Florida Senate - 2016 SENATOR AMENDMENT Bill No. CS for CS for SB 1630 Ì898240#Î898240 LEGISLATIVE ACTION Senate . House . . . Floor: NC . 03/08/2016 01:38 PM . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— Senator Flores moved the following: 1 Senate Amendment (with title amendment) 2 3 Delete lines 759 - 825 4 and insert: 5 1. The corporation must publish a periodic schedule of 6 cycles during which an insurer may identify policies it wishes 7 to take out from the corporation. An insurer shall submit its 8 requests to take out such policies in a form and manner 9 prescribed by the corporation. An insurer’s take-out request 10 must include a description of the coverages offered and an 11 estimated premium. In submitting any take-out request, an 12 insurer must agree to offer comparable coverage to that offered 13 by the corporation and that the initial premium of the insurer 14 after assumption will not exceed its estimated premium by more 15 than 10 percent, excluding coverage changes, surcharges, and 16 assessments. 17 2. For each policy of the corporation identified under 18 subparagraph 1., the corporation shall maintain and make 19 available to the agent of record a consolidated list of all 20 insurers requesting the policy. The list must contain the 21 information described in subparagraph 1. 22 3. The corporation shall provide written notice to its 23 policyholders and the agents of record informing them of their 24 option to accept one of the take-out offers presented or to 25 remain with the corporation. The notice must be in a format 26 prescribed by the corporation and include the amount of the 27 estimated premium for the coverage of each offering insurer, the 28 amount of the premium for the coverage provided by the 29 corporation, and a description of the coverage offered by each 30 insurer and the coverage provided by the corporation, which 31 includes an explanation of any differences among the coverage 32 offered by each insurer and the coverage provided by the 33 corporation. 34 4. A policyholder who accepted a take-out offer by an 35 insurer within the previous 36 months is deemed to be a renewal 36 policyholder under s. 627.3518 if the corporation determines 37 that: 38 a. The insurer continues to insure the policyholder and 39 failed to meet the requirements of subparagraph 1.; 40 b. The insurer nonrenewed the policyholder for reasons 41 other than the nonpayment of premium; or 42 c. The insurer increased the rate on the policy in excess 43 of the increase allowed for the corporation under subparagraph 44 (n)6. 45 46 The provisions of sub-subparagraphs b. and c. do not apply if 47 the office determines that a take-out insurer that nonrenewed or 48 raised rates in excess of subparagraph (n)6. experienced, or is 49 likely to experience, a 20 percent increase in the cost of 50 reinsurance when compared to the cost of reinsurance in the 51 prior year. 52 53 ================= T I T L E A M E N D M E N T ================ 54 And the title is amended as follows: 55 Delete lines 19 - 32 56 and insert: 57 corporation to publish a periodic schedule of cycles 58 during which an insurer may identify and submit policy 59 take-out requests; specifying information required to 60 be included in such requests; providing conditions 61 that must be agreed to by insurers submitting a 62 request; requiring the corporation to maintain and 63 make available specified lists of insurers to its 64 agents of record; requiring the corporation to provide 65 policyholders and the agents of record with a 66 specified notice regarding their policy renewal 67 options; providing that a policyholder is deemed to be 68 a renewal policyholder under certain circumstances; 69 providing applicability; providing an effective date.