Florida Senate - 2017 COMMITTEE AMENDMENT Bill No. CS for CS for SB 454 Ì756086DÎ756086 LEGISLATIVE ACTION Senate . House Comm: WD . 04/28/2017 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Rules (Brandes) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Between lines 240 and 241 4 insert: 5 Section 5. Subsection (2) of section 324.032, Florida 6 Statutes, is amended to read: 7 324.032 Manner of proving financial responsibility; for 8 hire passenger transportation vehicles.—Notwithstanding the 9 provisions of s. 324.031: 10 (2) An owner or a lessee who is required to maintain 11 insurance under s. 324.021(9)(b) and who operates at least 150 12
300taxicabs, limousines, jitneys, or any other for-hire 13 passenger transportation vehicles may provide financial 14 responsibility by complying with the provisions of s. 324.171, 15 such compliance to be demonstrated by maintaining at its 16 principal place of business an audited financial statement, 17 prepared in accordance with generally accepted accounting 18 principles, and providing to the department a certification 19 issued by a certified public accountant that the applicant’s net 20 worth is at least equal to the requirements of s. 324.171 as 21 determined by the Office of Insurance Regulation of the 22 Financial Services Commission, including claims liabilities in 23 an amount certified as adequate by a Fellow of the Casualty 24 Actuarial Society. 25 26 Upon request by the department, the applicant must provide the 27 department at the applicant’s principal place of business in 28 this state access to the applicant’s underlying financial 29 information and financial statements that provide the basis of 30 the certified public accountant’s certification. The applicant 31 shall reimburse the requesting department for all reasonable 32 costs incurred by it in reviewing the supporting information. 33 The maximum amount of self-insurance permissible under this 34 subsection is $300,000 and must be stated on a per-occurrence 35 basis, and the applicant shall maintain adequate excess 36 insurance issued by an authorized or eligible insurer licensed 37 or approved by the Office of Insurance Regulation. All risks 38 self-insured shall remain with the owner or lessee providing it, 39 and the risks are not transferable to any other person, unless a 40 policy complying with subsection (1) is obtained. 41 42 ================= T I T L E A M E N D M E N T ================ 43 And the title is amended as follows: 44 Delete line 14 45 and insert: 46 Florida Hurricane Catastrophe Fund; amending s. 47 324.032, F.S.; revising the minimum number of for-hire 48 passenger transportation vehicles that may be operated 49 by certain owners or lessees who elect to qualify as 50 self-insurers to comply with certain financial 51 responsibility requirements; amending s.