Florida Senate - 2011                        COMMITTEE AMENDMENT
       Bill No. SB 408
       
       
       
       
       
       
                                Barcode 264800                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                 Comm: UNFAV           .                                
                  02/22/2011           .                                
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       The Committee on Banking and Insurance (Sobel) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete line 2560
    4  and insert:
    5         (5) All new or renewed homeowners’ policies issued on or
    6  after July 1, 2011, must include the following statement on the
    7  declaration page in bold 18-point type:
    8  
    9         “THIS HOMEOWNER’S INSURANCE POLICY INCLUDES AN OVERALL
   10         PREMIUM INCREASE OF UP TO 10 PERCENT TO COVER THE COST
   11         OF PURCHASING REINSURANCE OR FINANCING PRODUCTS. THE
   12         FLORIDA LEGISLATURE AUTHORIZED AND THE FLORIDA OFFICE
   13         OF INSURANCE REGULATION APPROVED THIS PREMIUM INCREASE
   14         TO ALLOW YOUR INSURANCE COMPANY TO INCLUDE EXPENSES OR
   15         PROFITS RELATED TO THE PURCHASE OF REINSURANCE.”
   16  
   17         (6)(5) Nothing in This section does not: shall be construed
   18  to
   19  
   20  ================= T I T L E  A M E N D M E N T ================
   21         And the title is amended as follows:
   22         Delete line 147
   23  and insert:
   24         payment for losses to personal property; requiring the
   25         homeowners’ policy to include a statement explaining
   26         that the policy includes a premium increase due to the
   27         insurer’s reinsurance costs; amending s.