Florida Senate - 2013                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1046
       
       
       
       
       
       
                                Barcode 325314                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/22/2013           .                                
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       The Committee on Appropriations (Richter) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 1733 - 1924
    4  and insert:
    5         Section 48. Subsection (13) of section 628.901, Florida
    6  Statutes, is amended to read:
    7         628.901 Definitions.—As used in this part, the term:
    8         (13) “Qualifying reinsurer parent company” means a
    9  reinsurer that which currently holds a certificate of authority
   10  or qualifies for credit reinsurance under s. 624.610(3) and
   11  possesses, letter of eligibility or is an accredited or a
   12  satisfactory non-approved reinsurer in this state possessing a
   13  consolidated GAAP net worth of at least $500 million and a
   14  consolidated debt to total capital ratio of not greater than
   15  0.50.
   16         Section 49. Paragraph (a) of subsection (2) and paragraph
   17  (a) of subsection (3) of section 628.909, Florida Statutes, are
   18  amended to read:
   19         628.909 Applicability of other laws.—
   20         (2) The following provisions of the Florida Insurance Code
   21  apply to captive insurers who are not industrial insured captive
   22  insurers to the extent that such provisions are not inconsistent
   23  with this part:
   24         (a) Chapter 624, except for ss. 624.407, 624.408, 624.4085,
   25  624.40851, 624.4095, 624.411, 624.425, and 624.426.
   26         (3) The following provisions of the Florida Insurance Code
   27  apply to industrial insured captive insurers to the extent that
   28  such provisions are not inconsistent with this part:
   29         (a) Chapter 624, except for ss. 624.407, 624.408, 624.4085,
   30  624.40851, 624.4095, 624.411, 624.425, 624.426, and 624.609(1).
   31  
   32  ================= T I T L E  A M E N D M E N T ================
   33         And the title is amended as follows:
   34         Delete lines 211 - 232
   35  and insert:
   36         revising the definition of the term “qualifying
   37         reinsurer parent company”; amending s. 628.909, F.S.;
   38         providing for applicability of certain provisions of
   39         the Insurance Code to specified captive insurers;
   40         amending s. 634.406, F.S.;