House Bill hb1133c1

    Florida House of Representatives - 2002             CS/HB 1133

        By the Council for Competitive Commerce and Representative
    Mealor





  1                      A bill to be entitled

  2         An act relating to collateral protection

  3         insurance; amending s. 215.555, F.S.; revising

  4         a definition; providing an effective date.

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

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  8         Section 1.  Paragraph (c) of subsection (2) of section

  9  215.555, Florida Statutes, is amended to read:

10         215.555  Florida Hurricane Catastrophe Fund.--

11         (2)  DEFINITIONS.--As used in this section:

12         (c)  "Covered policy" means any insurance policy

13  covering residential property in this state, including, but

14  not limited to, any homeowner's, mobile home owner's, farm

15  owner's, condominium association, condominium unit owner's,

16  tenant's, or apartment building policy, collateral protection

17  insurance policy as it applies to personal residences, or any

18  other policy covering a residential structure or its contents

19  issued by any authorized insurer, including any joint

20  underwriting association or similar entity created pursuant to

21  law. Additionally, covered policies include policies covering

22  the peril of wind removed from the Florida Residential

23  Property and Casualty Joint Underwriting Association, created

24  pursuant to s. 627.351(6), or from the Florida Windstorm

25  Underwriting Association, created pursuant to s. 627.351(2),

26  by an authorized insurer under the terms and conditions of an

27  executed assumption agreement between the authorized insurer

28  and either such association. Each assumption agreement between

29  either association and such authorized insurer must be

30  approved by the Florida Department of Insurance prior to the

31  effective date of the assumption, and the Department of

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    Florida House of Representatives - 2002             CS/HB 1133

    402-153-02






  1  Insurance must provide written notification to the board

  2  within 15 working days after such approval. "Covered policy"

  3  does not include any policy that excludes wind coverage or

  4  hurricane coverage or any reinsurance agreement and does not

  5  include any policy otherwise meeting this definition which is

  6  issued by a surplus lines insurer or a reinsurer.

  7         Section 2.  This act shall take effect upon becoming a

  8  law.

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