, liquidity instruments,
   19  or lines of credit applicable to TICL even if the insurer does
   20  not purchase TICL.
   21  
   22  ================= T I T L E  A M E N D M E N T ================
   23         And the title is amended as follows:
   24         Delete line 45
   25  and insert:
   26  
   27  its rates the actual cost of certain reinsurance, liquidity
   28  instruments, or lines of credit;