Bill Amendment: FL S0916 | 2015 | Regular Session

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: Commercial Insurer Rate Filing Procedures

Status: 2015-04-28 - Died in Messages, companion bill(s) passed, see CS/CS/CS/HB 165 (Ch. 2015-135) [S0916 Detail]

Download: Florida-2015-S0916-Senate_Committee_Amendment_634480.html

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       Florida Senate - 2015                        COMMITTEE AMENDMENT
       Bill No. SB 916
       
       
       
       
       
       
                                Ì634480%Î634480                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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       The Committee on Banking and Insurance (Montford) recommended
       the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 23 - 71
    4  and insert:
    5  officer of a property insurer and the chief actuary of a
    6  property insurer must certify under oath and subject to the
    7  penalty of perjury, on a form approved by the commission, the
    8  following information, which must accompany a property rate
    9  filing subject to paragraph (2)(a):
   10         1. The signing officer and actuary have reviewed the rate
   11  filing;
   12         2. Based on the signing officer’s and actuary’s knowledge,
   13  the rate filing does not contain any untrue statement of a
   14  material fact or omit to state a material fact necessary to make
   15  the statements made, in light of the circumstances under which
   16  such statements were made, not misleading;
   17         3. Based on the signing officer’s and actuary’s knowledge,
   18  the information and other factors described in paragraph (2)(b),
   19  including, but not limited to, investment income, fairly present
   20  in all material respects the basis of the rate filing for the
   21  periods presented in the filing; and
   22         4. Based on the signing officer’s and actuary’s knowledge,
   23  the rate filing reflects all premium savings that are reasonably
   24  expected to result from legislative enactments and are in
   25  accordance with generally accepted and reasonable actuarial
   26  techniques.
   27         Section 2. Subsection (1) of section 627.0645, Florida
   28  Statutes, is amended to read:
   29         627.0645 Annual filings.—
   30         (1) Each rating organization filing rates for, and each
   31  insurer writing, any line of property or casualty insurance to
   32  which this part applies, except:
   33         (a) Workers’ compensation and employer’s liability
   34  insurance; or
   35         (b) Commercial property and casualty Insurance as defined
   36  in ss. 624.604 and 624.605, but limited to coverage of
   37  commercial risks s. 627.0625(1) other than commercial
   38  residential multiperil multiple line and commercial motor
   39  vehicle,
   40  
   41  shall make an annual base rate filing for each such line with
   42  the office no later than 12 months after its previous base rate
   43  filing, demonstrating that its rates are not inadequate.
   44  
   45  ================= T I T L E  A M E N D M E N T ================
   46  And the title is amended as follows:
   47         Delete lines 3 - 15
   48  and insert:
   49         procedures; amending s. 627.062, F.S.; restricting to
   50         certain property rate filings a requirement that the
   51         chief executive officer or chief financial officer and
   52         chief actuary of a property insurer certify the
   53         information contained in a rate filing; amending s.
   54         627.0645, F.S.; exempting commercial nonresidential
   55         multiperil insurance from annual base rate filing;
   56         providing an effective date.