Florida Senate - 2016 SENATOR AMENDMENT Bill No. CS for CS for SB 1630 Ì963148;Î963148 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 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. 45 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.