Florida Senate - 2017                          SENATOR AMENDMENT
       Bill No. CS/HB 359, 1st Eng.
       
       
       
       
       
       
                                Ì476744AÎ476744                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                Floor: 1/AE/2R         .            Floor: C            
             05/04/2017 10:04 PM       .      05/05/2017 08:15 PM       
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       Senator Brandes moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Subsection (2) of section 177.041, Florida
    6  Statutes, is amended to read:
    7         177.041 Boundary survey and title certification required.
    8  Every plat or replat of a subdivision submitted to the approving
    9  agency of the local governing body must be accompanied by:
   10         (2) A title opinion of an attorney at law licensed in
   11  Florida or a property information report certification by an
   12  abstractor or a title company showing that record title to the
   13  land as described and shown on the plat is in the name of the
   14  person, persons, corporation, or entity executing the
   15  dedication. The title opinion or property information report
   16  must certification shall also show all mortgages not satisfied
   17  or released of record nor otherwise terminated by law.
   18         Section 2. Subsection (16) of section 177.091, Florida
   19  Statutes, is amended to read:
   20         177.091 Plats made for recording.—Every plat of a
   21  subdivision offered for recording shall conform to the
   22  following:
   23         (16) Location and width of proposed easements and existing
   24  easements identified in the title opinion or property
   25  information report certification required by s. 177.041(2) must
   26  shall be shown on the plat or in the notes or legend, and their
   27  intended use shall be clearly stated. Where easements are not
   28  coincident with property lines, they must be labeled with
   29  bearings and distances and tied to the principal lot, tract, or
   30  right-of-way.
   31         Section 3. Paragraph (a) of subsection (5) of section
   32  197.502, Florida Statutes, is amended to read:
   33         197.502 Application for obtaining tax deed by holder of tax
   34  sale certificate; fees.—
   35         (5)(a) The tax collector may contract with a title company
   36  or an abstract company to provide the minimum information
   37  required in subsection (4), consistent with rules adopted by the
   38  department. If additional information is required, the tax
   39  collector must make a written request to the title or abstract
   40  company stating the additional requirements. The tax collector
   41  may select any title or abstract company, regardless of its
   42  location, as long as the fee is reasonable, the minimum
   43  information is submitted, and the title or abstract company is
   44  authorized to do business in this state. The tax collector may
   45  advertise and accept bids for the title or abstract company if
   46  he or she considers it appropriate to do so.
   47         1. The property information ownership and encumbrance
   48  report must include the letterhead of the person, firm, or
   49  company that makes the search, and the signature of the
   50  individual who makes the search or of an officer of the firm.
   51  The tax collector is not liable for payment to the firm unless
   52  these requirements are met. The report may be submitted to the
   53  tax collector in an electronic format.
   54         2. The tax collector may not accept or pay for any title
   55  search or abstract if financial responsibility is not assumed
   56  for the search. However, reasonable restrictions as to the
   57  liability or responsibility of the title or abstract company are
   58  acceptable. Notwithstanding s. 627.7843(3), the tax collector
   59  may contract for higher maximum liability limits.
   60         3. In order to establish uniform prices for property
   61  information ownership and encumbrance reports within the county,
   62  the tax collector must ensure that the contract for property
   63  information ownership and encumbrance reports include all
   64  requests for title searches or abstracts for a given period of
   65  time.
   66         Section 4. Paragraph (b) of subsection (6) of section
   67  215.555, Florida Statutes, is amended to read:
   68         215.555 Florida Hurricane Catastrophe Fund.—
   69         (6) REVENUE BONDS.—
   70         (b) Emergency assessments.—
   71         1. If the board determines that the amount of revenue
   72  produced under subsection (5) is insufficient to fund the
   73  obligations, costs, and expenses of the fund and the
   74  corporation, including repayment of revenue bonds and that
   75  portion of the debt service coverage not met by reimbursement
   76  premiums, the board shall direct the Office of Insurance
   77  Regulation to levy, by order, an emergency assessment on direct
   78  premiums for all property and casualty lines of business in this
   79  state, including property and casualty business of surplus lines
   80  insurers regulated under part VIII of chapter 626, but not
   81  including any workers’ compensation premiums or medical
   82  malpractice premiums. As used in this subsection, the term
   83  “property and casualty business” includes all lines of business
   84  identified on Form 2, Exhibit of Premiums and Losses, in the
   85  annual statement required of authorized insurers by s. 624.424
   86  and any rule adopted under this section, except for those lines
   87  identified as accident and health insurance and except for
   88  policies written under the National Flood Insurance Program. The
   89  assessment shall be specified as a percentage of direct written
   90  premium and is subject to annual adjustments by the board in
   91  order to meet debt obligations. The same percentage applies to
   92  all policies in lines of business subject to the assessment
   93  issued or renewed during the 12-month period beginning on the
   94  effective date of the assessment.
   95         2. A premium is not subject to an annual assessment under
   96  this paragraph in excess of 6 percent of premium with respect to
   97  obligations arising out of losses attributable to any one
   98  contract year, and a premium is not subject to an aggregate
   99  annual assessment under this paragraph in excess of 10 percent
  100  of premium. An annual assessment under this paragraph continues
  101  as long as the revenue bonds issued with respect to which the
  102  assessment was imposed are outstanding, including any bonds the
  103  proceeds of which were used to refund the revenue bonds, unless
  104  adequate provision has been made for the payment of the bonds
  105  under the documents authorizing issuance of the bonds.
  106         3. Emergency assessments shall be collected from
  107  policyholders. Emergency assessments shall be remitted by
  108  insurers as a percentage of direct written premium for the
  109  preceding calendar quarter as specified in the order from the
  110  Office of Insurance Regulation. The office shall verify the
  111  accurate and timely collection and remittance of emergency
  112  assessments and shall report the information to the board in a
  113  form and at a time specified by the board. Each insurer
  114  collecting assessments shall provide the information with
  115  respect to premiums and collections as may be required by the
  116  office to enable the office to monitor and verify compliance
  117  with this paragraph.
  118         4. With respect to assessments of surplus lines premiums,
  119  each surplus lines agent shall collect the assessment at the
  120  same time as the agent collects the surplus lines tax required
  121  by s. 626.932, and the surplus lines agent shall remit the
  122  assessment to the Florida Surplus Lines Service Office created
  123  by s. 626.921 at the same time as the agent remits the surplus
  124  lines tax to the Florida Surplus Lines Service Office. The
  125  emergency assessment on each insured procuring coverage and
  126  filing under s. 626.938 shall be remitted by the insured to the
  127  Florida Surplus Lines Service Office at the time the insured
  128  pays the surplus lines tax to the Florida Surplus Lines Service
  129  Office. The Florida Surplus Lines Service Office shall remit the
  130  collected assessments to the fund or corporation as provided in
  131  the order levied by the Office of Insurance Regulation. The
  132  Florida Surplus Lines Service Office shall verify the proper
  133  application of such emergency assessments and shall assist the
  134  board in ensuring the accurate and timely collection and
  135  remittance of assessments as required by the board. The Florida
  136  Surplus Lines Service Office shall annually calculate the
  137  aggregate written premium on property and casualty business,
  138  other than workers’ compensation and medical malpractice,
  139  procured through surplus lines agents and insureds procuring
  140  coverage and filing under s. 626.938 and shall report the
  141  information to the board in a form and at a time specified by
  142  the board.
  143         5. Any assessment authority not used for a particular
  144  contract year may be used for a subsequent contract year. If,
  145  for a subsequent contract year, the board determines that the
  146  amount of revenue produced under subsection (5) is insufficient
  147  to fund the obligations, costs, and expenses of the fund and the
  148  corporation, including repayment of revenue bonds and that
  149  portion of the debt service coverage not met by reimbursement
  150  premiums, the board shall direct the Office of Insurance
  151  Regulation to levy an emergency assessment up to an amount not
  152  exceeding the amount of unused assessment authority from a
  153  previous contract year or years, plus an additional 4 percent
  154  provided that the assessments in the aggregate do not exceed the
  155  limits specified in subparagraph 2.
  156         6. The assessments otherwise payable to the corporation
  157  under this paragraph shall be paid to the fund unless the Office
  158  of Insurance Regulation and the Florida Surplus Lines Service
  159  Office received a notice from the corporation and the fund,
  160  which shall be conclusive and upon which they may rely without
  161  further inquiry, that the corporation has issued bonds and the
  162  fund has no agreements in effect with local governments under
  163  paragraph (c). On or after the date of the notice and until the
  164  date the corporation has no bonds outstanding, the fund shall
  165  have no right, title, or interest in or to the assessments,
  166  except as provided in the fund’s agreement with the corporation.
  167         7. Emergency assessments are not premium and are not
  168  subject to the premium tax, to the surplus lines tax, to any
  169  fees, or to any commissions. An insurer is liable for all
  170  assessments that it collects and must treat the failure of an
  171  insured to pay an assessment as a failure to pay the premium. An
  172  insurer is not liable for uncollectible assessments.
  173         8. If an insurer is required to return an unearned premium,
  174  it shall also return any collected assessment attributable to
  175  the unearned premium. A credit adjustment to the collected
  176  assessment may be made by the insurer with regard to future
  177  remittances that are payable to the fund or corporation, but the
  178  insurer is not entitled to a refund.
  179         9. If a surplus lines insured or an insured who has
  180  procured coverage and filed under s. 626.938 is entitled to the
  181  return of an unearned premium, the Florida Surplus Lines Service
  182  Office shall provide a credit or refund to the agent or such
  183  insured for the collected assessment attributable to the
  184  unearned premium before remitting the emergency assessment
  185  collected to the fund or corporation.
  186         10. The exemption of medical malpractice insurance premiums
  187  from emergency assessments under this paragraph is repealed May
  188  31, 2019, and medical malpractice insurance premiums shall be
  189  subject to emergency assessments attributable to loss events
  190  occurring in the contract years commencing on June 1, 2019.
  191         Section 5. Subsection (1) of section 624.407, Florida
  192  Statutes, is amended to read:
  193         624.407 Surplus required; new insurers.—
  194         (1) To receive authority to transact any one kind or
  195  combinations of kinds of insurance, as defined in part V of this
  196  chapter, an insurer applying for its original certificate of
  197  authority in this state shall possess surplus as to
  198  policyholders at least the greater of:
  199         (a) For a property and casualty insurer, $5 million, or
  200  $2.5 million for any other insurer;
  201         (b) For life insurers, 4 percent of the insurer’s total
  202  liabilities;
  203         (c) For life and health insurers, 4 percent of the
  204  insurer’s total liabilities, plus 6 percent of the insurer’s
  205  liabilities relative to health insurance;
  206         (d) For all insurers other than life insurers and life and
  207  health insurers, 10 percent of the insurer’s total liabilities;
  208         (e) Notwithstanding paragraph (a) or paragraph (d), for a
  209  domestic insurer that transacts residential property insurance
  210  and is:
  211         1. Not a wholly owned subsidiary of an insurer domiciled in
  212  any other state, $15 million.
  213         2. A wholly owned subsidiary of an insurer domiciled in any
  214  other state, $50 million; or
  215         (f) Notwithstanding paragraphs (a), (d), and (e), for a
  216  domestic insurer that only transacts limited sinkhole coverage
  217  insurance for personal lines residential property pursuant to s.
  218  627.7151, $7.5 million; or
  219         (g) Notwithstanding paragraphs (a), (d), and (e), for an
  220  insurer that only transacts residential property insurance in
  221  the form of renter’s insurance, tenant’s coverage, cooperative
  222  unit owner insurance, or any combination thereof, $10 million.
  223         Section 6. Subsection (1) of section 624.408, Florida
  224  Statutes, is amended to read:
  225         624.408 Surplus required; current insurers.—
  226         (1) To maintain a certificate of authority to transact any
  227  one kind or combinations of kinds of insurance, as defined in
  228  part V of this chapter, an insurer in this state must at all
  229  times maintain surplus as to policyholders at least the greater
  230  of:
  231         (a) Except as provided in paragraphs (e), (f), and (g),
  232  $1.5 million.
  233         (b) For life insurers, 4 percent of the insurer’s total
  234  liabilities.
  235         (c) For life and health insurers, 4 percent of the
  236  insurer’s total liabilities plus 6 percent of the insurer’s
  237  liabilities relative to health insurance.
  238         (d) For all insurers other than mortgage guaranty insurers,
  239  life insurers, and life and health insurers, 10 percent of the
  240  insurer’s total liabilities.
  241         (e) For property and casualty insurers, $4 million, except
  242  for property and casualty insurers authorized to underwrite any
  243  line of residential property insurance.
  244         (f) For residential property insurers not holding a
  245  certificate of authority before July 1, 2011, $15 million.
  246         (g) For residential property insurers holding a certificate
  247  of authority before July 1, 2011, and until June 30, 2016, $5
  248  million; on or after July 1, 2016, and until June 30, 2021, $10
  249  million; on or after July 1, 2021, $15 million.
  250         (h) Notwithstanding paragraphs (e), (f), and (g), for a
  251  domestic insurer that only transacts limited sinkhole coverage
  252  insurance for personal lines residential property pursuant to s.
  253  627.7151, $7.5 million.
  254         (i) Notwithstanding paragraphs (a), (d), and (e), for an
  255  insurer that only transacts residential property insurance in
  256  the form of renter’s insurance, tenant’s coverage, cooperative
  257  unit owner insurance, or any combination thereof, $10 million.
  258  
  259  The office may reduce the surplus requirement in paragraphs (f)
  260  and (g) if the insurer is not writing new business, has premiums
  261  in force of less than $1 million per year in residential
  262  property insurance, or is a mutual insurance company.
  263         Section 7. Paragraph (c) of subsection (8) of section
  264  624.424, Florida Statutes, is amended to read:
  265         624.424 Annual statement and other information.—
  266         (8)
  267         (c) The board of directors of an insurer shall hire the
  268  certified public accountant that prepares the audit required by
  269  this subsection and the board shall establish an audit committee
  270  of three or more directors of the insurer or an affiliated
  271  company. The audit committee shall be responsible for discussing
  272  audit findings and interacting with the certified public
  273  accountant with regard to her or his findings. The audit
  274  committee shall be comprised solely of members who are free from
  275  any relationship that, in the opinion of its board of directors,
  276  would interfere with the exercise of independent judgment as a
  277  committee member. The audit committee shall report to the board
  278  any findings of adverse financial conditions or significant
  279  deficiencies in internal controls that have been noted by the
  280  accountant. The insurer may request the office to waive this
  281  requirement of the audit committee membership based upon unusual
  282  hardship to the insurer.
  283         Section 8. Subsection (15) of section 625.012, Florida
  284  Statutes, is amended to read:
  285         625.012 “Assets” defined.—In any determination of the
  286  financial condition of an insurer, there shall be allowed as
  287  “assets” only such assets as are owned by the insurer and which
  288  consist of:
  289         (15)(a) Assessments levied pursuant to s. 631.57(3)(a) and
  290  (e) or s. 631.914 which that are paid before policy surcharges
  291  are collected and result in a receivable for policy surcharges
  292  to be collected in the future. This amount, to the extent it is
  293  likely that it will be realized, meets the definition of an
  294  admissible asset as specified in the National Association of
  295  Insurance Commissioners’ Statement of Statutory Accounting
  296  Principles No. 4. The asset shall be established and recorded
  297  separately from the liability regardless of whether it is based
  298  on a retrospective or prospective premium-based assessment. If
  299  an insurer is unable to fully recoup the amount of the
  300  assessment because of a reduction in writings or withdrawal from
  301  the market, the amount recorded as an asset shall be reduced to
  302  the amount reasonably expected to be recouped.
  303         (b) Assessments levied as monthly installments pursuant to
  304  s. 631.57(3)(e)3. or s. 631.914 which that are paid after policy
  305  surcharges are collected so that the recognition of assets is
  306  based on actual premium written offset by the obligation to the
  307  Florida Insurance Guaranty Association or the Florida Workers’
  308  Compensation Insurance Guaranty Association, Incorporated.
  309         Section 9. Paragraph (e) of subsection (7) of section
  310  627.062, Florida Statutes, is amended to read:
  311         627.062 Rate standards.—
  312         (7) The provisions of this subsection apply only to rates
  313  for medical malpractice insurance and control to the extent of
  314  any conflict with other provisions of this section.
  315         (e) For medical malpractice rates subject to paragraph
  316  (2)(a), the medical malpractice insurer shall make an annual
  317  base a rate filing in accordance with s. 627.0645 under this
  318  section, sworn to by at least two executive officers of the
  319  insurer, at least once each calendar year.
  320         Section 10. Subsection (1) of section 627.0645, Florida
  321  Statutes, is amended to read:
  322         627.0645 Annual filings.—
  323         (1) Each rating organization filing rates for, and each
  324  insurer writing, any line of property or casualty insurance to
  325  which this part applies, except:
  326         (a) Workers’ compensation and employer’s liability
  327  insurance;
  328         (b) Insurance as defined in ss. 624.604 and 624.605,
  329  limited to coverage of commercial risks other than commercial
  330  residential multiperil and medical malpractice insurance that is
  331  subject to s. 627.062(2)(a) and (f); or
  332         (c) Travel insurance, if issued as a master group policy
  333  with a situs in another state where each certificateholder pays
  334  less than $30 in premium for each covered trip and where the
  335  insurer has written less than $1 million in annual written
  336  premiums in the travel insurance product in this state during
  337  the most recent calendar year,
  338  
  339  shall make an annual base rate filing for each such line with
  340  the office no later than 12 months after its previous base rate
  341  filing, demonstrating that its rates are not inadequate.
  342         Section 11. Section 627.4035, Florida Statutes, is amended
  343  to read:
  344         627.4035 Cash Payment of premiums; claims.—
  345         (1)(a) The premiums for insurance contracts issued in this
  346  state or covering risk located in this state must shall be paid
  347  in cash consisting of coins, currency, checks, electronic
  348  checks, drafts, or money orders or by using a debit card, credit
  349  card, automatic electronic funds transfer, or payroll deduction
  350  plan. By July 1, 2007, Insurers issuing personal lines
  351  residential and commercial property policies shall provide a
  352  premium payment plan option to their policyholders which allows
  353  for a minimum of quarterly and semiannual payment of premiums.
  354  Insurers may, but are not required to, offer monthly payment
  355  plans. Insurers issuing such policies must submit their premium
  356  payment plan option to the office for approval before use.
  357         (b) If, due to insufficient funds, a payment of premium
  358  under this subsection by debit card, credit card, electronic
  359  funds transfer, or electronic check is returned, is declined, or
  360  cannot be processed, the insurer may impose an insufficient
  361  funds fee of up to $15 per occurrence pursuant to the policy
  362  terms. However, the insurer may not charge the policyholder an
  363  insufficient funds fee if the failure in payment resulted from
  364  fraud or misuse on the policyholder’s account from which the
  365  payment was made and such fraud or misuse was not attributed to
  366  the policyholder.
  367         (2) Subsection (1) is not applicable to:
  368         (a) Reinsurance agreements;
  369         (b) Pension plans;
  370         (c) Premium loans, whether or not subject to an automatic
  371  provision;
  372         (d) Dividends, whether to purchase additional paid-up
  373  insurance or to shorten the dividend payment period;
  374         (e) Salary deduction plans;
  375         (f) Preauthorized check plans;
  376         (g) Waivers of premiums on disability;
  377         (h) Nonforfeiture provisions affording benefits under
  378  supplementary contracts; or
  379         (i) Such other methods of paying for life insurance as may
  380  be permitted by the commission pursuant to rule or regulation.
  381         (3) All payments of claims made in this state under any
  382  contract of insurance shall be paid:
  383         (a) In cash consisting of coins, currency, checks, drafts,
  384  or money orders and, if by check or draft, shall be in such form
  385  as will comply with the standards for cash items adopted by the
  386  Federal Reserve System to facilitate the sorting, routing, and
  387  mechanized processing of such items; or
  388         (b) If authorized in writing by the recipient or the
  389  recipient’s representative, by debit card or any other form of
  390  electronic transfer. Any fees or costs to be charged against the
  391  recipient must be disclosed in writing to the recipient or the
  392  recipient’s representative at the time of written authorization.
  393  However, the written authorization requirement may be waived by
  394  the recipient or the recipient’s representative if the insurer
  395  verifies the identity of the insured or the insured’s recipient
  396  and does not charge a fee for the transaction. If the funds are
  397  misdirected, the insurer remains liable for the payment of the
  398  claim.
  399         Section 12. Subsection (5) is added to section 627.421,
  400  Florida Statutes, to read:
  401         627.421 Delivery of policy.—
  402         (5)An electronically delivered document satisfies any
  403  font, size, color, spacing, or other formatting requirement for
  404  printed documents if the format in the electronically delivered
  405  document has reasonably similar proportions or emphasis of the
  406  characters relative to the rest of the electronic document or is
  407  otherwise displayed in a reasonably conspicuous manner.
  408         Section 13. Subsection (9) of section 627.7295, Florida
  409  Statutes, is amended to read:
  410         627.7295 Motor vehicle insurance contracts.—
  411         (9)(a) In addition to the methods provided in s.
  412  627.4035(1), premium for motor vehicle insurance contracts
  413  issued in this state or covering risk located in this state may
  414  be paid in cash in the form of a draft or drafts.
  415         (b) If, due to insufficient funds, payment of premium under
  416  this subsection by debit card, credit card, electronic funds
  417  transfer, or electronic check is returned, is declined, or
  418  cannot be processed, the insurer may impose an insufficient
  419  funds fee of up to $15 per occurrence pursuant to the policy
  420  terms.
  421         Section 14. Section 627.7843, Florida Statutes, is amended
  422  to read:
  423         627.7843 Property information reports Ownership and
  424  encumbrance reports.—
  425         (1) As used in this section, the term “property information
  426  report” means any report that contains the limitations of this
  427  section and discloses documents or information appearing in the
  428  Official Records as described in s. 28.222, in the records of a
  429  county tax collector pertaining to ad valorem real property
  430  taxes and special assessments imposed by a governmental
  431  authority against real property, in the Secretary of State
  432  filing office, or in another governmental filing office
  433  pertaining to real or personal property. A property information
  434  report may be issued by any person, including a Florida-licensed
  435  title insurer, title agent, or title agency “ownership and
  436  encumbrance report” means a report that discloses certain
  437  defined documents imparting constructive notice and appearing in
  438  the official records relating to specified real property.
  439         (2) A property information An ownership and encumbrance
  440  report may not directly or indirectly set forth or imply any
  441  opinion, warranty, guarantee, insurance, or other similar
  442  assurance and does not constitute title insurance as defined in
  443  s. 624.608 as to the status of title to real property.
  444         (3) The contractual liability of the issuer of a property
  445  information report is limited to the person or persons expressly
  446  identified by name in the property information report as the
  447  recipient or recipients of the property information report and
  448  may not exceed the amount paid for the property information
  449  report. Only contractual remedies are available for an error or
  450  omission that arises from a property information report. A
  451  property information report must contain the following language:
  452  
  453  “This report is not title insurance. Pursuant to s. 627.7843,
  454  Florida Statutes, the maximum liability of the issuer of this
  455  property information report for errors or omissions in this
  456  property information report is limited to the amount paid for
  457  this property information report, and is further limited to the
  458  person(s) expressly identified by name in the property
  459  information report as the recipient(s) of the property
  460  information report.” Any ownership and encumbrance report or
  461  similar report that is relied on or intended to be relied on by
  462  a consumer must be on forms approved by the office, and must
  463  provide for a maximum liability for incorrect information of not
  464  more than $1,000.
  465         (4) This section is not applicable to an opinion of title
  466  issued by an attorney.
  467         Section 15. This act shall take effect upon becoming a law.
  468  
  469  ================= T I T L E  A M E N D M E N T ================
  470  And the title is amended as follows:
  471         Delete everything before the enacting clause
  472  and insert:
  473                        A bill to be entitled                      
  474         An act relating to the regulation of insurance
  475         companies; amending s. 177.041, F.S.; providing that a
  476         specified property information report, rather than a
  477         specified certification by an abstractor or a title
  478         company, may be submitted as part of certain
  479         information required in relation to the plat or replat
  480         of a subdivision; amending ss. 177.091 and 197.502,
  481         F.S.; conforming provisions to changes made by the
  482         act; amending s. 215.555, F.S.; deleting a future
  483         repeal of an exemption of medical malpractice
  484         insurance premiums from certain emergency assessments
  485         by the State Board of Administration relating to the
  486         Florida Hurricane Catastrophe Fund; amending ss.
  487         624.407 and 624.408, F.S.; specifying the minimum
  488         surplus as to policyholders for insurers that only
  489         transact in specified forms of residential property
  490         insurance; amending s. 624.424, F.S.; revising a
  491         requirement for audit committees established by the
  492         boards of directors of insurers, relating to
  493         relationships that would interfere with the exercise
  494         of independent judgment of committee members; amending
  495         s. 625.012, F.S.; revising the allowable assets of
  496         insurers relating to specified levied assessments;
  497         amending s. 627.062, F.S.; revising requirements for
  498         certain rate filings by medical malpractice insurers;
  499         amending s. 627.0645, F.S.; adding certain medical
  500         malpractice insurance to casualty insurance excluded
  501         from an annual base rate filing requirement for rating
  502         organizations; amending s. 627.4035, F.S.; revising
  503         the methods of paying premiums for insurance
  504         contracts; authorizing an insurer to impose a
  505         specified insufficient funds fee if certain premium
  506         payment methods are returned, are declined, or cannot
  507         be processed; providing an exception; amending s.
  508         627.421, F.S.; providing that an electronically
  509         delivered document in an insurance policy meets
  510         formatting requirements for printed documents under
  511         certain conditions; amending s. 627.7295, F.S.;
  512         conforming provisions to changes made by the act;
  513         amending s. 627.7843, F.S.; replacing provisions
  514         relating to ownership and encumbrance reports with
  515         provisions relating to property information reports;
  516         defining the term “property information report”;
  517         prohibiting property information reports from setting
  518         forth or implying certain assurances; providing
  519         construction; specifying a limitation on the
  520         contractual liability of issuers of property
  521         information reports; requiring a specified disclosure
  522         in property information reports; providing
  523         applicability; providing an effective date.