Florida Senate - 2022                          SENATOR AMENDMENT
       Bill No. CS for SB 2-D
       
       
       
       
       
       
                                Ì503666=Î503666                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                Floor: 20/F/2R         .                                
             05/24/2022 12:48 PM       .                                
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       Senator Osgood moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 1426 and 1427
    4  insert:
    5         Section 20. Section 627.7155, Florida Statutes, is created
    6  to read:
    7         627.7155 Mandatory personal lines and commercial
    8  residential property insurance rate rollback; prior rate
    9  approval.—
   10         (1) With respect to any personal lines or commercial
   11  residential coverage subject to this part issued or renewed on
   12  or after July 1, 2022, a rate or premium increase must be
   13  limited to a total maximum 5 percent increase each year through
   14  June 30, 2024.
   15         (2) After July 1, 2024, rates and premiums subject to
   16  subsection (1) may be increased only if the Director of the
   17  Office of Insurance Regulation finds, after an evidentiary
   18  public hearing, that an insurer is unable to earn a fair rate of
   19  return.
   20         (3) Commencing July 1, 2023, insurance rates subject to
   21  this section must be approved by the Director of the Office of
   22  Insurance Regulation, after a hearing, before their use.
   23         (4) Any separate affiliate of an insurer shall be subject
   24  to this section.
   25  
   26  ================= T I T L E  A M E N D M E N T ================
   27  And the title is amended as follows:
   28         Delete line 150
   29  and insert:
   30         in a specified circumstance; creating s. 627.7155,
   31         F.S.; limiting rate increases for certain coverages
   32         issued or renewed on or after specified dates;
   33         authorizing rate increases after a specified date only
   34         if a certain condition is met; requiring prior
   35         approval of insurance rates after a specified date;
   36         providing applicability; amending s. 631.031,