Florida Senate - 2015 COMMITTEE AMENDMENT
Bill No. SB 916
Ì634480%Î634480
LEGISLATIVE ACTION
Senate . House
Comm: RCS .
03/10/2015 .
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The Committee on Banking and Insurance (Montford) recommended
the following:
1 Senate Amendment (with title amendment)
2
3 Delete lines 23 - 71
4 and insert:
5 officer of a property insurer and the chief actuary of a
6 property insurer must certify under oath and subject to the
7 penalty of perjury, on a form approved by the commission, the
8 following information, which must accompany a property rate
9 filing subject to paragraph (2)(a):
10 1. The signing officer and actuary have reviewed the rate
11 filing;
12 2. Based on the signing officer’s and actuary’s knowledge,
13 the rate filing does not contain any untrue statement of a
14 material fact or omit to state a material fact necessary to make
15 the statements made, in light of the circumstances under which
16 such statements were made, not misleading;
17 3. Based on the signing officer’s and actuary’s knowledge,
18 the information and other factors described in paragraph (2)(b),
19 including, but not limited to, investment income, fairly present
20 in all material respects the basis of the rate filing for the
21 periods presented in the filing; and
22 4. Based on the signing officer’s and actuary’s knowledge,
23 the rate filing reflects all premium savings that are reasonably
24 expected to result from legislative enactments and are in
25 accordance with generally accepted and reasonable actuarial
26 techniques.
27 Section 2. Subsection (1) of section 627.0645, Florida
28 Statutes, is amended to read:
29 627.0645 Annual filings.—
30 (1) Each rating organization filing rates for, and each
31 insurer writing, any line of property or casualty insurance to
32 which this part applies, except:
33 (a) Workers’ compensation and employer’s liability
34 insurance; or
35 (b) Commercial property and casualty Insurance as defined
36 in ss. 624.604 and 624.605, but limited to coverage of
37 commercial risks s. 627.0625(1) other than commercial
38 residential multiperil multiple line and commercial motor
39 vehicle,
40
41 shall make an annual base rate filing for each such line with
42 the office no later than 12 months after its previous base rate
43 filing, demonstrating that its rates are not inadequate.
44
45 ================= T I T L E A M E N D M E N T ================
46 And the title is amended as follows:
47 Delete lines 3 - 15
48 and insert:
49 procedures; amending s. 627.062, F.S.; restricting to
50 certain property rate filings a requirement that the
51 chief executive officer or chief financial officer and
52 chief actuary of a property insurer certify the
53 information contained in a rate filing; amending s.
54 627.0645, F.S.; exempting commercial nonresidential
55 multiperil insurance from annual base rate filing;
56 providing an effective date.