Florida Senate - 2019                        COMMITTEE AMENDMENT
       Bill No. SB 264
                              LEGISLATIVE ACTION                        
                    Senate             .             House              

       The Committee on Banking and Insurance (Gruters) recommended the
    1         Senate Amendment (with title amendment)
    3         Delete lines 25 - 28
    4  and insert:
    5         3.Any dividend or premium refund not paid to a former
    6  insured of the plan because the insured cannot be located must
    7  be retained by the plan as surplus, subject to the following
    8  conditions:
    9         a.Within 12 months after the failed initial delivery of
   10  the dividend or premium refund, the plan shall:
   11         (I)Conduct a diligent search to locate the former insured.
   12  As used in this sub-subparagraph, the term “diligent search”
   13  means the use of a reasonable and prudent method under
   14  particular circumstances to locate a former insured to whom a
   15  dividend or premium refund is owed. Such method includes
   16  searching a nationwide database by using the taxpayer
   17  identification number or social security number, if known;
   18  cross-indexing with other records related to the former insured;
   19  mailing to the last known address unless the last known address
   20  is known to be inaccurate; or engaging a licensed agency or
   21  company capable of conducting such search and providing an
   22  updated address.
   23         (II)Notify the insurance agency on the policy of such
   24  dividend or premium refund. Notification to the insurance agency
   25  does not constitute notification to the former insured and does
   26  not make the insurance agency responsible for the dividend or
   27  premium refund.
   28         (III)For an unclaimed dividend or premium refund valued at
   29  $250 or more, make at least one active notification attempt
   30  after completing the diligent search. As used in this sub-sub
   31  subparagraph, the term “active notification attempt” means an
   32  attempt to directly contact a former insured to notify him or
   33  her of an unclaimed dividend or premium refund. The term does
   34  not include other means of notification which do not involve an
   35  attempt to directly contact the former insured, such as
   36  publication of the name of the former insured in a newspaper, on
   37  television, on the Internet, or through other promotional
   38  efforts and items.
   39         b.The plan shall publish and maintain on the plan’s
   40  website a list of the names of the former insureds who have
   41  unclaimed dividend or premium refunds and the amount of the
   42  dividend or premium refunds owed.
   43         c.Notwithstanding s. 95.11, a former insured with
   44  satisfactory proof may claim any such dividend or premium refund
   45  from the plan at any time.
   46         Section 2. This act shall take effect July 1, 2019.
   48  ================= T I T L E  A M E N D M E N T ================
   49  And the title is amended as follows:
   50         Delete line 6
   51  and insert:
   52         underwriting plan of insurers as surplus, subject to
   53         specified diligent search and notification
   54         requirements and subject to certain claims by former
   55         insureds; defining the terms “diligent search” and
   56         “active notification attempt”;