| 1 | Representative Hays offered the following: |
| 2 |
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| 3 | Amendment to Amendment (257873) (with title amendment) |
| 4 | Remove lines 1053-1098 and insert: |
| 5 | (k) Effective January 1, 2010, notwithstanding any other |
| 6 | provision of this section: |
| 7 | 1. With respect to any residential property insurance |
| 8 | subject to regulation under this section, a rate filing, |
| 9 | including, but not limited to, any rate changes, rating factors, |
| 10 | territories, classifications, discounts, and credits, with |
| 11 | respect to any policy form, including endorsements issued with |
| 12 | the form, that results in an overall average statewide premium |
| 13 | increase or decrease of no more than 10 percent above or below |
| 14 | the premium that would result from the insurer's rates then in |
| 15 | effect shall not be subject to a determination by the office |
| 16 | that the rate is excessive or unfairly discriminatory, except as |
| 17 | provided in subparagraph 3. or any other provision of law, |
| 18 | provided all changes specified in the filing do not result in an |
| 19 | overall premium increase of more than 15 percent for any single |
| 20 | territory for reasons related solely to the rate change. As used |
| 21 | in this subparagraph, the term "insurer's rates then in effect" |
| 22 | includes only rates that have been lawfully in effect under this |
| 23 | section or rates that have been determined to be lawful through |
| 24 | administrative proceedings or judicial proceedings. |
| 25 | 2. An insurer may not make filings under this paragraph |
| 26 | with respect to any policy form, including endorsements issued |
| 27 | with the form, if the overall premium changes resulting from |
| 28 | such filings exceed the amounts specified in this paragraph in |
| 29 | any 12-month period. An insurer may proceed under other |
| 30 | provisions of this section or other provisions of the laws of |
| 31 | this state if the insurer seeks to exceed the premium or rate |
| 32 | limitations of this paragraph. |
| 33 | 3. This paragraph does not affect the authority of the |
| 34 | office to disapprove a rate as inadequate or to disapprove a |
| 35 | filing for the unlawful use of unfairly discriminatory rating |
| 36 | factors that are prohibited by the laws of this state. An |
| 37 | insurer electing to implement a rate change under this paragraph |
| 38 | shall submit a filing to the office at least 30 days prior to |
| 39 | the effective date of the rate change. The office shall have 30 |
| 40 | days after the filing's submission to review the filing and |
| 41 | determine if the rate is inadequate or uses unfairly |
| 42 | discriminatory rating factors. Absent a finding by the office |
| 43 | within such 30-day period that the rate is inadequate or that |
| 44 | the insurer has used unfairly discriminatory rating factors, the |
| 45 | filing is deemed approved. If the insurer is implementing an |
| 46 | overall rate decrease and the office finds during the 30-day |
| 47 | period that the filing will result in inadequate premiums or |
| 48 | otherwise endanger the insurer's solvency, the office shall |
| 49 | suspend the rate decrease. If the insurer is implementing an |
| 50 | overall rate increase the results of which continue to produce |
| 51 | an inadequate rate, such increase shall proceed pending |
| 52 | additional action by the office to ensure the adequacy of the |
| 53 | rate. |
| 54 | 4. This paragraph does not apply to rate filings for any |
| 55 | insurance other than residential property insurance. |
| 56 |
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| 57 |
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| 58 | ----------------------------------------------------- |
| 59 | T I T L E A M E N D M E N T |
| 60 | Remove lines 2191-2195 and insert: |
| 61 | Regulation must make a "file and use" filing; specifying that |
| 62 | certain rate filings are not subject to office determination as |
| 63 | excessive or unfairly discriminatory; providing limitations; |
| 64 | providing a definition; prohibiting certain rate filings under |
| 65 | certain circumstances; preserving the office's authority to |
| 66 | disapprove certain rate filings under certain circumstances; |
| 67 | providing procedures for insurers submitting certain rate |
| 68 | filings; specifying nonapplication to certain types of |
| 69 | insurance; amending s. 627.0621, F.S.; |