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 Amendment (with title amendment)
    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.
   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.
   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.