Florida Senate - 2011                          SENATOR AMENDMENT
       Bill No. CS for CS for CS for SB 408
       
       
       
       
       
       
                                Barcode 957742                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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               Floor: 14/AD/2R         .                                
             04/27/2011 01:49 PM       .                                
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       Senator Richter moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 1402 - 1447
    4  and insert:
    5         (6) CITIZENS PROPERTY INSURANCE CORPORATION.—
    6         (a)1. It is The public purpose of this subsection is to
    7  ensure that there is the existence of an orderly market for
    8  property insurance for residents Floridians and Florida
    9  businesses of this state.
   10         1. The Legislature finds that private insurers are
   11  unwilling or unable to provide affordable property insurance
   12  coverage in this state to the extent sought and needed. The
   13  absence of affordable property insurance threatens the public
   14  health, safety, and welfare and likewise threatens the economic
   15  health of the state. The state therefore has a compelling public
   16  interest and a public purpose to assist in assuring that
   17  property in the state is insured and that it is insured at
   18  affordable rates so as to facilitate the remediation,
   19  reconstruction, and replacement of damaged or destroyed property
   20  in order to reduce or avoid the negative effects otherwise
   21  resulting to the public health, safety, and welfare, to the
   22  economy of the state, and to the revenues of the state and local
   23  governments which are needed to provide for the public welfare.
   24  It is necessary, therefore, to provide affordable property
   25  insurance to applicants who are in good faith entitled to
   26  procure insurance through the voluntary market but are unable to
   27  do so. The Legislature intends, therefore, by this subsection
   28  that affordable property insurance be provided and that it
   29  continue to be provided, as long as necessary, through Citizens
   30  Property Insurance Corporation, a government entity that is an
   31  integral part of the state, and that is not a private insurance
   32  company. To that end, the Citizens Property Insurance
   33  corporation shall strive to increase the availability of
   34  affordable property insurance in this state, while achieving
   35  efficiencies and economies, and while providing service to
   36  policyholders, applicants, and agents which is no less than the
   37  quality generally provided in the voluntary market, for the
   38  achievement of the foregoing public purposes. Because it is
   39  essential for this government entity to have the maximum
   40  financial resources to pay claims following a catastrophic
   41  hurricane, it is the intent of the Legislature that the Citizens
   42  Property Insurance corporation continue to be an integral part
   43  of the state and that the income of the corporation be exempt
   44  from federal income taxation and that interest on the debt
   45  obligations issued by the corporation be exempt from federal
   46  income taxation. The corporate logo of the corporation must
   47  include the name of the corporation and the words “A Taxpayer
   48  Funded Corporation.”
   49         2. The Residential Property and Casualty Joint Underwriting
   50  Association originally created by this statute shall be known,
   51  as of July 1, 2002, as the Citizens Property
   52  
   53  ================= T I T L E  A M E N D M E N T ================
   54         And the title is amended as follows:
   55         Delete lines 109 - 111
   56  and insert:
   57         requiring the Citizens Property Insurance
   58         Corporation’s logo to include certain language;
   59         requiring policies issued by the