Florida Senate - 2014 COMMITTEE AMENDMENT Bill No. CS for SB 542 Ì888284MÎ888284 LEGISLATIVE ACTION Senate . House Comm: RCS . 02/06/2014 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— recommended the following: 1 Senate Amendment to Amendment (314620) 2 3 Delete lines 223 - 235 4 and insert: 5 (b) Through individual risk rating as provided in 6 627.062(3)(a) and (b). Upon examination, the office, in 7 accordance with generally accepted and reasonable actuarial 8 techniques, shall determine if the rate is excessive, 9 inadequate, or unfairly discriminatory. 10 (c) With the written consent of the insured signed before 11 the policy inception date and filed with the insurer, using a 12 flood coverage rate that has not been approved by the office. 13 The signed consent form must notify the insured that the rate is 14 not subject to the approval of the office. A copy of the form 15 shall be maintained by the insurer for 3 years and must be 16 available for review by the office. An insurer is not required 17 to obtain subsequent written consents upon renewal, but shall 18 provide notice at each renewal that the rate is not subject to 19 office approval. Section 627.171(2) does not apply to policies 20 issued under this section. Upon examination, the office, in 21 accordance with generally accepted and reasonable actuarial 22 techniques, shall determine if the rate is excessive, 23 inadequate, or unfairly discriminatory.