Bill Amendment: FL S1402 | 2022 | Regular Session

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: Domestic Surplus Lines Insurers

Status: 2022-03-14 - Died in Messages [S1402 Detail]

Download: Florida-2022-S1402-Senate_Floor_Amendment_731740_to_Amendment_906044_.html

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       Florida Senate - 2022                          SENATOR AMENDMENT
       Bill No. SB 1402
       
       
       
       
       
       
                                Ì731740|Î731740                         
       
                              LEGISLATIVE ACTION                        
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       Senator Burgess moved the following:
       
    1         Senate Amendment to Amendment (906044) (with title
    2  amendment)
    3  
    4         Delete lines 15 - 51
    5  and insert:
    6  insurer domiciled in this state which has been deemed eligible
    7  and authorized by the office to write surplus lines insurance in
    8  this state. The authorization to write surplus lines insurance
    9  is not contingent on the company’s holding of an existing
   10  certificate of authority.
   11         (3)(2) “Eligible surplus lines insurer” means:
   12         (a) An unauthorized insurer that which has been made
   13  eligible by the office to issue insurance coverage under this
   14  Surplus Lines Law; or
   15         (b) A domestic surplus lines insurer.
   16         (4)(3) “Export” “To export” means to place, in an
   17  unauthorized insurer under this Surplus Lines Law, insurance
   18  covering a subject of insurance resident, located, or to be
   19  performed in this state.
   20         (1)(4) “Diligent effort” means seeking coverage from and
   21  having been rejected by at least three authorized insurers
   22  currently writing this type of coverage and documenting these
   23  rejections. However, if the residential structure has a dwelling
   24  replacement cost of $700,000 or more, the term means seeking
   25  coverage from and having been rejected by at least one
   26  authorized insurer currently writing this type of coverage and
   27  documenting this rejection.
   28         Section 2. Section 626.91805, Florida Statutes, is created
   29  to read:
   30         626.91805 Domestic surplus lines insurers.—
   31         (1) As used in this section, the term “nonadmitted insurer”
   32  has the same meaning as provided in the federal Nonadmitted and
   33  Reinsurance Reform Act of 2010.
   34         (2) Notwithstanding any other law, a nonadmitted insurer
   35  possessing a policyholder surplus of at least $15 million is,
   36  under a resolution by its board of directors and with the
   37  written approval of the office, eligible to transact
   38  
   39  ================= T I T L E  A M E N D M E N T ================
   40  And the title is amended as follows:
   41         Delete line 1088
   42  and insert:
   43         insurer”; providing that specified nonadmitted
   44         insurers are eligible