Florida Senate - 2009                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1950
       
       
       
       
       
       
                                Barcode 902794                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  04/17/2009           .                                
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       The Policy and Steering Committee on Ways and Means (Fasano)
       recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Paragraph (m) of subsection (6) of section
    6  627.351, Florida Statutes, is amended to read:
    7         627.351 Insurance risk apportionment plans.—
    8         (6) CITIZENS PROPERTY INSURANCE CORPORATION.—
    9         (m)1. Rates for coverage provided by the corporation shall
   10  be actuarially sound and subject to the requirements of s.
   11  627.062, except as otherwise provided in this paragraph. The
   12  corporation shall file its recommended rates with the office at
   13  least annually. The corporation shall provide any additional
   14  information regarding the rates which the office requires. The
   15  office shall consider the recommendations of the board and issue
   16  a final order establishing the rates for the corporation within
   17  45 days after the recommended rates are filed. The corporation
   18  may not pursue an administrative challenge or judicial review of
   19  the final order of the office.
   20         2. In addition to the rates otherwise determined pursuant
   21  to this paragraph, the corporation shall impose and collect an
   22  amount equal to the premium tax provided for in s. 624.509 to
   23  augment the financial resources of the corporation.
   24         3. After the public hurricane loss-projection model under
   25  s. 627.06281 has been found to be accurate and reliable by the
   26  Florida Commission on Hurricane Loss Projection Methodology,
   27  that model shall serve as the minimum benchmark for determining
   28  the windstorm portion of the corporation’s rates. This
   29  subparagraph does not require or allow the corporation to adopt
   30  rates lower than the rates otherwise required or allowed by this
   31  paragraph.
   32         4. The rate filings for the corporation which were approved
   33  by the office and which took effect January 1, 2007, are
   34  rescinded, except for those rates that were lowered. As soon as
   35  possible, the corporation shall begin using the lower rates that
   36  were in effect on December 31, 2006, and shall provide refunds
   37  to policyholders who have paid higher rates as a result of that
   38  rate filing. The rates in effect on December 31, 2006, shall
   39  remain in effect for the 2007, and 2008, and 2009 calendar years
   40  except for any rate change that results in a lower rate. The
   41  next rate change that may increase rates shall take effect
   42  pursuant to a new rate filing recommended by the corporation and
   43  established by the office, subject to the requirements of this
   44  paragraph.
   45         5. Beginning on July 15, 2010 2009, and each year
   46  thereafter, the corporation must make a recommended actuarially
   47  sound rate filing for each personal and commercial line of
   48  business it writes, to be effective no earlier than January 1,
   49  2011 2010.
   50         Section 2. This act shall take effect July 1, 2009.
   51  
   52  ================= T I T L E  A M E N D M E N T ================
   53         And the title is amended as follows:
   54         Delete everything before the enacting clause
   55  and insert:
   56                        A bill to be entitled                      
   57         An act relating to insurance; amending s. 627.351,
   58         F.S.; extending the rate freeze imposed upon Citizens
   59         Property Insurance Corporation by 1 year; providing an
   60         effective date.