Florida Senate - 2015                        COMMITTEE AMENDMENT
       Bill No. SB 1250
       
       
       
       
       
       
                                Ì374116ÊÎ374116                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/31/2015           .                                
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       The Committee on Banking and Insurance (Montford) recommended
       the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Before line 27
    4  insert:
    5         Section 1. Paragraph (m) is added to subsection (3) of
    6  section 627.311, Florida Statutes, to read:
    7         627.311 Joint underwriters and joint reinsurers; public
    8  records and public meetings exemptions.—
    9         (3) The office may, after consultation with insurers
   10  licensed to write automobile insurance in this state, approve a
   11  joint underwriting plan for purposes of equitable apportionment
   12  or sharing among insurers of automobile liability insurance and
   13  other motor vehicle insurance, as an alternate to the plan
   14  required in s. 627.351(1). All insurers authorized to write
   15  automobile insurance in this state shall subscribe to the plan
   16  and participate therein. The plan shall be subject to continuous
   17  review by the office which may at any time disapprove the entire
   18  plan or any part thereof if it determines that conditions have
   19  changed since prior approval and that in view of the purposes of
   20  the plan changes are warranted. Any disapproval by the office
   21  shall be subject to the provisions of chapter 120. The Florida
   22  Automobile Joint Underwriting Association is created under the
   23  plan. The plan and the association:
   24         (m) May cancel personal lines or commercial policies issued
   25  by the plan within the first 60 days after the effective date of
   26  the policy or binder for nonpayment of premium if the reason for
   27  cancellation is the issuance of a check for the premium which is
   28  dishonored for any reason or any other type of premium payment
   29  which is rejected or deemed invalid. An insured may not cancel a
   30  policy or binder within the first 90 days, or within a lesser
   31  period as required by the plan, after the effective date of the
   32  policy or binder, except:
   33         1. Upon total destruction of the insured motor vehicle;
   34         2. Upon transfer of ownership of the insured motor vehicle;
   35  or
   36         3. After purchase of another policy or binder covering the
   37  motor vehicle that was covered under the policy being canceled.
   38  
   39  ================= T I T L E  A M E N D M E N T ================
   40  And the title is amended as follows:
   41         Delete line 3
   42  and insert:
   43         s. 627.311, F.S.; authorizing a joint underwriting
   44         plan and the Florida Automobile Joint Underwriting
   45         Association to cancel certain insurance policies
   46         within a specified period under certain circumstances;
   47         prohibiting an insured from canceling certain
   48         insurance policies within a specified period;
   49         providing exceptions; amending s. 627.727. F.S.;
   50         authorizing insurers to