Florida Senate - 2025 COMMITTEE AMENDMENT Bill No. SB 282 Ì402930yÎ402930 LEGISLATIVE ACTION Senate . House Comm: RCS . 03/03/2025 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— 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;