Bill No. CS/HB 1087
Amendment No. 463331
Senate House

1Representative Nelson offered the following:
3     Amendment (with title amendment)
4     Between lines 440 and 441, insert:
5     Section 6.  Subsection (3) of section 626.7451, Florida
6Statutes, is amended to read:
7     626.7451  Managing general agents; required contract
8provisions.-No person acting in the capacity of a managing
9general agent shall place business with an insurer unless there
10is in force a written contract between the parties which sets
11forth the responsibility for a particular function, specifies
12the division of responsibilities, and contains the following
13minimum provisions:
14     (3)  All funds collected for the account of the insurer
15shall be held by the managing general agent in a fiduciary
16capacity in a bank which is insured by the Federal Deposit
17Insurance Corporation a member of the Federal Reserve System.
18The This account shall be used for all payment as directed by
19the insurer. The managing general agent may retain up to no more
20than 60 days of estimated claims payments and allocated loss
21adjustment expenses.
23For the purposes of this section and ss. 626.7453 and 626.7454,
24the term "controlling person" or "controlling" has the meaning
25set forth in s. 625.012(5)(b)1., and the term "controlled
26person" or "controlled" has the meaning set forth in s.
T I T L E  A M E N D M E N T
32     Remove line 42 and insert:
33Florida Insurance Code; amending s. 626.7451, F.S.; requiring
34funds collected for an insurer to be held in a bank insured by
35the Federal Deposit Insurance Corporation; amending s. 626.8651,

CODING: Words stricken are deletions; words underlined are additions.