Florida Senate - 2019 COMMITTEE AMENDMENT Bill No. SB 264 Ì124924,Î124924 LEGISLATIVE ACTION Senate . House Comm: RCS . 03/11/2019 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Banking and Insurance (Gruters) recommended the following: 1 Senate Amendment (with title amendment) 2 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. 47 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”;