Florida Senate - 2014                        COMMITTEE AMENDMENT
       Bill No. SB 870
       
       
       
       
       
       
                                Ì870110[Î870110                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/03/2014           .                                
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    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 33 and 34
    4  insert:
    5         Section 2. Section 629.271, Florida Statutes, is amended to
    6  read:
    7         629.271 Distribution of savings.—A reciprocal insurer may
    8  from time to time return to its subscribers any unused premiums,
    9  savings, or credits accruing to their accounts. Upon the prior
   10  written approval of the office, a reciprocal insurer may return
   11  to its subscribers a portion of unassigned funds of up to 10
   12  percent of surplus with distribution limited to 50 percent of
   13  net income from the previous calendar year. Any Such
   14  distribution may shall not unfairly discriminate between classes
   15  of risks, or policies, or between subscribers, but such
   16  distribution may vary as to classes of subscribers based on upon
   17  the experience of such classes.
   18  
   19  ================= T I T L E  A M E N D M E N T ================
   20  And the title is amended as follows:
   21         Between lines 4 and 5
   22  insert:
   23         amending s. 629.271, F.S.; authorizing reciprocal
   24         insurers to return a portion of unassigned fund to
   25         their subscribers;