Florida Senate - 2016                        COMMITTEE AMENDMENT
       Bill No. CS for SB 940
       
       
       
       
       
       
                                Ì1258340Î125834                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  01/25/2016           .                                
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       The Committee on Commerce and Tourism (Richter) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 111 - 121
    4  and insert:
    5  insurer shall calculate an adjusted statutory or unearned
    6  premium reserve as of the effective date of redomestication to
    7  this state. The adjusted statutory or unearned premium reserve
    8  shall be calculated as if subsections (1) and (2) had been in
    9  effect as to the insurer’s foreign statutory premium reserve for
   10  all years beginning 20 years before the effective date of
   11  redomestication. For purposes of calculating the adjusted
   12  statutory or unearned premium reserve, the balance of the
   13  insurer’s foreign statutory premium reserve as of the date 20
   14  years before the redomestication shall be $0. If the adjusted
   15  statutory or unearned premium reserve exceeds the aggregate
   16  amount set aside for statutory or unearned premiums in the
   17  insurer’s annual statement on file with the office on the date
   18  of redomestication, the insurer shall, out of total charges for
   19  policies of title insurance, increase its statutory or unearned
   20  premium reserve by an amount equal to one-sixth of that excess
   21  in each of the succeeding 6 years, commencing with the calendar
   22  year that includes the redomestication, until the entire excess
   23  has been added. If the adjusted statutory or unearned premium
   24  reserve is less than the aggregate amount set aside for
   25  statutory or unearned premiums in the insurer’s annual statement
   26  on file with the office on the date of redomestication, the
   27  insurer may release the excess into surplus statutory or
   28  unearned premium reserve shall be the amount required by the
   29  laws of the state of the title insurer’s former state of
   30  domicile as of the date of transfer of domicile and shall be
   31  released from reserve according to the requirements of law in
   32  effect in the former state at the time of domicile. On or after
   33  January 1, 2014, for new business written after the effective
   34  date of the transfer of domicile to this state, the domestic
   35  title insurer shall add to and set aside in the statutory or
   36  unearned premium reserve such amount as provided in subsection
   37  (1).
   38  
   39  ================= T I T L E  A M E N D M E N T ================
   40  And the title is amended as follows:
   41         Delete line 6
   42  and insert:
   43         released; revising premium reserve requirements and
   44         calculations for a title