Bill Amendment: FL S7018 | 2013 | Regular Session

Florida Senate Bill 7018 (Prior Session Legislation)

NOTE: For additional amemendments please see the Bill Drafting List

Bill Title: Property Insurance

Status: 2013-03-08 - Submit as committee bill by Banking and Insurance (SB 1770) [S7018 Detail]

Download: Florida-2013-S7018-Banking_and_Insurance_Committee_Amendment_892392.html

       Florida Senate - 2013                        COMMITTEE AMENDMENT
       Bill No. SPB 7018
       
       
       
       
       
       
                                Barcode 892392                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: FAV            .                                
                  03/07/2013           .                                
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       The Committee on Banking and Insurance (Simmons) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 1869 - 1899
    4  and insert:
    5         b. In establishing noncompetitive rates for personal and
    6  commercial lines residential policies, the average rates of the
    7  corporation for each rating territory may not be less than the
    8  average rates charged by the insurer that had the highest
    9  average rate in that rating territory among the 20 voluntary
   10  admitted insurers with the greatest total direct written premium
   11  in the state for that line of business in the preceding year.
   12         c. In establishing noncompetitive rates for mobile home
   13  coverage, the average rates of the corporation may not be less
   14  than the average rates charged by the insurer that had the
   15  highest average rate in that rating territory among the five
   16  voluntary admitted insurers with the greatest total written
   17  premium for mobile home owner’s policies in the state in the
   18  preceding year The corporation shall file its recommended rates
   19  with the office at least annually. The corporation shall provide
   20  any additional information regarding the rates which the office
   21  requires. The office shall consider the recommendations of the
   22  board and issue a final order establishing the rates for the
   23  corporation within 45 days after the recommended rates are
   24  filed. The corporation may not pursue an administrative
   25  challenge or judicial review of the final order of the office.
   26         d. Rates for commercial nonresidential policies must be
   27  actuarially sound in accordance with sub-subparagraph a.
   28         e. The requirements of sub-subparagraphs b. and c. do not
   29  apply to rates in territories where the office determines there
   30  is not a reasonable degree of competition. In such territories
   31  the corporation’s rates must be actuarially sound in accordance
   32  with sub-subparagraph a.
   33  
   34  ================= T I T L E  A M E N D M E N T ================
   35         And the title is amended as follows:
   36         Delete lines 62 - 63
   37  and insert:
   38         admitted market, actuarially sound, and include a
   39         catastrophe risk load factor; providing exceptions;
   40         limiting rate increases for specified personal