Bill Amendment: FL S0584 | 2016 | Regular Session

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: Peril of Flood

Status: 2016-03-11 - Died in Appropriations [S0584 Detail]

Download: Florida-2016-S0584-Senate_Committee_Amendment_365506.html

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       Florida Senate - 2016                        COMMITTEE AMENDMENT
       Bill No. CS for SB 584
       
       
       
       
       
       
                                Ì365506+Î365506                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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       Appropriations Subcommittee on Transportation, Tourism, and
       Economic Development (Brandes) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 313 - 323
    4  and insert:
    5         (8) When procuring flood coverage from an authorized
    6  insurer or a surplus lines insurer for a property currently
    7  insured under the National Flood Insurance Program, an
    8  acknowledgment signed by the applicant must be received by an
    9  agent within 20 days before the expiration date of the flood
   10  insurance written through the National Flood Insurance Program.
   11  Otherwise, the private flood policy must be canceled, and
   12  premium must be remitted to a participant in the National Flood
   13  Insurance Program. The acknowledgement must notify the applicant
   14  that the full risk rate for flood insurance may apply to the
   15  property if such insurance is later obtained under the National
   16  Flood Insurance Program An agent must, upon receiving an
   17  application for flood coverage from an authorized or surplus
   18  lines insurer for a property receiving flood insurance under the
   19  National Flood Insurance Program, obtain an acknowledgment
   20  signed by the applicant before placing the coverage with the
   21  authorized or surplus lines insurer. The acknowledgment must
   22  notify the applicant that, if the applicant discontinues
   23  coverage under the National Flood Insurance Program which is
   24  provided at a subsidized rate, the full risk rate for flood
   25  insurance may apply to the property if the applicant later seeks
   26  to reinstate coverage under the program.
   27  
   28  ================= T I T L E  A M E N D M E N T ================
   29  And the title is amended as follows:
   30         Delete line 37
   31  and insert:
   32         more authorized insurers; providing that an agent must
   33         receive from an applicant for certain flood coverage a
   34         specified signed acknowledgement within a specified
   35         time, or otherwise the policy must be canceled and
   36         premium must be remitted to a participant in the
   37         National Flood Insurance Program; providing an
   38         effective date.