Florida Senate - 2022                          SENATOR AMENDMENT
       Bill No. CS for SB 2-D
       
       
       
       
       
       
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                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                Floor: 12/F/2R         .                                
             05/24/2022 12:16 PM       .                                
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       Senator Farmer moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 617 and 618
    4  insert:
    5         Section 10. Subsection (1) of section 624.407, Florida
    6  Statutes, is amended to read:
    7         624.407 Surplus required; new insurers.—
    8         (1) To receive authority to transact any one kind or
    9  combinations of kinds of insurance, as defined in part V of this
   10  chapter, an insurer applying for its original certificate of
   11  authority in this state shall possess surplus as to
   12  policyholders at least the greater of:
   13         (a) For a property and casualty insurer, $5 million, or
   14  $2.5 million for any other insurer;
   15         (b) For life insurers, 4 percent of the insurer’s total
   16  liabilities;
   17         (c) For life and health insurers, 4 percent of the
   18  insurer’s total liabilities, plus 6 percent of the insurer’s
   19  liabilities relative to health insurance;
   20         (d) For all insurers other than life insurers and life and
   21  health insurers, 10 percent of the insurer’s total liabilities;
   22         (e) Notwithstanding paragraph (a) or paragraph (d), for a
   23  domestic insurer that transacts residential property insurance
   24  and is:
   25         1. Not a wholly owned subsidiary of an insurer domiciled in
   26  any other state, $30 $15 million.
   27         2. A wholly owned subsidiary of an insurer domiciled in any
   28  other state, $50 million;
   29         (f) Notwithstanding paragraphs (a), (d), and (e), for a
   30  domestic insurer that only transacts limited sinkhole coverage
   31  insurance for personal lines residential property pursuant to s.
   32  627.7151, $7.5 million; or
   33         (g) Notwithstanding paragraphs (a), (d), and (e), for an
   34  insurer that only transacts residential property insurance in
   35  the form of renter’s insurance, tenant’s coverage, cooperative
   36  unit owner insurance, or any combination thereof, $10 million.
   37  
   38  ================= T I T L E  A M E N D M E N T ================
   39  And the title is amended as follows:
   40         Between lines 69 and 70
   41  insert:
   42         s. 624.407, F.S.; increasing the minimum surplus
   43         required for certain residential property insurers to
   44         receive authority to transact insurance; amending