Florida Senate - 2016                        COMMITTEE AMENDMENT
       Bill No. SB 1036
       
       
       
       
       
       
                                Ì911596HÎ911596                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  01/27/2016           .                                
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       The Committee on Banking and Insurance (Richter) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Before line 36
    4  insert:
    5         Section 1. Subsection (8) of section 627.0651, Florida
    6  Statutes, is amended to read:
    7         627.0651 Making and use of rates for motor vehicle
    8  insurance.—
    9         (8) Rates are not unfairly discriminatory if averaged
   10  broadly among members of a group; nor are rates unfairly
   11  discriminatory even though they are lower than rates for
   12  nonmembers of the group. However, such rates are unfairly
   13  discriminatory if they are not actuarially measurable and
   14  credible and sufficiently related to actual or expected loss and
   15  expense experience of the group so as to assure that nonmembers
   16  of the group are not unfairly discriminated against. Use of a
   17  single United States Postal Service zip code as a rating
   18  territory shall be deemed unfairly discriminatory unless filed
   19  pursuant to paragraph (1)(a) and the territory incorporates
   20  sufficient actual or expected loss and loss adjustment expense
   21  experience so as to be actuarially measurable and credible. The
   22  office shall ensure that any rate filing resulting from the use
   23  of a single zip code as a rating territory does not contain a
   24  rate or rate change that is excessive, inadequate, or unfairly
   25  discriminatory.
   26  
   27  ================= T I T L E  A M E N D M E N T ================
   28  And the title is amended as follows:
   29         Delete line 2
   30  and insert:
   31         An act relating to automobile insurance; amending s.
   32         627.0651, F.S.; providing an exception to a provision
   33         that deems use of a single zip code as a rating
   34         territory for insurance rates to be unfairly
   35         discriminatory; requiring the Office of Insurance
   36         Regulation to ensure that rates or rate changes
   37         contained in certain rate filings are not excessive,
   38         inadequate, or unfairly discriminatory; amending s.