Florida Senate - 2011                          SENATOR AMENDMENT
       Bill No. CS for CS for CS for SB 408
                                Barcode 455150                          
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                 Floor: WD/2R          .                                
             04/27/2011 11:39 AM       .                                

       Senator Joyner moved the following:
    1         Senate Amendment (with title amendment)
    3         Between lines 429 and 430
    4  insert:
    5         Section 8. Paragraph (a) of subsection (1) and subsections
    6  (4), (5), and (7) of section 624.46226, Florida Statutes, are
    7  amended to read:
    8         624.46226 Public housing authorities self-insurance funds;
    9  exemption for taxation and assessments.—
   10         (1) Notwithstanding any other provision of law, any two or
   11  more public housing authorities in the state as defined in
   12  chapter 421 may form a self-insurance fund for the purpose of
   13  pooling and spreading liabilities of its members as to any one
   14  or combination of casualty risk or real or personal property
   15  risk of every kind and every interest in such property against
   16  loss or damage from any hazard or cause and against any loss
   17  consequential to such loss or damage, provided the self
   18  insurance fund that is created:
   19         (a) Has annual normal premiums in excess of $3.5 $5
   20  million.
   21         (4) Premiums, contributions, and assessments received by a
   22  public housing authority’s self-insurance fund are not subject
   23  to ss. 624.509(1) and (2) and 624.5092, except that the tax rate
   24  shall be 1.6 percent of the gross amount of such premiums,
   25  contributions, and assessments.
   26         (5) If any of the requirements of subsection (1) are not
   27  met, a public housing authority’s self-insurance fund is subject
   28  to the requirements of s. 624.4621 if the fund provides only
   29  workers’ compensation coverage, or is subject to the
   30  requirements of ss. 624.460-624.488 if the fund provides
   31  coverage for other property, casualty, or surety risks. However,
   32  the office may allow the fund to continue to operate if
   33  paragraph (1)(a) is the only requirement not met and the fund
   34  has provided the office with an acceptable corrective action
   35  plan to achieve compliance with paragraph (1)(a).
   36         (7) Reinsurance companies complying with s. 624.610 may
   37  issue coverage directly to a public housing authority self
   38  insuring its liabilities under this section. A public housing
   39  authority purchasing reinsurance shall be considered an insurer
   40  for the sole purpose of entering into such reinsurance
   41  contracts. Contracts of reinsurance issued to public housing
   42  authorities self-insuring under this section shall receive the
   43  same tax treatment as reinsurance contracts issued to insurance
   44  companies. However, the purchase of reinsurance coverage by a
   45  public housing authority self-insuring under this section shall
   46  not be construed as authorization to otherwise act as an
   47  insurer.
   49  ================= T I T L E  A M E N D M E N T ================
   50         And the title is amended as follows:
   51         Delete line 24
   52  and insert:
   53         annual audited financial report; amending s.
   54         624.46226, F.S.; revising provisions relating to self
   55         insurance funds for public housing authorities;
   56         reducing the amount of premiums required; deleting
   57         provisions requiring the fund to pay premium taxes;
   58         allowing the fund to operate if certain requirements
   59         are not met; deleting provisions relating to a
   60         limitation on reinsurance and authority to act as an
   61         insurer for certain purposes; amending s. 626.854,