Florida Senate - 2022                        COMMITTEE AMENDMENT
       Bill No. SB 2-A
       
       
       
       
       
       
                                Ì7854520Î785452                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                 Comm: UNFAV           .                                
                  12/12/2022           .                                
                                       .                                
                                       .                                
                                       .                                
       —————————————————————————————————————————————————————————————————




       —————————————————————————————————————————————————————————————————
       The Committee on Fiscal Policy (Osgood) recommended the
       following:
       
       
       
    1         Senate Amendment (with title amendment)
    2  
    3  
    4         Between lines 3016 and 3017
    5  insert:
    6         Section 24. Paragraph (b) of subsection (3) of section
    7  631.398, Florida Statutes, is amended to read:
    8         631.398 Prevention of insolvencies.—To aid in the detection
    9  and prevention of insurer insolvencies or impairments:
   10         (3)
   11         (b) For an insolvency involving a domestic property
   12  insurer, the department shall:
   13         1. Begin an analysis of the history and causes of the
   14  insolvency once the department is appointed by the court as
   15  receiver.
   16         2. Submit an initial report analyzing the history and
   17  causes of the insolvency to the Governor, the President of the
   18  Senate, the Speaker of the House of Representatives, and the
   19  office. The initial report must be submitted no later than 4
   20  months after the department is appointed as receiver. The
   21  initial report shall be updated at least annually until the
   22  submission of the final report. The report may not be used as
   23  evidence in any proceeding brought by the department or others
   24  to recover assets on behalf of the receivership estate as part
   25  of its duties under s. 631.141(8). The submission of a report
   26  under this subparagraph shall not be considered a waiver of any
   27  evidentiary privilege the department may assert under state or
   28  federal law. The department shall publish the initial report and
   29  all updated reports on its website within 10 days after
   30  submission under this subparagraph.
   31         3. Provide a special report to the Governor, the President
   32  of the Senate, the Speaker of the House of Representatives, and
   33  the office, within 10 days upon identifying any condition or
   34  practice that may lead to insolvency in the property insurance
   35  marketplace.
   36         4. Submit a final report analyzing the history and causes
   37  of the insolvency and the review of the Office of Insurance
   38  Regulation’s regulatory oversight of the insurer to the
   39  Governor, the President of the Senate, the Speaker of the House
   40  of Representatives, and the office within 30 days of the
   41  conclusion of the insolvency proceeding. The department shall
   42  publish the final report on its website within 10 days after
   43  submission under this subparagraph.
   44         5. Review the Office of Insurance Regulation’s regulatory
   45  oversight of the insurer.
   46  
   47  ================= T I T L E  A M E N D M E N T ================
   48  And the title is amended as follows:
   49         Between lines 143 and 144
   50  insert:
   51         631.398; requiring the Department of Financial
   52         Services to publish certain reports relating to
   53         insolvent domestic property insurers on its website
   54         within a specified timeframe after submission to the
   55         Governor, the Legislature, and the office; amending s.