Florida Senate - 2020                          SENATOR AMENDMENT
       Bill No. CS for SB 292
       
       
       
       
       
       
                                Ì607216!Î607216                         
       
                              LEGISLATIVE ACTION                        
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       Senator Brandes moved the following:
       
    1         Senate Amendment to Amendment (908880) (with title
    2  amendment)
    3  
    4         Delete line 90
    5  and insert:
    6         Section 4. Effective July 1, 2020, paragraph (j) of
    7  subsection (2) of section 627.062, Florida Statutes, is amended
    8  to read:
    9         627.062 Rate standards.—
   10         (2) As to all such classes of insurance:
   11         (j) With respect to residential property insurance rate
   12  filings:,
   13         1. The rate filing must account for mitigation measures
   14  undertaken by policyholders to reduce hurricane losses.
   15         2. The office may not disapprove a rate for homeowners’
   16  insurance solely because the rate filing uses a modeling
   17  indication that is the weighted or straight average of two or
   18  more models currently found to be accurate or reliable pursuant
   19  to s. 627.0628.
   20  
   21  The provisions of this subsection do not apply to workers’
   22  compensation, employer’s liability insurance, and motor vehicle
   23  insurance.
   24         Section 5. Subsection (3) of section 628.801, Florida
   25  Statutes, is amended to read:
   26         628.801 Insurance holding companies; registration;
   27  regulation.—
   28         (3) Effective January 1, 2021 2015, pursuant to chapter 624
   29  relating to the examination of insurers, the office may examine
   30  any insurer registered under this section and its affiliates,
   31  including a managing general agent or holding company, to
   32  ascertain the financial condition of the insurer, including the
   33  enterprise risk to the insurer by the ultimate controlling
   34  party, or by any entity or combination of entities within the
   35  insurance holding company system, or by the insurance holding
   36  company system on a consolidated basis.
   37         Section 6. Except as otherwise expressly provided in this
   38  act and except for this section, which shall take effect upon
   39  this act becoming a law, this act shall take effect January 1,
   40  2021.
   41  
   42  ================= T I T L E  A M E N D M E N T ================
   43  And the title is amended as follows:
   44         Delete lines 97 - 114
   45  and insert:
   46         An act relating to insurance; creating ss. 626.9202
   47         and 627.444, F.S.; defining terms; requiring certain
   48         surplus lines and authorized insurers, respectively,
   49         to provide insureds either a loss run statement or
   50         certain information within a certain timeframe after
   51         receipt of the insured’s written request; providing
   52         construction; requiring insurers to provide a loss run
   53         statement within a certain timeframe under certain
   54         circumstances; requiring insurers to provide notice to
   55         the agent of record after providing a loss run
   56         statement; specifying the required claims history in a
   57         loss run statement; providing that insurers are not
   58         required to provide loss reserve information;
   59         prohibiting insurers from charging a fee to prepare
   60         and provide one loss run statement annually; providing
   61         applicability; repealing s. 627.6647, F.S., relating
   62         to release of claims experience; amending s. 627.062,
   63         F.S.; prohibiting the Office of Insurance Regulation
   64         from disapproving a rate for homeowners’ insurance
   65         solely on specified grounds; amending s. 628.801,
   66         F.S.; authorizing the office to examine an insurer’s
   67         managing general agent or holding company for certain
   68         purposes; providing effective dates.