Florida Senate - 2017 COMMITTEE AMENDMENT Bill No. CS for SB 454 Ì8526829Î852682 LEGISLATIVE ACTION Senate . House Comm: RCS . 03/15/2017 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— Appropriations Subcommittee on General Government (Brandes) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Between lines 153 and 154 4 insert: 5 Section 2. Subsection (1) of section 624.407, Florida 6 Statutes, is amended to read: 7 624.407 Surplus required; new insurers.— 8 (1) To receive authority to transact any one kind or 9 combinations of kinds of insurance, as defined in part V of this 10 chapter, an insurer applying for its original certificate of 11 authority in this state shall possess surplus as to 12 policyholders at least the greater of: 13 (a) For a property and casualty insurer, $5 million, or 14 $2.5 million for any other insurer; 15 (b) For life insurers, 4 percent of the insurer’s total 16 liabilities; 17 (c) For life and health insurers, 4 percent of the 18 insurer’s total liabilities, plus 6 percent of the insurer’s 19 liabilities relative to health insurance; 20 (d) For all insurers other than life insurers and life and 21 health insurers, 10 percent of the insurer’s total liabilities; 22 (e) Notwithstanding paragraph (a) or paragraph (d), for a 23 domestic insurer that transacts residential property insurance 24 and is: 25 1. Not a wholly owned subsidiary of an insurer domiciled in 26 any other state, $15 million. 27 2. A wholly owned subsidiary of an insurer domiciled in any 28 other state, $50 million;
or29 (f) Notwithstanding paragraphs (a), (d), and (e), for a 30 domestic insurer that only transacts limited sinkhole coverage 31 insurance for personal lines residential property pursuant to s. 32 627.7151, $7.5 million; or 33 (g) Notwithstanding paragraphs (a), (b), and (e), for an 34 insurer that only transacts residential property insurance in 35 the form of renter’s insurance, tenant’s coverage, cooperative 36 unit owner insurance, or any combination thereof, $10 million. 37 38 ================= T I T L E A M E N D M E N T ================ 39 And the title is amended as follows: 40 Delete line 7 41 and insert: 42 Florida Hurricane Catastrophe Fund; amending s. 43 624.407, F.S.; specifying the minimum surplus as to 44 policyholders for insurers that only transact in 45 specified forms of residential property insurance; 46 amending s.