Florida Senate - 2016 COMMITTEE AMENDMENT
Bill No. CS for SB 584
Ì365506+Î365506
LEGISLATIVE ACTION
Senate . House
Comm: WD .
01/15/2016 .
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Appropriations Subcommittee on Transportation, Tourism, and
Economic Development (Brandes) recommended the following:
1 Senate Amendment (with title amendment)
2
3 Delete lines 313 - 323
4 and insert:
5 (8) When procuring flood coverage from an authorized
6 insurer or a surplus lines insurer for a property currently
7 insured under the National Flood Insurance Program, an
8 acknowledgment signed by the applicant must be received by an
9 agent within 20 days before the expiration date of the flood
10 insurance written through the National Flood Insurance Program.
11 Otherwise, the private flood policy must be canceled, and
12 premium must be remitted to a participant in the National Flood
13 Insurance Program. The acknowledgement must notify the applicant
14 that the full risk rate for flood insurance may apply to the
15 property if such insurance is later obtained under the National
16 Flood Insurance Program An agent must, upon receiving an
17 application for flood coverage from an authorized or surplus
18 lines insurer for a property receiving flood insurance under the
19 National Flood Insurance Program, obtain an acknowledgment
20 signed by the applicant before placing the coverage with the
21 authorized or surplus lines insurer. The acknowledgment must
22 notify the applicant that, if the applicant discontinues
23 coverage under the National Flood Insurance Program which is
24 provided at a subsidized rate, the full risk rate for flood
25 insurance may apply to the property if the applicant later seeks
26 to reinstate coverage under the program.
27
28 ================= T I T L E A M E N D M E N T ================
29 And the title is amended as follows:
30 Delete line 37
31 and insert:
32 more authorized insurers; providing that an agent must
33 receive from an applicant for certain flood coverage a
34 specified signed acknowledgement within a specified
35 time, or otherwise the policy must be canceled and
36 premium must be remitted to a participant in the
37 National Flood Insurance Program; providing an
38 effective date.