Florida Senate - 2009                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1950
       
       
       
       
       
       
                                Barcode 845552                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/17/2009           .                                
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       The Policy and Steering Committee on Ways and Means (Baker)
       recommended the following:
       
    1         Senate Amendment (with directory and title amendments)
    2  
    3         Between lines 410 and 411
    4  insert:
    5         (7) ADDITIONAL POWERS AND DUTIES.—
    6         (a) The board may procure reinsurance from reinsurers
    7  acceptable to the Office of Insurance Regulation for the purpose
    8  of maximizing the capacity of the fund and may enter into
    9  capital market transactions, including, but not limited to,
   10  industry loss warranties, catastrophe bonds, side-car
   11  arrangements, or financial contracts permissible for the board’s
   12  usage under 2s. 215.47(10) and (11), consistent with prudent
   13  management of the fund.
   14         (b) In addition to borrowing under subsection (6), the
   15  board may also borrow from, or enter into other financing
   16  arrangements with, any market sources at prevailing interest
   17  rates.
   18         (c) Each fiscal year, the Legislature shall appropriate
   19  from the investment income of the Florida Hurricane Catastrophe
   20  Fund an amount no less than $10 million and no more than 35
   21  percent of the investment income based upon the most recent
   22  fiscal year-end audited financial statements for the purpose of
   23  providing funding for local governments, state agencies, public
   24  and private educational institutions, and nonprofit
   25  organizations to support programs intended to improve hurricane
   26  preparedness, reduce potential losses in the event of a
   27  hurricane, provide research into means to reduce such losses,
   28  educate or inform the public as to means to reduce hurricane
   29  losses, assist the public in determining the appropriateness of
   30  particular upgrades to structures or in the financing of such
   31  upgrades, or protect local infrastructure from potential damage
   32  from a hurricane. Moneys shall first be available for
   33  appropriation under this paragraph in fiscal year 1997-1998.
   34  Moneys in excess of the $10 million specified in this paragraph
   35  shall not be available for appropriation under this paragraph if
   36  the State Board of Administration finds that an appropriation of
   37  investment income from the fund would jeopardize the actuarial
   38  soundness of the fund.
   39         (d) The board may allow insurers to comply with reporting
   40  requirements and reporting format requirements by using
   41  alternative methods of reporting if the proper administration of
   42  the fund is not thereby impaired and if the alternative methods
   43  produce data which is consistent with the purposes of this
   44  section.
   45         (e) In order to assure the equitable operation of the fund,
   46  the board may impose a reasonable fee on an insurer to recover
   47  costs involved in reprocessing inaccurate, incomplete, or
   48  untimely exposure data submitted by the insurer.
   49         (f) The board may require insurers to notarize documents
   50  submitted to the board.
   51  
   52  ====== D I R E C T O R Y  C L A U S E  A M E N D M E N T ======
   53         And the directory clause is amended as follows:
   54         Delete line 100
   55  and insert:
   56  paragraph (b) of subsection (5), and subsections (7) and (17) of
   57  section
   58  
   59  ================= T I T L E  A M E N D M E N T ================
   60         And the title is amended as follows:
   61         Delete line 25
   62  and insert:
   63         cash build-up factors; authorizing the State Board of
   64         Administration to require insurers to notarize
   65         documents submitted to the board; authorizing insurers
   66         to