Florida Senate - 2007                        SENATOR AMENDMENT
    Bill No. HB 7031
                        Barcode 892510
                            CHAMBER ACTION
              Senate                               House
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 3         Floor: 1/RE/2R          .                    
       04/12/2007 03:09 PM         .                    
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11  Senators Fasano, Margolis, and Deutch moved the following
12  amendment:
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14         Senate Amendment (with title amendment) 
15         On line 51,
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17  insert:  
18         Section 1.  Paragraph (c) of subsection (2) of section
19  215.555, Florida Statutes, as amended by section 2 of chapter
20  2007-1, Laws of Florida, is amended to read:
21         215.555  Florida Hurricane Catastrophe Fund.--
22         (2)  DEFINITIONS.--As used in this section:
23         (c)  "Covered policy" means any insurance policy
24  covering residential property in this state, including, but
25  not limited to, any homeowner's, mobile home owner's, farm
26  owner's, condominium association, condominium unit owner's,
27  tenant's, or apartment building policy, or any other policy
28  covering a residential structure or its contents issued by any
29  authorized insurer, including a commercial self-insurance fund
30  holding a certificate of authority issued by the Office of
31  Insurance Regulation under s. 624.462, the Citizens Property
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    8:29 AM   03/28/07                             h703100c-11-b1a

Florida Senate - 2007 SENATOR AMENDMENT Bill No. HB 7031 Barcode 892510 1 Insurance Corporation, and any joint underwriting association 2 or similar entity created under pursuant to law. The term 3 "covered policy" includes any collateral protection insurance 4 policy covering personal residences which protects both the 5 borrower's and the lender's financial interests, in an amount 6 at least equal to the coverage for the dwelling in place under 7 the lapsed homeowner's policy, if such policy can be 8 accurately reported as required in subsection (5). 9 Additionally, covered policies include policies covering the 10 peril of wind removed from the Florida Residential Property 11 and Casualty Joint Underwriting Association or from the 12 Citizens Property Insurance Corporation, created under 13 pursuant to s. 627.351(6), or from the Florida Windstorm 14 Underwriting Association, created under pursuant to s. 15 627.351(2), by an authorized insurer under the terms and 16 conditions of an executed assumption agreement between the 17 authorized insurer and such association or Citizens Property 18 Insurance Corporation. Each assumption agreement between the 19 association and such authorized insurer or Citizens Property 20 Insurance Corporation must be approved by the Office of 21 Insurance Regulation before prior to the effective date of the 22 assumption, and the Office of Insurance Regulation must 23 provide written notification to the board within 15 working 24 days after such approval. "Covered policy" does not include 25 any policy that excludes wind coverage or hurricane coverage 26 or any reinsurance agreement and does not include any policy 27 otherwise meeting this definition which is issued by a surplus 28 lines insurer or a reinsurer. All commercial residential 29 excess policies and all deductible buy-back policies that, 30 based on sound actuarial principles, require individual 31 ratemaking shall be excluded by rule if the actuarial 2 8:29 AM 03/28/07 h703100c-11-b1a
Florida Senate - 2007 SENATOR AMENDMENT Bill No. HB 7031 Barcode 892510 1 soundness of the fund is not jeopardized. For this purpose, 2 the term "excess policy" means a policy that provides 3 insurance protection for large commercial property risks and 4 that provides a layer of coverage above a primary layer 5 insured by another insurer. 6 7 (Redesignate subsequent sections.) 8 9 10 ================ T I T L E A M E N D M E N T =============== 11 And the title is amended as follows: 12 On line 2, delete that line 13 14 and insert: 15 An act relating to real property; amending s. 16 215.555, F.S.; redefining the term "covered 17 policy" for purposes of the Florida Hurricane 18 Catastrophe Fund to include commercial 19 self-insurance funds; amending s. 20 21 22 23 24 25 26 27 28 29 30 31 3 8:29 AM 03/28/07 h703100c-11-b1a