| 1 | A bill to be entitled |
| 2 | An act relating to Citizens Property Insurance |
| 3 | Corporation; creating the Citizens Property Insurance |
| 4 | Corporation Liquidation Task Force; providing purposes; |
| 5 | providing for appointment of members; providing |
| 6 | responsibilities; specifying service without compensation; |
| 7 | providing for reimbursement of per diem and travel |
| 8 | expenses; providing meeting requirements; requiring a |
| 9 | report; providing for the expiration of the task force; |
| 10 | providing an appropriation; providing an effective date. |
| 11 |
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| 12 | Be It Enacted by the Legislature of the State of Florida: |
| 13 |
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| 14 | Section 1. (1) The Citizens Property Insurance |
| 15 | Corporation Liquidation Task Force is created to analyze and |
| 16 | compile available data that is pertinent to the development of a |
| 17 | business plan that will provide for the liquidation of all |
| 18 | assets belonging to Citizens Property Insurance Corporation and |
| 19 | to organize all conclusive data into a comprehensive business |
| 20 | strategy, subject to review by the Governor, the President of |
| 21 | the Senate, and the Speaker of the House of Representatives. At |
| 22 | a minimum, the task force shall plan and make recommendations |
| 23 | concerning: |
| 24 | (a) Development of a plan that is economically sound for |
| 25 | the purpose of liquidating Citizens Property Insurance |
| 26 | Corporation by January 31, 2012. |
| 27 | (b) Reinsurance and multiperil policy provisions among |
| 28 | private-sector companies with respect to potential consumer |
| 29 | demand as a result of the liquidation of Citizens Property |
| 30 | Insurance Corporation and all other actuarial effects to private |
| 31 | insurance providers as a result of such liquidation. |
| 32 | (c) All legislative, executive, and procedural actions |
| 33 | within the purview of the Legislature that are necessary to |
| 34 | liquidate Citizens Property Insurance Corporation by January 31, |
| 35 | 2012. |
| 36 | (d) Any other data that is essential to the development |
| 37 | and implementation of a comprehensive business strategy for the |
| 38 | liquidation of Citizens Property Insurance Corporation by |
| 39 | January 31, 2012. |
| 40 | (2) The task force shall be composed of 15 members as |
| 41 | follows: |
| 42 | (a) Three members of the House of Representatives, to be |
| 43 | appointed by the Speaker of the House of Representatives as ex |
| 44 | officio, nonvoting members. |
| 45 | (b) Three members of the Senate, to be appointed by the |
| 46 | President of the Senate as ex officio, nonvoting members. |
| 47 | (c) Three members to be appointed by the Governor who are |
| 48 | not professionally affiliated with any insurance company or a |
| 49 | subsidiary of an insurance company. |
| 50 | (d) Six appointed representatives of private-sector |
| 51 | insurance companies as follows: |
| 52 | 1. Two members representing two separate insurance |
| 53 | companies in this state that each provide at least 1 million |
| 54 | property insurance policies statewide at the time of the |
| 55 | creation of the task force. |
| 56 | 2. Two members representing two separate insurance |
| 57 | companies in this state that each provide at least 130,000 but |
| 58 | no more than 150,000 property insurance policies statewide at |
| 59 | the time of the creation of the task force. |
| 60 | 3. Two members representing two separate insurance |
| 61 | companies in this state that each provide fewer than 100,000 |
| 62 | property insurance policies statewide at the time of the |
| 63 | creation of the task force. |
| 64 |
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| 65 | Of each pair of members appointed under subparagraphs 1., 2., |
| 66 | and 3., one shall be appointed by the President of the Senate |
| 67 | and one by the Speaker of the House of Representatives. |
| 68 | (3) The task force shall conduct research, hold public |
| 69 | meetings, receive testimony, employ consultants and |
| 70 | administrative staff, and undertake other activities determined |
| 71 | by its members to be necessary to complete its responsibilities. |
| 72 | (4) A member of the task force may not delegate his or her |
| 73 | attendance or voting power to a designee. |
| 74 | (5) Members of the task force shall serve without |
| 75 | compensation but are entitled to receive reimbursement for |
| 76 | travel and per diem as provided in s. 112.061, Florida Statutes. |
| 77 | (6) The appointments to the task force must be completed |
| 78 | within 30 calendar days after the effective date of this act, |
| 79 | and the task force must hold its initial meeting within 1 month |
| 80 | after appointment of all members. The task force shall submit a |
| 81 | report containing recommendations for a business plan to |
| 82 | liquidate the assets of Citizens Property Insurance Corporation |
| 83 | to the Governor, the President of the Senate, and the Speaker of |
| 84 | the House of Representatives by January 31, 2008. The task force |
| 85 | shall expire no later than 60 calendar days after submission of |
| 86 | the report. |
| 87 | Section 2. For the 2007-2008 fiscal year, the nonrecurring |
| 88 | sum of $250,000 is appropriated from the General Revenue Fund |
| 89 | for the purpose of implementing this act. |
| 90 | Section 3. This act shall take effect upon becoming a law. |