HOUSE AMENDMENT Bill No. HB 513 CS
1	CHAMBER ACTION
2	Senate House
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12	Representative Brown offered the following:
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14	Amendment to Amendment (954399) (with directory and title
15	amendments)
16	Between lines 1981 and 1982, insert:
17	Section 75. Subsection (11) is added to section 641. 81,
18	Florida Statutes, to read:
19	624.81 Notice to comply with written requirements of
20	department; noncompliance.--
21	(11) Any insurer subject to administrative supervision is
22	expected to have availed itself of all reasonably available
23	reinsurance. Reasonably available reinsurance shall include
24	unrealized reinsurance, which is defined as reinsurance
25	recoverable on known losses incurred and due under valid
26	reinsurance contracts that have not been identified in the
27	normal course of business and have not been reported in
28	financial statements filed with the Office of Insurance
29	Regulation. Within 90 days after being placed under
30	administrative supervision, the insurer shall certify to the
31	director of the Office of Insurance Regulation that the insurer
32	has engaged an independent third party to search for unrealized
33	reinsurance, and that the insurer has made all relevant books
34	and records available to such third party. The compensation to
35	such third party may be a percentage of unrealized reinsurance
36	identified and collected.
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38	================= T I T L E A M E N D M E N T =================
39	Between lines 2172 and 2173, insert:
40	amending s. 624.81, F.S.; requiring certain insurers to obtain
41	reasonably available reinsurance under certain circumstances;
42	providing procedures and criteria;