Florida Senate - 2019 COMMITTEE AMENDMENT Bill No. SB 122 Ì3360484Î336048 LEGISLATIVE ACTION Senate . House . . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Banking and Insurance (Taddeo) recommended the following: 1 Senate Amendment to Amendment (306982) (with title 2 amendment) 3 4 Delete line 224 5 and insert: 6 Section 5. (1) Within 60 days after the effective date of 7 this section, the Office of Insurance Regulation shall enter 8 into a contract with an independent consultant to calculate the 9 savings expected as a result of this act. The contract must 10 require the use of generally accepted actuarial techniques and 11 standards in determining the expected impact on losses and 12 expenses. By September 15, 2019, the office shall submit to the 13 Governor, the President of the Senate, and the Speaker of the 14 House of Representatives a report concerning the results of the 15 independent consultant’s calculations. 16 (2) By October 1, 2019, an insurer writing property 17 insurance in this state shall make a rate filing with the Office 18 of Insurance Regulation. A rate certification does not satisfy 19 this requirement. If the insurer requests a rate in excess of a 20 10 percent reduction as applied to the current rate in its 21 overall base rate for property insurance, the insurer must 22 include in its rate filing a detailed explanation of the reasons 23 for its failure to achieve a 10 percent reduction. 24 (3) By January 1, 2021, an insurer writing property 25 insurance in this state shall make a rate filing with the Office 26 of Insurance Regulation. A rate certification does not satisfy 27 this requirement. If the insurer requests a rate in excess of a 28 25 percent reduction as applied to the rate in effect as of July 29 1, 2019, in its overall base rate for property insurance since 30 July 1, 2019, the insurer must include in its rate filing a 31 detailed explanation of the reasons for its failure to achieve a 32 25 percent reduction. 33 (4) If an insurer fails to provide the detailed explanation 34 required by subsection (2) or subsection (3), the Office of 35 Insurance Regulation must order the insurer to stop writing new 36 property insurance policies in this state until the insurer 37 provides the required explanation. 38 (5) This section shall take effect upon this act becoming a 39 law. 40 Section 6. Except as otherwise expressly provided in this 41 act and except for this section, which shall take effect upon 42 this act becoming a law, this act shall take effect July 1, 43 2019. 44 45 ================= T I T L E A M E N D M E N T ================ 46 And the title is amended as follows: 47 Delete lines 255 - 256 48 and insert: 49 provider; providing applicability; requiring the 50 Office of Insurance Regulation, within a certain 51 timeframe, to enter into a contract with an 52 independent consultant for certain purposes; providing 53 requirements for the contract; requiring the office to 54 submit, by a specified date, a certain report to the 55 Governor and Legislature; requiring property insurers, 56 by specified dates, to make full rate filings with the 57 office; requiring such insurers to include a certain 58 explanation under certain circumstances; requiring the 59 office to order such an insurer to stop writing new 60 policies if the insurer fails to provide such 61 explanation; providing effective dates.