Florida Senate - 2016 COMMITTEE AMENDMENT Bill No. SB 1036 Ì911596HÎ911596 LEGISLATIVE ACTION Senate . House Comm: RCS . 01/27/2016 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Banking and Insurance (Richter) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Before line 36 4 insert: 5 Section 1. Subsection (8) of section 627.0651, Florida 6 Statutes, is amended to read: 7 627.0651 Making and use of rates for motor vehicle 8 insurance.— 9 (8) Rates are not unfairly discriminatory if averaged 10 broadly among members of a group; nor are rates unfairly 11 discriminatory even though they are lower than rates for 12 nonmembers of the group. However, such rates are unfairly 13 discriminatory if they are not actuarially measurable and 14 credible and sufficiently related to actual or expected loss and 15 expense experience of the group so as to assure that nonmembers 16 of the group are not unfairly discriminated against. Use of a 17 single United States Postal Service zip code as a rating 18 territory shall be deemed unfairly discriminatory unless filed 19 pursuant to paragraph (1)(a) and the territory incorporates 20 sufficient actual or expected loss and loss adjustment expense 21 experience so as to be actuarially measurable and credible. The 22 office shall ensure that any rate filing resulting from the use 23 of a single zip code as a rating territory does not contain a 24 rate or rate change that is excessive, inadequate, or unfairly 25 discriminatory. 26 27 ================= T I T L E A M E N D M E N T ================ 28 And the title is amended as follows: 29 Delete line 2 30 and insert: 31 An act relating to automobile insurance; amending s. 32 627.0651, F.S.; providing an exception to a provision 33 that deems use of a single zip code as a rating 34 territory for insurance rates to be unfairly 35 discriminatory; requiring the Office of Insurance 36 Regulation to ensure that rates or rate changes 37 contained in certain rate filings are not excessive, 38 inadequate, or unfairly discriminatory; amending s.