Florida Senate - 2022                          SENATOR AMENDMENT
       Bill No. CS for SB 2-D
       
       
       
       
       
       
                                Ì518252!Î518252                         
       
                              LEGISLATIVE ACTION                        
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       Senator Farmer 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 part X of chapter 627 issued or
   12  renewed on or after:
   13         (a) July 1, 2022, a rate or premium increase may not be
   14  approved.
   15         (b) July 1, 2023, every insurer shall reduce its rates to
   16  levels that are at least 5 percent less than the rates for the
   17  same coverages that were in effect on July 1, 2022.
   18         (2) After July 1, 2024, rates and premiums reduced pursuant
   19  to subsection (1) may be increased only if the Director of the
   20  Office of Insurance Regulation finds, after an evidentiary
   21  public hearing, that an insurer is unable to earn a fair rate of
   22  return.
   23         (3) Commencing July 1, 2023, insurance rates subject to
   24  this section must be approved by the Director of the Office of
   25  Insurance Regulation, after a hearing, before their use.
   26         (4) Any separate affiliate of an insurer shall be subject
   27  to this section.
   28  
   29  ================= T I T L E  A M E N D M E N T ================
   30  And the title is amended as follows:
   31         Delete line 150
   32  and insert:
   33         in a specified circumstance; creating s. 627.7155,
   34         F.S.; requiring insurers to maintain or reduce rates
   35         for certain coverages issued or renewed on or after
   36         specified dates; authorizing rate increases after a
   37         specified date only if a certain condition is met;
   38         requiring prior approval of insurance rates after a
   39         specified date; providing applicability; amending s.
   40         631.031,