Florida Senate - 2022                        COMMITTEE AMENDMENT
       Bill No. SB 1430
       
       
       
       
       
       
                                Ì157610yÎ157610                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  01/19/2022           .                                
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       The Committee on Banking and Insurance (Brandes) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 191 and 192
    4  insert:
    5         Section 3. Subsection (5) is added to section 631.62,
    6  Florida Statutes, to read:
    7         631.62 Prevention of insolvencies.—To aid in the detection
    8  and prevention of insurer insolvencies:
    9         (5) Within 3 months after an insurer becomes insolvent, the
   10  board of directors shall give notice and hold a public meeting
   11  at which the officers and directors of the insolvent insurer
   12  shall present to the board and the public detailed information
   13  regarding the cause of its insolvency. The board shall provide
   14  to the office written recommendations using information
   15  presented at the meeting for the purpose of preventing insurer
   16  insolvencies.
   17  
   18  ================= T I T L E  A M E N D M E N T ================
   19  And the title is amended as follows:
   20         Delete line 24
   21  and insert:
   22         revising construction; amending s. 631.62, F.S.;
   23         requiring the board of directors of the Florida
   24         Insurance Guaranty Association, Incorporated, to give
   25         notice and hold a public meeting within a certain
   26         timeframe after an insurer’s insolvency; requiring the
   27         officers and directors of insolvent insurers to
   28         present certain information; requiring the board to
   29         provide written recommendations to the office using
   30         specified information; amending s. 631.914, F.S.;