| 1 | The Insurance Committee recommends the following: |
| 2 |
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| 3 | Council/Committee Substitute |
| 4 | Remove the entire bill and insert: |
| 5 | A bill to be entitled |
| 6 | An act relating to Citizens Property Insurance Corporation |
| 7 | deficit assessment relief; providing a short title; |
| 8 | amending s. 627.351, F.S.; requiring the board of |
| 9 | governors of the Citizens Property Insurance Corporation |
| 10 | to certify deficits resulting from named hurricanes and |
| 11 | tropical storms; requiring the Revenue Estimating |
| 12 | Conference to determine net increases in tax revenues |
| 13 | resulting from such impacts; directing the Chief Financial |
| 14 | Officer to transfer certain moneys from the General |
| 15 | Revenue Fund to the corporation, the Florida Hurricane |
| 16 | Catastrophe Fund, and the Executive Office of the Governor |
| 17 | for certain purposes; providing an effective date. |
| 18 |
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| 19 | Be It Enacted by the Legislature of the State of Florida: |
| 20 |
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| 21 | Section 1. This act may be cited as the "Citizens |
| 22 | Insurance Relief Act." |
| 23 | Section 2. Paragraph (s) is added to subsection (6) of |
| 24 | section 627.351, Florida Statutes, to read: |
| 25 | 627.351 Insurance risk apportionment plans.-- |
| 26 | (6) CITIZENS PROPERTY INSURANCE CORPORATION.-- |
| 27 | (s)1. If, during any calendar year, the corporation |
| 28 | sustains a deficit due to the impact of one or more named |
| 29 | hurricanes or tropical storms, including any deficit that |
| 30 | resulted from the impact of one or more named hurricanes or |
| 31 | tropical storms during the previous calendar year but was not |
| 32 | realized until the current calendar year, the board of governors |
| 33 | shall certify the amount of the deficit to the Revenue |
| 34 | Estimating Conference by March 15 of the following calendar |
| 35 | year. |
| 36 | 2. The Revenue Estimating Conference shall, by July 1 |
| 37 | following such certification, estimate the net increased |
| 38 | revenues accruing to the General Revenue Fund from taxes imposed |
| 39 | under chapter 212 for the fiscal year during which the impact |
| 40 | occurred and for the following fiscal year, which increase is |
| 41 | attributable to such impact. |
| 42 | 3. The Chief Financial Officer shall, by July 31 following |
| 43 | such certification, transfer moneys in the General Revenue Fund |
| 44 | in an amount equal to the increased revenues estimated by the |
| 45 | Revenue Estimating Conference under subparagraph 2. as follows: |
| 46 | a. Forty percent to the corporation to be used to offset |
| 47 | assessments that would otherwise have been made against |
| 48 | assessable insurers and insureds under this subsection. |
| 49 | b. Forty percent to the Florida Hurricane Catastrophe |
| 50 | Fund. |
| 51 | c. Twenty percent to the Executive Office of the Governor |
| 52 | for purposes of funding the housing retrofit program to be |
| 53 | administered by the office. |
| 54 | Section 3. This act shall take effect upon becoming a law. |