Florida Senate - 2012                          SENATOR AMENDMENT
       Bill No. CS for CS for SB 1860
                                Barcode 407476                          
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                Floor: 8/AD/2R         .                                
             03/06/2012 05:34 PM       .                                

       Senator Flores moved the following:
    1         Senate Amendment (with title amendment)
    3         Between lines 1468 and 1469
    4  insert:
    5         Section 11. Motor vehicle insurance rate rollback.—
    6         (1) The Office of Insurance Regulation shall order insurers
    7  writing personal injury protection insurance in this state to
    8  make a rate filing before October 1, 2012, and effective January
    9  1, 2013, which reduces rates for such insurance by a factor that
   10  reflects the expected effect of the changes contained in this
   11  act. In the absence of clear and convincing evidence to the
   12  contrary, it shall be presumed that the expected impact of the
   13  act will result in at least a 25 percent reduction in the rates
   14  in effect for such insurance on December 31, 2012. In lieu of
   15  making the rate filing required in this subsection, an insurer
   16  may, upon notification to the office, implement a 25 percent
   17  reduction of its rates, effective January 1, 2013.
   18         (2) An insurer or rating organization that contends in the
   19  January 1, 2013, rate filing or any subsequent rate filing made
   20  on or before December 31, 2018, that the presumed reduced rate
   21  provided for in subsection (1) is excessive, inadequate, or
   22  unfairly discriminatory shall separately state in its filing the
   23  rate it contends is appropriate and shall state with specificity
   24  the factors or data that it contends should be considered in
   25  order to produce such appropriate rate. The insurer or rating
   26  organization shall be permitted to use all of the generally
   27  accepted actuarial techniques, as provided in s. 627.062,
   28  Florida Statutes, in making any filing pursuant to this
   29  subsection. The Office of Insurance Regulation shall review each
   30  exception and approve or disapprove it prior to use. It shall be
   31  the insurer’s burden to actuarially justify by clear and
   32  convincing evidence any deviation that results in a rate that is
   33  higher than the presumed reduced rate as provided in subsection
   34  (1).
   35         (3) If any provision of this act is held invalid by a court
   36  of competent jurisdiction, the Office of Insurance Regulation
   37  shall permit an adjustment of all rates filed under this section
   38  to reflect the impact of such holding on such rates so as to
   39  ensure that the rates are not excessive, inadequate, or unfairly
   40  discriminatory.
   42  ================= T I T L E  A M E N D M E N T ================
   43         And the title is amended as follows:
   44         Delete line 92
   45  and insert:
   46         cross-reference; requiring personal injury protection
   47         motor vehicle insurers to file rates with the Office
   48         of Insurance Regulation for review under certain
   49         circumstances; specifying a presumption with regard to
   50         rates for personal injury protection motor vehicle
   51         insurance; requiring that the Office of