Florida Senate - 2017                        COMMITTEE AMENDMENT
       Bill No. SB 812
       
       
       
       
       
       
                                Ì810992<Î810992                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  03/14/2017           .                                
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       The Committee on Banking and Insurance (Perry) recommended the
       following:
       
    1         Senate Amendment 
    2  
    3         Delete lines 27 - 42
    4  and insert:
    5  renewal premium. This subsection does not apply to a policy
    6  providing personal lines residential or commercial residential
    7  property insurance coverage, except for farmowners insurance,
    8  unless:
    9         (a) The authorized insurer to which the policy is being
   10  transferred is admitted in this state and other states and
   11  writing residential property insurance in such states, is not
   12  converting the policy to a surplus lines policy, and has been
   13  determined by the office to have the same or better financial
   14  strength than the transferring insurer;
   15         (b) The transfer results in substantially similar coverage;
   16         (c) The authorized insurer to which the policy is being
   17  transferred provides a notice of change in policy terms to the
   18  policyholder in compliance with s. 627.43141, which must also
   19  include notice of the policy transfer and the authorized
   20  insurer’s financial rating. Such notice must be provided with
   21  the notice of renewal premium. The notice and information
   22  provided under this paragraph must be provided to the insured at
   23  least 60 days before the effective date of the transfer and may
   24  replace any other notice required by this subsection;
   25         (d) The policyholder of the policy being transferred has
   26  been selected on a nondiscriminatory basis; and
   27         (e) The office has approved the transfer and commercial
   28  general liability policies providing farm coverage or commercial
   29  property policies providing farm coverage.