Florida Senate - 2017                        COMMITTEE AMENDMENT
       Bill No. CS for SB 454
       
       
       
       
       
       
                                Ì8526829Î852682                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/15/2017           .                                
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       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; or
   29         (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.