Florida Senate - 2011                          SENATOR AMENDMENT
       Bill No. CS for CS for SB 1252
                                Barcode 666434                          
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                 Floor: WD/2R          .                                
             05/02/2011 01:41 PM       .                                

       Senator Richter moved the following:
    1         Senate Amendment (with title amendment)
    3         Between lines 566 and 567
    4  insert:
    5         Section 8. Subsection (3) of section 626.7451, Florida
    6  Statutes, is amended to read:
    7         626.7451 Managing general agents; required contract
    8  provisions.—No person acting in the capacity of a managing
    9  general agent shall place business with an insurer unless there
   10  is in force a written contract between the parties which sets
   11  forth the responsibility for a particular function, specifies
   12  the division of responsibilities, and contains the following
   13  minimum provisions:
   14         (3) All funds collected for the account of the insurer
   15  shall be held by the managing general agent in a fiduciary
   16  capacity in a bank which is insured by the Federal Deposit
   17  Insurance Corporation a member of the Federal Reserve System.
   18  The This account shall be used for all payment as directed by
   19  the insurer. The managing general agent may retain up to no more
   20  than 60 days of estimated claims payments and allocated loss
   21  adjustment expenses.
   23  For the purposes of this section and ss. 626.7453 and 626.7454,
   24  the term “controlling person” or “controlling” has the meaning
   25  set forth in s. 625.012(5)(b)1., and the term “controlled
   26  person” or “controlled” has the meaning set forth in s.
   27  625.012(5)(b)2.
   29  ================= T I T L E  A M E N D M E N T ================
   30         And the title is amended as follows:
   31         Delete line 26
   32  and insert:
   33         certain crimes; amending s. 626.7451, F.S.; requiring
   34         funds collected for an insurer to be held in a bank
   35         insured by the Federal Deposit Insurance Corporation;
   36         amending s. 627.4133, F.S.; changing