Florida Senate - 2014                        COMMITTEE AMENDMENT
       Bill No. SB 948
       
       
       
       
       
       
                                Ì531610gÎ531610                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/06/2014           .                                
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       (Ring) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 347 - 436
    4  and insert:
    5         624.449 Insurer investment in foreign companies.—
    6         (1) Investments by a domestic insurer in companies included
    7  on the “Scrutinized Companies with Activities in Sudan List” and
    8  “Scrutinized Companies with Activities in the Iran Petroleum
    9  Energy Sector List,” compiled by the State Board of
   10  Administration pursuant to s. 215.473(2), shall be treated as
   11  nonadmitted assets. On or before June 30, 2014, and quarterly
   12  thereafter, the insurer shall determine its investments in
   13  companies included on these lists.
   14         (2) The insurer shall provide to the office, on a quarterly
   15  basis, a list of investments that the insurer has in companies
   16  included on the “Scrutinized Companies with Activities in Sudan
   17  List” and “Scrutinized Companies with Activities in the Iran
   18  Petroleum Energy Sector List,” including, but not limited to,
   19  the name of the issuer and the stock, bond, security, and other
   20  evidence of indebtedness.
   21         (3) Within 36 months after a company’s appearance on a list
   22  compiled pursuant to subsection (2), the insurer shall sell,
   23  redeem, divest, or withdraw all of its investments in the
   24  company.
   25  
   26  ================= T I T L E  A M E N D M E N T ================
   27  And the title is amended as follows:
   28         Delete lines 12 - 16
   29  and insert:
   30         F.S.; providing that insurer investment in certain
   31         foreign companies shall be treated as nonadmitted
   32         assets; requiring insurers to identify, report, and
   33         divest such investments within a specified period;
   34         providing for