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 753 - 825
    4  and insert:
    5         (ii) The corporation shall revise the programs adopted
    6  pursuant to sub-subparagraph (q)3.a. for personal lines
    7  residential policies to maximize policyholder options and
    8  encourage increased participation by insurers and agents. After
    9  January 1, 2017, a policy may not be taken out of the
   10  corporation unless the provisions of this paragraph are met.
   11         1. The corporation must publish a periodic schedule of
   12  cycles during which an insurer may identify, and notify the
   13  corporation of, policies that the insurer is requesting to take
   14  out. A request must include a description of the coverage
   15  offered and an estimated premium and must be submitted to the
   16  corporation in a form and manner prescribed by the corporation.
   17         2. The corporation must maintain and make available to the
   18  agent of record a consolidated list of all insurers requesting
   19  to take out a policy. The list must include a description of the
   20  coverage offered and the estimated premium for each take-out
   21  request.
   22         3. The corporation must provide written notice to the
   23  policyholder and the agent of record regarding all insurers
   24  requesting to take out the policy and regarding the
   25  policyholder’s option to accept a take-out offer or to reject
   26  all take-out offers and to remain with the corporation. The
   27  notice must be in a format prescribed by the corporation and
   28  include, for each take-out offer:
   29         a. The amount of the estimated premium;
   30         b. A description of the coverage; and
   31         c. A comparison of the estimated premium and coverage
   32  offered by the insurer to the estimated premium and coverage
   33  provided by the 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 the same take-out insurer increased the rate on the policy
   38  in excess of the percent increase allowed for the corporation
   39  under subparagraph (n)6. This subparagraph does not apply if the
   40  office determines that a take-out insurer that increased its
   41  rates in excess of the percent increase allowed under
   42  subparagraph (n)6. experienced, or is likely to experience, a 20
   43  percent or greater increase in the cost of reinsurance when
   44  compared to the cost of reinsurance in the prior year.
   46  ================= T I T L E  A M E N D M E N T ================
   47  And the title is amended as follows:
   48         Delete lines 19 - 32
   49  and insert:
   50         corporation to publish a periodic schedule of cycles
   51         during which an insurer may identify and submit policy
   52         take-out requests; specifying information required to
   53         be included in such requests; requiring the
   54         corporation to maintain and make available to the
   55         agent of record a specified list; requiring the
   56         corporation to provide policyholders and the agents of
   57         record with a specified notice regarding take-out
   58         offers; providing that a policyholder is deemed to be
   59         a renewal policyholder under certain circumstances;
   60         providing applicability; providing an effective date.