Florida Senate - 2016                          SENATOR AMENDMENT
       Bill No. CS for CS for SB 1630
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Floor: NC            .                                
             03/08/2016 01:38 PM       .                                

       Senator Flores moved the following:
    1         Senate Substitute for Amendment (898240) (with title
    2  amendment)
    4         Delete lines 759 - 825
    5  and insert:
    6         1. The corporation must publish a periodic schedule of
    7  cycles during which an insurer may identify policies it wishes
    8  to take out from the corporation. An insurer shall submit its
    9  requests to take out such policies in a form and manner
   10  prescribed by the corporation. An insurer’s take-out request
   11  must include a description of the coverages offered and an
   12  estimated premium. In submitting any take-out request, an
   13  insurer must agree to offer comparable coverage to that offered
   14  by the corporation and that the initial premium of the insurer
   15  after assumption will not exceed its estimated premium by more
   16  than 10 percent, excluding coverage changes, surcharges, and
   17  assessments.
   18         2. For each policy of the corporation identified under
   19  subparagraph 1., the corporation shall maintain and make
   20  available to the agent of record a consolidated list of all
   21  insurers requesting the policy. The list must contain the
   22  information described in subparagraph 1.
   23         3. The corporation shall provide written notice to its
   24  policyholders and the agents of record informing them of their
   25  option to accept one of the take-out offers presented or to
   26  remain with the corporation. The notice must be in a format
   27  prescribed by the corporation and include the amount of the
   28  estimated premium for the coverage of each offering insurer, the
   29  amount of the premium for the coverage provided by the
   30  corporation, and a description of the coverage offered by each
   31  insurer and the coverage provided by the corporation, which
   32  includes an explanation of any differences among the coverage
   33  offered by each insurer and the coverage provided by the
   34  corporation.
   35         4. A policyholder who accepted a take-out offer by an
   36  insurer within the previous 36 months is deemed to be a renewal
   37  policyholder under s. 627.3518 if the corporation determines
   38  that the insurer increased the rate on the policy in excess of
   39  the increase allowed for the corporation under subparagraph
   40  (n)6.
   42  The provision of this sub-subparagraph does not apply if the
   43  office determines that a take-out insurer that increased its
   44  rates in excess of subparagraph (n)6. experienced, or is likely
   45  to experience, a 20 percent increase in the cost of reinsurance
   46  when compared to the cost of reinsurance in the prior year.
   48  ================= T I T L E  A M E N D M E N T ================
   49  And the title is amended as follows:
   50         Delete lines 19 - 32
   51  and insert:
   52         corporation to publish a periodic schedule of cycles
   53         during which an insurer may identify and submit policy
   54         take-out requests; specifying information required to
   55         be included in such requests; providing conditions
   56         that must be agreed to by insurers submitting a
   57         request; requiring the corporation to maintain and
   58         make available specified lists of insurers to its
   59         agents of record; requiring the corporation to provide
   60         policyholders and the agents of record with a
   61         specified notice regarding their policy renewal
   62         options; providing that a policyholder is deemed to be
   63         a renewal policyholder under certain circumstances;
   64         providing applicability; providing an effective date.