Florida Senate - 2018                        COMMITTEE AMENDMENT
       Bill No. SB 1454
       
       
       
       
       
       
                                Ì145570$Î145570                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  02/20/2018           .                                
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       The Committee on Banking and Insurance (Brandes) recommended the
       following:
       
    1         Senate Amendment (with directory and title amendments)
    2  
    3         Between lines 14 and 15
    4  insert:
    5         (4) REIMBURSEMENT CONTRACTS.—
    6         (b)1. The contract must shall contain a promise by the
    7  board to reimburse the insurer for 45 percent, 75 percent, or 90
    8  percent of its losses from each covered event in excess of the
    9  insurer’s retention, plus the equivalent percentage 5 percent of
   10  the reimbursed losses paid by the Citizens Property Insurance
   11  Corporation to cover loss adjustment expenses, not to exceed 15
   12  percent.
   13         2. The insurer must elect one of the percentage coverage
   14  levels specified in this paragraph and may, upon renewal of a
   15  reimbursement contract, elect a lower percentage coverage level
   16  if no revenue bonds issued under subsection (6) after a covered
   17  event are outstanding, or elect a higher percentage coverage
   18  level, regardless of whether or not revenue bonds are
   19  outstanding. All members of an insurer group must elect the same
   20  percentage coverage level. Any joint underwriting association,
   21  risk apportionment plan, or other entity created under s.
   22  627.351 must elect the 90-percent coverage level.
   23         3. The contract must shall provide that reimbursement
   24  amounts shall not be reduced by reinsurance paid or payable to
   25  the insurer from other sources.
   26  
   27  ====== D I R E C T O R Y  C L A U S E  A M E N D M E N T ======
   28  And the directory clause is amended as follows:
   29         Delete lines 12 - 13
   30  and insert:
   31         Section 1. Paragraph (b) of subsection (4) and paragraph
   32  (b) of subsection (5) of section 215.555, Florida Statutes, are
   33  amended to read:
   34  
   35  ================= T I T L E  A M E N D M E N T ================
   36  And the title is amended as follows:
   37         Delete line 3
   38  and insert:
   39         Fund; amending s. 215.555, F.S.; revising requirements
   40         for loss adjustment expense reimbursements in
   41         reimbursement contracts between insurers and the State
   42         Board of Administration; deleting the cash