Florida Senate - 2013                        COMMITTEE AMENDMENT
       Bill No. SPB 7018
       
       
       
       
       
       
                                Barcode 555294                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: FAV            .                                
                  03/07/2013           .                                
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       The Committee on Banking and Insurance (Simmons) recommended the
       following:
       
    1         Senate Amendment 
    2  
    3         Delete lines 1927 - 1965
    4  and insert:
    5         3.6. For policies initially insured by the corporation
    6  before July 1, 2013, and which have continuously been insured by
    7  the corporation since that date, Beginning on or after January
    8  1, 2010, and notwithstanding the board’s recommended rates and
    9  the office’s final order regarding the corporation’s filed rates
   10  under subparagraph 1., the corporation shall annually implement
   11  a rate increase that which, except for sinkhole coverage, does
   12  not exceed 10 percent for any territory single policy issued by
   13  the corporation, excluding coverage changes and surcharges. This
   14  subparagraph is limited to:
   15         a. Personal lines residential policies that have a dwelling
   16  replacement cost of less than $300,000 and that cover homestead
   17  personal residential properties or occupied permanent
   18  residencies having a written rental agreement for at least 12
   19  months.
   20         b. Personal lines residential wind-only policies that have
   21  a dwelling replacement cost of less than $300,000 and that cover
   22  homestead personal residential properties or occupied permanent
   23  residencies having a written rental agreement for at least 12
   24  months.
   25         c. Commercial lines residential properties.
   26         4. The corporation shall also implement the following:
   27         a.7. The corporation may also implement An increase to
   28  reflect the effect on the corporation of the cash buildup factor
   29  pursuant to s. 215.555(5)(b).
   30         b. An increase of up to 3 percent, which shall only be used
   31  to purchase catastrophe reinsurance or other risk transfer
   32  mechanisms for purposes of protecting the corporation and its
   33  policyholders from potential shortfalls and assessments. In any
   34  year for which the full 3 percent increase is imposed, there
   35  must also be a corresponding 3 percent decrease, 1 percent per
   36  account, from the Citizens policyholder surcharge in (b)3.i.,
   37  for that year.