Florida Senate - 2012                        COMMITTEE AMENDMENT
       Bill No. SB 1428
       
       
       
       
       
       
                                Barcode 144930                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  02/02/2012           .                                
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       The Committee on Banking and Insurance (Smith) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 15 - 20
    4  and insert:
    5         (8) Upon expiration of the policy term, an insurer may
    6  transfer a commercial lines policy to another authorized insurer
    7  that is a member of the same group or owned by the same holding
    8  company as the transferring insurer. The transfer constitutes a
    9  renewal of the policy and may not be treated as a cancellation
   10  or a nonrenewal of the policy. The insurer must provide notice
   11  of its intent to transfer the policy at least 45 days before the
   12  effective date of the transfer along with the financial rating
   13  of the authorized insurer to which the policy is being
   14  transferred. Such notice may be provided in the notice of
   15  renewal premium. This subsection does not apply to a policy
   16  providing residential property insurance coverage, except for
   17  farmowners insurance and commercial general liability policies
   18  providing farm coverage or commercial property policies
   19  providing farm coverage.
   20  
   21  ================= T I T L E  A M E N D M E N T ================
   22         And the title is amended as follows:
   23         Delete line 6
   24  and insert:
   25         rather than a cancellation or nonrenewal; requiring
   26         notice of such transfer; specifying which types of
   27         policies such transfer provisions apply to; providing
   28         an