Florida Senate - 2022                        COMMITTEE AMENDMENT
       Bill No. SB 578
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  01/12/2022           .                                

       The Committee on Banking and Insurance (Brandes) recommended the
    1         Senate Substitute for Amendment (774500) (with title
    2  amendment)
    4         Before line 11
    5  insert:
    6         Section 1. Paragraph (g) is added to subsection (7) of
    7  section 215.555, Florida Statutes, to read:
    8         215.555 Florida Hurricane Catastrophe Fund.—
   10         (g) Each fiscal year, the Legislature shall appropriate
   11  from the investment income of the Florida Hurricane Catastrophe
   12  Fund $2 million of the investment income based upon the most
   13  recent fiscal year-end audited financial statements to the
   14  University of South Florida School of Risk Management and
   15  Insurance for the purpose of providing research into the
   16  property insurance market of this state. The school shall use
   17  publicly available data to analyze trends regarding, and to
   18  develop recommended policies and best practices for reducing,
   19  property insurance rates, Citizens Property Insurance
   20  Corporation policyholder counts, and property insurance
   21  litigation frequency. The school shall also analyze to what
   22  extent hurricane losses and rebuilding costs influence these
   23  trends. Moneys shall first be available for appropriation under
   24  this paragraph in fiscal year 2022-2023. Moneys in excess of the
   25  $10 million specified in this paragraph may not be available for
   26  appropriation under this paragraph if the State Board of
   27  Administration finds that an appropriation of investment income
   28  from the fund would jeopardize the actuarial soundness of the
   29  fund.
   31  ================= T I T L E  A M E N D M E N T ================
   32  And the title is amended as follows:
   33         Delete lines 2 - 3
   34  and insert:
   35         An act relating to hurricane impact programs; amending
   36         s. 215.555, F.S.; providing an annual appropriation
   37         from the Florida Hurricane Catastrophe Fund to fund
   38         specified research; specifying requirements and
   39         exceptions; amending s. 215.559, F.S.; deleting