Florida Senate - 2011                          SENATOR AMENDMENT
       Bill No. CS/CS/CS/SB 408, 2nd Eng.
                                Barcode 499748                          
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                Floor: 4/F/RM          .                                
             05/05/2011 06:42 PM       .                                

       Senator Margolis moved the following:
    1         Senate Amendment to House Amendment (844961) (with title
    2  amendment)
    4         Delete lines 1146 - 1206
    5  and insert:
    6         (1)(a) It is the intent of the Legislature that insurers
    7  must provide savings to consumers who install or implement
    8  windstorm damage mitigation techniques, alterations, or
    9  solutions to their properties to prevent windstorm losses. A
   10  rate filing for residential property insurance must include
   11  actuarially reasonable discounts, credits, or other rate
   12  differentials, or appropriate reductions in deductibles, for
   13  properties on which fixtures or construction techniques
   14  demonstrated to reduce the amount of loss in a windstorm have
   15  been installed or implemented. The fixtures or construction
   16  techniques must shall include, but are not be limited to,
   17  fixtures or construction techniques that which enhance roof
   18  strength, roof covering performance, roof-to-wall strength,
   19  wall-to-floor-to-foundation strength, opening protection, and
   20  window, door, and skylight strength. Credits, discounts, or
   21  other rate differentials, or appropriate reductions in
   22  deductibles, for fixtures and construction techniques that which
   23  meet the minimum requirements of the Florida Building Code must
   24  be included in the rate filing. All insurance companies must
   25  make a rate filing which includes the credits, discounts, or
   26  other rate differentials or reductions in deductibles by
   27  February 28, 2003. By July 1, 2007, the office shall reevaluate
   28  the discounts, credits, other rate differentials, and
   29  appropriate reductions in deductibles for fixtures and
   30  construction techniques that meet the minimum requirements of
   31  the Florida Building Code, based upon actual experience or any
   32  other loss relativity studies available to the office. The
   33  office shall determine the discounts, credits, other rate
   34  differentials, and appropriate reductions in deductibles that
   35  reflect the full actuarial value of such revaluation, which may
   36  be used by insurers in rate filings.
   37         (b) By February 1, 2011, the Office of Insurance
   38  Regulation, in consultation with the Department of Financial
   39  Services and the Department of Community Affairs, shall develop
   40  and make publicly available a proposed method for insurers to
   41  establish discounts, credits, or other rate differentials for
   42  hurricane mitigation measures which directly correlate to the
   43  numerical rating assigned to a structure pursuant to the uniform
   44  home grading scale adopted by the Financial Services Commission
   45  pursuant to s. 215.55865, including any proposed changes to the
   46  uniform home grading scale. By October 1, 2011, the commission
   47  shall adopt rules requiring insurers to make rate filings for
   48  residential property insurance which revise insurers' discounts,
   49  credits, or other rate differentials for hurricane mitigation
   50  measures so that such rate differentials correlate directly to
   51  the uniform home grading scale. The rules may include such
   52  changes to the uniform home grading scale as the commission
   53  determines are necessary, and may specify the minimum required
   54  discounts, credits, or other rate differentials. Such rate
   55  differentials must be consistent with generally accepted
   56  actuarial principles and wind-loss mitigation studies. The rules
   57  shall allow a period of at least 2 years after the effective
   58  date of the revised mitigation discounts, credits, or other rate
   59  differentials for a property owner to obtain an inspection or
   60  otherwise qualify for the revised credit, during which time the
   61  insurer shall continue to apply the mitigation credit that was
   62  applied immediately prior to the effective date of the revised
   63  credit. Discounts, credits, and other rate differentials
   64  established for rate filings under this paragraph shall
   65  supersede, after adoption, the discounts, credits, and other
   66  rate differentials included in rate filings under paragraph (a).
   68  ================= T I T L E  A M E N D M E N T ================
   69         And the title is amended as follows:
   70         Delete lines 3612 - 3616
   71  and insert:
   72         F.S.; deleting obsolete provisions; conforming
   73         provisions to changes made by the act;