Florida Senate - 2009             CONFERENCE COMMITTEE AMENDMENT
       Bill No. CS for SB 28-A
       
       
       
       
       
       
                                Barcode 863236                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                 Floor: AD/2R          .                                
             01/14/2009 10:47 AM       .                                
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       The Conference Committee on CS for SB 28-A recommended the
       following:
       
    1         Senate Conference Committee Amendment (with title
    2  amendment)
    3         
    4         Delete everything after the enacting clause
    5  and insert:
    6         Section 1. Paragraph (f) of subsection (2) of section
    7  215.5595, Florida Statutes, is amended to read:
    8         215.5595 Insurance Capital Build-Up Incentive Program.—
    9         (2) The purpose of this section is to provide funds in
   10  exchange for surplus notes to be issued by new or existing
   11  authorized residential property insurers under the Insurance
   12  Capital Build-Up Incentive Program administered by the State
   13  Board of Administration, under the following conditions:
   14         (f)1. The surplus note must be repayable to the state with
   15  a term of 20 years. The surplus note shall accrue interest on
   16  the unpaid principal balance at a rate equivalent to the 10-year
   17  U.S. Treasury Bond rate, require the payment only of interest
   18  during the first 3 years, and include such other terms as
   19  approved by the board. The board may charge late fees up to 5
   20  percent for late payments or other late remittances. Payment of
   21  principal, interest, or late fees by the insurer on the surplus
   22  note must be approved by the Commissioner of Insurance, who
   23  shall approve such payment unless the commissioner determines
   24  that such payment will substantially impair the financial
   25  condition of the insurer. If such a determination is made, the
   26  commissioner shall approve such payment that will not
   27  substantially impair the financial condition of the insurer.
   28         2. Within 30 days after receiving principal, interest, and
   29  late fees from insurers, the board shall deposit such moneys
   30  into the General Revenue Fund.
   31         Section 2. This act shall take effect upon becoming a law.
   32         
   33  ================= T I T L E  A M E N D M E N T ================
   34         And the title is amended as follows:
   35         Delete everything before the enacting clause
   36  and insert:
   37                        A bill to be entitled                      
   38  An act relating to the Insurance Capital Build-Up Incentive
   39  Program; amending s. 215.5595, F.S.; requiring that repayments
   40  made by property insurers of surplus notes issued under the
   41  program be deposited into the General Revenue Fund; providing an
   42  effective date.