Florida Senate - 2011                        COMMITTEE AMENDMENT
       Bill No. CS for CS for SB 408
       
       
       
       
       
       
                                Barcode 131476                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/05/2011           .                                
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       The Committee on Rules (Alexander) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 253 and 254
    4  insert:
    5         Section 3. Subsection (12) is added to section 215.5595,
    6  Florida Statutes, to read:
    7         215.5595 Insurance Capital Build-Up Incentive Program.—
    8         (12) The insurer may request that the board renegotiate the
    9  terms of any surplus note issued under this section before
   10  January 1, 2011. The request must be submitted to the board by
   11  January 1, 2012. If the insurer agrees to accelerate the payment
   12  period of the note by at least 5 years, the board must agree to
   13  exempt the insurer from the premium-to-surplus ratios required
   14  under paragraph (2)(d). If the insurer agrees to an acceleration
   15  of the payment period for less than 5 years, the board may,
   16  after consultation with the Office of Insurance Regulation,
   17  agree to an appropriate revision of the premium-to-surplus
   18  ratios required under paragraph (2)(d) for the remaining term of
   19  the note if the revised ratios are not lower than a minimum
   20  writing ratio of net premium to surplus of at least 1 to 1 and,
   21  alternatively, a minimum writing ratio of gross premium to
   22  surplus of at least 3 to 1.
   23  
   24  ================= T I T L E  A M E N D M E N T ================
   25         And the title is amended as follows:
   26         Delete line 6
   27  and insert:
   28         applicability; amending s. 215.5595, F.S.; authorizing
   29         an insurer to renegotiate the terms a surplus note
   30         issued before a certain date; providing limitations;
   31         amending s. 624.407, F.S.; revising the