Florida Senate - 2013                        COMMITTEE AMENDMENT
       Bill No. SB 446
                                Barcode 229808                          
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/04/2013           .                                

       The Committee on Commerce and Tourism (Hukill) recommended the
    1         Senate Amendment (with title amendment)
    3         Delete lines 65 - 90
    4  and insert:
    5         (3)(a)In order to receive an incentive under s. 288.1088
    6  or s. 288.1089, an applicant must provide the department with a
    7  surety bond, issued by an insurer authorized to do business in
    8  this state, for the amount of the award under the incentive
    9  contract or agreement. Funds may not be paid to an applicant
   10  until the department certifies compliance with this subsection.
   11         1. The contract or agreement must provide that the bond
   12  remain in effect until all performance conditions in the
   13  contract or agreement have been satisfied. The department may
   14  require the bond to cover the entire amount of the contract or
   15  agreement or allow for a bond to be renewed upon the completion
   16  of scheduled performance measurements specified in the contract
   17  or agreement. The contract or agreement must provide that the
   18  release of any funds is contingent upon receipt by the
   19  department of the surety bond.
   20         2.The contract or agreement must provide that up to half
   21  of the premium payment on the surety bond may be paid from the
   22  award amount, not to exceed 3 percent of the award.
   23         3. The applicant shall notify the department at least 10
   24  days before each premium payment is due.
   25         4. Any notice of cancellation or nonrenewal issued by an
   26  insurer must comply with the notice requirements of s. 626.9201.
   27  If the applicant receives a notice of cancellation or
   28  nonrenewal, the applicant must immediately notify the
   29  department.
   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 21 - 22
   35  and insert:
   36         upon cancellation or nonrenewal by an insurer;
   37         providing that the cancellation of