Senate Property Insurance Package Amended; Bill Would Cap Citizens Rate Increases at Five Percent
Apr 27, 2009
After several postponements, Senate Bill 1950 was heard on the Senate Floor today, April 27, 2009. After a brief explanation of the bill by its original sponsor, Senator Garrett Richter, the slate of floor amendments that had been filed to the bill were considered.
Following is a brief summary of the actions taken regarding Senate Bill 1950, which is the Senate version of the legislative property insurance package:
1) An amendment was adopted (Bar Code 850916) providing that money would not be transferred from Citizens Property Insurance Corporation (“Citizens”) to the General Revenue Fund if a deficit in Citizens exists.
2) An amendment was adopted (Bar Code 875292) that would change the date from Feb 1, 2010 to Dec 1, 2010 that the Citizens Board of Governors can reduce the high-risk area eligible for wind-only coverage under certain circumstances.
3) An amendment was adopted (Bar Code 649326) providing that any Citizens over-assessments must be returned to policyholders.
4) An amendment was adopted (Bar Code 389964) making the falsification of a mitigation form punishable as a first-degree misdemeanor.
5) An amendment was adopted (Bar Code 348894) providing that Florida Insurance Guaranty Association over-assessments must be returned to policyholders.
6) An amendment was adopted (Bar Code 610272) that would limit the use of funds from the My Safe Florida Home Program to grants for Citizens policyholders.
7) An amendment was adopted (Bar Code 643082) that would provide for a Florida Office of Insurance Regulation (“OIR”) review of rate filings for excessiveness as provided for in current law.
8) An amendment was adopted (Bar Code 888982) that would cap Citizens’ rate increases at five percent.
9) An amendment was adopted (Bar Code 451344)providing that Citizens assessments and “any other assessments levied on insurers an insurance risk or assigned risk plan,” including a limited apportionment plan, would constitute an advance of funds, and authorizes the recoupment of these funds back to the insurer.
10) An amendment was adopted (Bar Code 627632) that would increase regulations on public adjusters and public adjuster apprentices.
11) An amendment was adopted (Bar Code 878476) that would provide for rate transparency by requiring the OIR to post rate certifications on the Internet. An amendment to this amendment (Bar Code AA-766210) would ensure actuarial participation in rate determinations.
Amendments to SB 1950 that Failed or Were Withdrawn
1) An amendment failed (Bar Code 417826) that would have diminished the opportunity for rate increases by eliminating the rapid cash build-up provision and increase for the Florida Hurricane Catastrophe Fund’s Temporary Increase in Coverage Limits.
2) An amendment failed (Bar Code 917884) that would have extended the Citizens rate freeze to December 31, 2012.
3) An amendment was withdrawn (Bar Code 103024) that would have authorized public housing authorities to form self-insurance funds.
The complete list of floor amendments to SB 1950c2 that were considered today, April 27, is reprinted below:
| Amendment: | Published/Filed: | Floor Actions: | Format: | |
| 103024 | Filed 04/27/2009 | Withdrawn on 2R (04/27/2009) |
Web Page | PDF | |
| 146784 | Filed 04/22/2009 | Adopted on 2R (04/24/2009) |
Web Page | PDF | |
| 147230 | Filed 04/23/2009 | Replaced by Substitute on 2R (04/24/2009) |
Web Page | PDF | |
| 175584 | Filed 04/21/2009 | Withdrawn on 2R (04/22/2009) |
Web Page | PDF | |
| 196364 | Filed 04/22/2009 | Withdrawn on 2R (04/22/2009) |
Web Page | PDF | |
| 261466 | Filed 04/23/2009 | Adopted on 2R (04/24/2009) |
Web Page | PDF | |
| 348894 | Filed 04/22/2009 | Adopted on 2R (04/27/2009) |
Web Page | PDF | |
| 389964 | Filed 04/23/2009 | Adopted on 2R (04/27/2009) |
Web Page | PDF | |
| 417826 | Filed 04/22/2009 | Failed on 2R (04/27/2009) |
Web Page | PDF | |
| 451344 | Filed 04/21/2009 | Adopted on 2R (04/27/2009) |
Web Page | PDF | |
| 523526 | Filed 04/22/2009 | Withdrawn on 2R (04/27/2009) |
Web Page | PDF | |
| 577896 | Filed 04/22/2009 | Withdrawn on 2R (04/27/2009) |
Web Page | PDF | |
| 610272 | Filed 04/22/2009 | Adopted on 2R (04/27/2009) |
Web Page | PDF | |
| 618962 | Filed 04/22/2009 | Withdrawn on 2R (04/27/2009) |
Web Page | PDF | |
| 627632 | Filed 04/27/2009 | Adopted on 2R (04/27/2009) |
Web Page | PDF | |
| 635146 | Filed 04/21/2009 | Withdrawn on 2R (04/27/2009) |
Web Page | PDF | |
| 643082 | Filed 04/27/2009 | Adopted on 2R (04/27/2009) |
Web Page | PDF | |
| 649326 | Filed 04/22/2009 | Adopted on 2R (04/27/2009) |
Web Page | PDF | |
| 683296 | Filed 04/21/2009 | Withdrawn on 2R (04/22/2009) |
Web Page | PDF | |
| 766210 | Filed 04/27/2009 | Adopted on 2R (04/27/2009) |
Web Page | PDF | |
| 782064 | Filed 04/22/2009 | Withdrawn on 2R (04/22/2009) |
Web Page | PDF | |
| 850916 | Filed 04/22/2009 | Adopted on 2R (04/27/2009) |
Web Page | PDF | |
| 863538 | Filed 04/22/2009 | Adopted on 2R (04/24/2009) |
Web Page | PDF | |
| 875292 | Filed 04/22/2009 | Adopted on 2R (04/27/2009) |
Web Page | PDF | |
| 878476 | Filed 04/22/2009 | Adopted on 2R (04/27/2009) |
Web Page | PDF | |
| 888982 | Filed 04/22/2009 | Adopted on 2R (04/27/2009) |
Web Page | PDF | |
| 917884 | Filed 04/24/2009 | Failed on 2R (04/27/2009) |
Web Page | PDF | |
| 920588 | Filed 04/24/2009 | Withdrawn on 2R (04/27/2009) |
Web Page | PDF | |
| 938902 | Filed 04/22/2009 | Withdrawn on 2R (04/27/2009) |
Web Page | PDF | |
| 946616 | Filed 04/23/2009 | Withdrawn on 2R (04/27/2009) |
Web Page | PDF |
Should you have any questions or comments, please contact Colodny Fass.
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