| 1 | A bill to be entitled |
| 2 | An act relating to Citizens Property Insurance Corporation |
| 3 | deficit assessment relief; providing a short title; |
| 4 | amending s. 627.351, F.S.; requiring the board of |
| 5 | governors of the Citizens Property Insurance Corporation |
| 6 | to certify deficits resulting from named hurricanes and |
| 7 | tropical storms; requiring the Revenue Estimating |
| 8 | Conference to determine net increases in tax revenues |
| 9 | resulting from such impacts; directing the Chief Financial |
| 10 | Officer to transfer moneys to the corporation from the |
| 11 | General Revenue Fund in an amount up to such increase to |
| 12 | offset such deficits; providing for disposition of amount |
| 13 | of increase in excess of deficit; providing an effective |
| 14 | date. |
| 15 |
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| 16 | Be It Enacted by the Legislature of the State of Florida: |
| 17 |
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| 18 | Section 1. This act may be cited as the "Citizens |
| 19 | Insurance Relief Act." |
| 20 | Section 2. Paragraph (s) is added to subsection (6) of |
| 21 | section 627.351, Florida Statutes, to read: |
| 22 | 627.351 Insurance risk apportionment plans.-- |
| 23 | (6) CITIZENS PROPERTY INSURANCE CORPORATION.-- |
| 24 | (s)1. If, during any calendar year, the corporation |
| 25 | sustains a deficit due to the impact of one or more named |
| 26 | hurricanes or tropical storms, including any deficit that |
| 27 | resulted from the impact of one or more named hurricanes or |
| 28 | tropical storms during the previous calendar year but was not |
| 29 | realized until the current calendar year, the board of governors |
| 30 | shall certify the amount of the deficit to the Revenue |
| 31 | Estimating Conference by March 15 of the following calendar |
| 32 | year. |
| 33 | 2. The Revenue Estimating Conference shall, by July 1 |
| 34 | following such certification, estimate the net increased |
| 35 | revenues accruing to the General Revenue Fund from taxes imposed |
| 36 | under chapter 212 for the fiscal year during which the impact |
| 37 | occurred and for the following fiscal year, which increase is |
| 38 | attributable to such impact. |
| 39 | 3.a. The Chief Financial Officer shall, by July 31 |
| 40 | following such certification, transfer from moneys in the |
| 41 | General Revenue Fund to the corporation an amount equal to the |
| 42 | increased revenues estimated by the Revenue Estimating |
| 43 | Conference under subparagraph 2., but not more than the amount |
| 44 | of the deficit certified by the board of governors. Moneys so |
| 45 | transferred shall be used to offset assessments that would |
| 46 | otherwise have been made against assessable insurers and |
| 47 | insureds under this subsection. |
| 48 | b. If the increased revenues estimated under subparagraph |
| 49 | 2. are greater than the certified deficit, the Chief Financial |
| 50 | Officer shall transfer an amount equal to the remaining |
| 51 | increased revenues from the General Revenue Fund to the Florida |
| 52 | Hurricane Catastrophe Fund. |
| 53 | Section 3. This act shall take effect upon becoming a law. |