Bill Amendment: FL S1430 | 2022 | Regular Session

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: Insolvent Insurers

Status: 2022-03-04 - Laid on Table, refer to CS/HB 1023 [S1430 Detail]

Download: Florida-2022-S1430-Senate_Committee_Amendment_179644.html

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       Florida Senate - 2022                        COMMITTEE AMENDMENT
       Bill No. SB 1430
       
       
       
       
       
       
                                Ì179644CÎ179644                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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       The Committee on Banking and Insurance (Brandes) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Before line 33
    4  insert:
    5         Section 1. Section 624.4073, Florida Statutes, is amended
    6  to read:
    7         624.4073 Officers and directors of insolvent insurers.—Any
    8  person who was an officer or director of an insurer doing
    9  business in this state and who served in that capacity within
   10  the 2-year period before the date the insurer became insolvent,
   11  for any insolvency that occurs on or after July 1, 2002, may not
   12  thereafter serve as an officer or director of an insurer
   13  authorized in this state or have direct or indirect control over
   14  the selection or appointment of an officer or director through
   15  contract, trust, or by operation of law, unless the office
   16  enters an order pursuant to s. 624.310 demonstrating that the
   17  officer or director demonstrates that his or her personal
   18  actions or omissions of the officer or director were not a
   19  significant contributing cause to the insolvency.
   20  
   21  ================= T I T L E  A M E N D M E N T ================
   22  And the title is amended as follows:
   23         Between lines 2 and 3
   24  insert:
   25         624.4073, F.S.; revising a prohibition against certain
   26         insolvent insurers’ former officers or directors
   27         serving as officers or directors of an insurer or
   28         having direct or indirect control over certain
   29         selection or appointment of officers or directors, to
   30         allow such activities unless the Office of Insurance
   31         Regulation enters a specified order; amending s.