Florida Senate - 2026                          SENATOR AMENDMENT
       Bill No. CS for CS for SB 1668
       
       
       
       
       
       
                                Ì771754:Î771754                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                Floor: 1/AD/RM         .            Floor: C            
             03/12/2026 05:21 PM       .      03/13/2026 10:09 AM       
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       Senator Burton moved the following:
       
    1         Senate Amendment to House Amendment (690561) (with title
    2  amendment)
    3  
    4         Delete lines 370 - 415
    5  and insert:
    6  in paragraph (a), the office shall authorize transfers from the
    7  Insurance Regulatory Trust Fund to the association within 30
    8  calendar days. Cumulative transfers authorized under this
    9  paragraph may not exceed $20 million over the life of the plan.
   10         (c)(b) If the office of Insurance Regulation finds that the
   11  plan is not likely to return to actuarial soundness before the
   12  next biennial review pursuant to the review in paragraph (a),
   13  the office shall, within 60 calendar days after this finding,
   14  order one or more of the following actions:
   15         1. Require each entity licensed to issue casualty insurance
   16  as defined in s. 624.605(1)(b), (k), and (q) to pay into the
   17  association an annual assessment that is calculated to generate
   18  a total amount no greater than the amount required to achieve
   19  actuarial soundness of the plan within 5 years after the date of
   20  the order, subject to the limitations of this subparagraph.
   21         a. Such assessments shall be made on the basis of net
   22  direct premiums written for the business activity which forms
   23  the basis for each such entity’s inclusion as a funding source
   24  for the plan in the state during the prior year ending December
   25  31, as reported to the office, and shall be in the proportion
   26  that the net direct premiums written by each carrier on account
   27  of the business activity forming the basis for its inclusion in
   28  the plan bears to the aggregate net direct premiums for all such
   29  business activity written in this state by all such entities.
   30         b. No entity shall be individually liable for an annual
   31  assessment in excess of 0.25 percent of that entity’s net direct
   32  premiums written.
   33         c. Casualty insurance carriers shall be entitled to recover
   34  their assessments through a surcharge on future policies, a rate
   35  increase applicable prospectively, or a combination of the two.
   36         d. An assessment under this subparagraph must not extend 5
   37  years after the date of the order.
   38         2. If actuarial soundness cannot be achieved after using
   39  the remedy in subparagraph 1., increase the assessments
   40  specified in subsection (4) on a proportional basis that is
   41  calculated to generate a total amount no greater than the amount
   42  required to maintain the plan on an actuarially sound basis.
   43         (d) If the office finds that the plan is not actuarially
   44  sound pursuant to the review in paragraph (a), the plan shall
   45  provide the office with quarterly reports projecting the plan’s
   46  financial condition and, if assessments were ordered by the
   47  office under this subsection, projected revenues for such
   48  assessments.
   49         (e) If the office finds that the plan is not actuarially
   50  sound and the remedies provided under this subsection are
   51  
   52  ================= T I T L E  A M E N D M E N T ================
   53  And the title is amended as follows:
   54         Delete lines 477 - 478
   55  and insert:
   56         plan’s short term cash flow; requiring the office to
   57         authorize transfers of funds to the association within
   58         a specified timeframe under certain circumstances;
   59         providing that the cumulative amount of such transfers
   60         may not exceed a specified amount over the life of the
   61         plan;