Bill Text: FL S0812 | 2016 | Regular Session | Enrolled

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Bill Title: Reciprocal Insurers

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2016-04-01 - Chapter No. 2016-168 [S0812 Detail]

Download: Florida-2016-S0812-Enrolled.html

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       ENROLLED
       2016 Legislature                                          SB 812
       
       
       
       
       
       
                                                              2016812er
    1  
    2         An act relating to reciprocal insurers; amending s.
    3         629.271, F.S.; authorizing domestic reciprocal
    4         insurers to pay a portion of unassigned funds to their
    5         subscribers; providing limitations; providing an
    6         effective date.
    7          
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Section 629.271, Florida Statutes, is amended to
   11  read:
   12         629.271 Distribution of savings.—
   13         (1) A reciprocal insurer may from time to time return to
   14  its subscribers any unused premiums, savings, or credits
   15  accruing to their accounts. Any Such distribution may shall not
   16  unfairly discriminate between classes of risks, or policies, or
   17  between subscribers, but such distribution may vary as to
   18  classes of subscribers based on upon the experience of the such
   19  classes.
   20         (2) In addition to the option provided in subsection (1), a
   21  domestic reciprocal insurer may, upon the prior written approval
   22  of the office, pay to its subscribers a portion of unassigned
   23  funds of up to 10 percent of surplus, with distribution limited
   24  to 50 percent of net income from the previous calendar year.
   25  Such distribution may not unfairly discriminate between classes
   26  of risks or policies, or between subscribers, but may vary as to
   27  classes of subscribers based on the experience of the classes.
   28         Section 2. This act shall take effect July 1, 2016.