Florida Senate - 2016 SENATOR AMENDMENT Bill No. CS for CS for SB 1630 Ì401672#Î401672 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) 3 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. 41 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. 47 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.