Florida Senate - 2016                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1422
       
       
       
       
       
       
                                Ì243832#Î243832                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  02/15/2016           .                                
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       Appropriations Subcommittee on General Government (Lee)
       recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 202 - 208
    4  and insert:
    5  annual disclosure must be submitted by December 31, 2018.
    6         b. An insurer or insurance group not required to submit a
    7  corporate governance annual disclosure under sub-subparagraph a.
    8  shall do so at the request of the office, but not more than once
    9  per calendar year. The insurer or insurance group shall notify
   10  the office of the proposed submission date within 30 days after
   11  the request of the office.
   12         c. Before December 31, 2018, the office may require an
   13  insurer or insurance group to provide a corporate governance
   14  annual disclosure:
   15         (I) Based on unique circumstances, including, but not
   16  limited to, the type and volume of business written, the
   17  ownership and organizational structure, federal agency requests,
   18  and international supervisor requests;
   19         (II) If the insurer has risk-based capital for a company
   20  action level event pursuant to s. 624.4085(3), meets one or more
   21  of the standards of an insurer deemed to be in hazardous
   22  financial condition as defined in rules adopted pursuant to s.
   23  624.81(11), or exhibits qualities of an insurer in hazardous
   24  financial condition as determined by the office;
   25         (III) If the insurer is the member of an insurer group of
   26  which the office acts as the lead state regulator as determined
   27  by the procedures in the most recent National Association of
   28  Insurance Commissioners Financial Analysis Handbook; or
   29         (IV) If the office determines that it is in the best
   30  interest of the state.
   31  
   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 line 12
   35  and insert:
   36         requiring the initial corporate governance annual
   37         disclosure to be submitted to the Office of Insurance
   38         Regulation by a specified date; authorizing the office
   39         to require an insurer or insurance group to provide a
   40         corporate governance annual disclosure before such
   41         date under certain circumstances; specifying
   42         requirements for preparing and annually filing the
   43         corporate governance annual disclosure;