HB 741

1	A bill to be entitled
2	An act relating to insurance premium financing; amending
3	s. 627.902, F.S.; specifying nonapplication of certain
4	provisions to certain discounts; specifying such discounts
5	as not related to premium financing; providing an
6	effective date.
7
8	Be It Enacted by the Legislature of the State of Florida:
9
10	Section 1.  Section 627.902, Florida Statutes, is amended
11	to read:
12	627.902  Premium financing by an insurer or subsidiary.--
13	(1)  An insurer, a subsidiary of an insurer, or a
14	corporation under substantially the same management or control
15	as an authorized insurer or group of authorized insurers may
16	finance property, casualty, surety, and marine insurance
17	premiums on policies issued or business produced by such insurer
18	or insurers; however, any such insurer, subsidiary, or
19	corporation or group of insurers that charges a total service
20	charge per year or rate of interest which is substantially more
21	than that provided in s. 627.901 shall be subject to part XV of
22	this chapter. Notwithstanding any other provision of law, an
23	insurer, a subsidiary of an insurer, or a corporation under
24	substantially the same management or control as an authorized
25	insurer or group of authorized insurers may charge one-half of
26	the additional charge provided in s. 627.840, and the charges
27	provided in s. 627.841.
28	(2)  Nothing in this part or in part XV disallows or
29	otherwise applies to a discount for any insured who pays the
30	entire premium for the entire policy term at the inception of
31	the term if the discount is found to be actuarially justified by
32	the office and approved by the office pursuant to the provisions
33	of part I. Such actuarially justified and approved discount
34	shall not be deemed a component of or related to premium
35	financing.
36	Section 2.  This act shall take effect July 1, 2009.

CODING: Words stricken are deletions; words underlined are additions.