Florida Senate - 2017                        COMMITTEE AMENDMENT
       Bill No. CS for CS for SB 454
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  04/28/2017           .                                

       The Committee on Rules (Brandes) recommended the following:
    1         Senate Amendment (with title amendment)
    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  300 taxicabs, 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.
   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.
   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.