House Bill hb1365

    Florida House of Representatives - 2001                HB 1365

        By Representative Arza






  1                      A bill to be entitled

  2         An act relating to bail and judicial bonds;

  3         amending s. 625.071, F.S.; revising provisions

  4         relating to the special reserve for bail and

  5         judicial bonds; requiring insurers to file a

  6         supplementary schedule with the Department of

  7         Insurance; providing an effective date.

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  9  Be It Enacted by the Legislature of the State of Florida:

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11         Section 1.  Section 625.071, Florida Statutes, is

12  amended to read:

13         625.071  Special reserve for bail and judicial

14  bonds.--In lieu of the unearned premium reserve required on

15  surety bonds under s. 625.051, the department may require any

16  surety insurer or limited surety insurer to set up and

17  maintain a reserve on all bail bonds or other single-premium

18  bonds without definite expiration date, furnished in judicial

19  proceedings, equal to the lesser of 35 25 percent of the bail

20  premiums in force or $7 per $1,000 of bail liability as of the

21  date of any financial statement filed with the department.

22  Each insurer shall file a supplementary schedule with the

23  department showing bail premiums in force and bail liability

24  and the associated special reserve for bail and judicial bonds

25  with financial statements required by s. 624.424. Bail

26  premiums in force do not include amounts retained by licensed

27  bail bond agents or licensed managing general agents total

28  consideration charged for such bonds as are outstanding as of

29  the date of any current financial statement of the insurer.

30         Section 2.  This act shall take effect October 1, 2001.

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    Florida House of Representatives - 2001                HB 1365

    742-114-01






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  2                          HOUSE SUMMARY

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      Revises provisions relating to the special reserve for
  4    bail and judicial bonds. Requires insurers to file a
      supplementary schedule with the Department of Insurance.
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CODING: Words stricken are deletions; words underlined are additions.