Florida Senate - 2025                        COMMITTEE AMENDMENT
       Bill No. SB 282
       
       
       
       
       
       
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                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/03/2025           .                                
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       The Committee on Banking and Insurance (Truenow) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 146 - 174
    4  and insert:
    5  association complies with the following:
    6         (a) The association or, if the association is a direct or
    7  indirect wholly owned subsidiary of a parent corporation, its
    8  parent corporation has, and maintains at all times, a minimum
    9  net worth of at least $100 million and provides the office with
   10  one of the following:
   11         1. A copy of the association’s annual audited financial
   12  statements or the audited consolidated financial statements of
   13  the association’s parent corporation, prepared by an independent
   14  certified public accountant in accordance with generally
   15  accepted accounting principles, which clearly demonstrate the
   16  net worth of the association or its parent corporation to be
   17  $100 million and a quarterly written certification to the office
   18  that such entity continues to maintain the net worth required
   19  under this paragraph.
   20         2. The association’s, or its parent corporation’s, Form 10
   21  K, Form 10-Q, or Form 20-F as filed with the United States
   22  Securities and Exchange Commission or such other documents
   23  required to be filed with a recognized stock exchange, which
   24  shall be provided on a quarterly and annual basis within 10 days
   25  after the last date each such report must be filed with the
   26  Securities and Exchange Commission, the National Association of
   27  Security Dealers Automated Quotation system, or other recognized
   28  stock exchange.
   29  
   30  Failure to timely file the documents required under this
   31  paragraph may, at the discretion of the office, subject the
   32  association to suspension or revocation of its license under
   33  this part.
   34         Section 3. Subsection (5) is added to section 634.414,
   35  Florida Statutes, to read:
   36         634.414 Forms; required provisions.—
   37         (5) All contracts that include coverage for accidental
   38  damage from handling must be covered by the contractual
   39  liability policy specified in s. 634.406(3), unless such
   40  coverage is issued by an association not required to establish
   41  an unearned premium reserve or maintain contractual liability
   42  insurance under s. 634.406(7).
   43  
   44  ================= T I T L E  A M E N D M E N T ================
   45  And the title is amended as follows:
   46         Between lines 9 and 10
   47  insert:
   48         amending s. 634.414, F.S.; requiring that contracts
   49         that include coverage for accidental damage from
   50         handling be covered by a specified policy; providing
   51         an exception;