Florida Senate - 2013                        COMMITTEE AMENDMENT
       Bill No. SB 1770
                                Barcode 899444                          
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/19/2013           .                                

       Appropriations Subcommittee on General Government (Detert)
       recommended the following:
    1         Senate Amendment 
    3         Delete lines 1104 - 1153
    4  and insert:
    5         d. Upon a determination by the executive director, with the
    6  concurrence of the board of governors, that a projected deficit
    7  in an account exceeds the amount that is expected to be
    8  recovered through regular assessments under sub-subparagraph a.,
    9  plus the amount that is expected to be recovered through
   10  policyholder surcharges under sub-subparagraph i., the executive
   11  director, with concurrence by the board, after verification by
   12  the office, shall levy emergency assessments for as many years
   13  as necessary to cover the deficits, to be collected by
   14  assessable insurers and the corporation and collected from
   15  assessable insureds upon issuance or renewal of policies for
   16  subject lines of business, excluding National Flood Insurance
   17  policies. The executive director shall notify the Financial
   18  Services Commission of the emergency assessments within 5 days
   19  after the board’s concurrence with the executive director’s
   20  determination that such assessments are necessary. The amount
   21  collected in a particular year must be a uniform percentage of
   22  that year’s direct written premium for subject lines of business
   23  and all accounts of the corporation, excluding National Flood
   24  Insurance Program policy premiums, as annually determined by the
   25  executive director, with concurrence by the board, and verified
   26  by the office. The office shall verify the arithmetic
   27  calculations involved in the board’s determination within 30
   28  days after receipt of the information on which the determination
   29  was based. The office shall notify assessable insurers and the
   30  Florida Surplus Lines Service Office of the date on which
   31  assessable insurers shall begin to collect and assessable
   32  insureds shall begin to pay such assessment. The date must be at
   33  least may be not less than 90 days after the date the
   34  corporation levies emergency assessments pursuant to this sub
   35  subparagraph. Notwithstanding any other provision of law, the
   36  corporation and each assessable insurer that writes subject
   37  lines of business shall collect emergency assessments from its
   38  policyholders without such obligation being affected by any
   39  credit, limitation, exemption, or deferment. Emergency
   40  assessments levied by the corporation on assessable insureds
   41  shall be collected by the surplus lines agent at the time the
   42  surplus lines agent collects the surplus lines tax required by
   43  s. 626.932 and paid to the Florida Surplus Lines Service Office
   44  at the time the surplus lines agent pays the surplus lines tax
   45  to that office. The emergency assessments collected shall be
   46  transferred directly to the corporation on a periodic basis as
   47  determined by the corporation and held by the corporation solely
   48  in the applicable account. The aggregate amount of emergency
   49  assessments levied for an account under this sub-subparagraph in
   50  any calendar year may be less than but not exceed the greater of
   51  10 percent of the amount needed to cover the deficit, plus
   52  interest, fees, commissions, required reserves, and other costs
   53  associated with financing the original deficit, or 10 percent of
   54  the aggregate statewide direct written premium for subject lines
   55  of business and all accounts of the corporation for the prior
   56  year, plus interest, fees, commissions, required reserves, and
   57  other costs associated with financing the deficit.