September 19, 2020
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Amendment CaShTmL-624518.HTM
    Florida Senate - 2005                        SENATOR AMENDMENT
    Bill No. HB 1937, 2nd Eng.
                        Barcode 624518
                            CHAMBER ACTION
              Senate                               House
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11  Senator Garcia moved the following amendment to amendment
12  (435620):
13  
14         Senate Amendment (with title amendment) 
15         On page 56, between lines 29 and 30,
16  
17  insert:  
18         Section 24.  Task Force on Long-Term Solutions for
19  Florida's Hurricane Insurance Market.--
20         (1)  TASK FORCE CREATED.--There is created the Task
21  Force on Long-Term Solutions for Florida's Hurricane Insurance
22  Market.
23         (2)  ADMINISTRATION.--The task force shall be
24  administratively housed within the Office of the Chief
25  Financial Officer, but shall operate independently of any
26  state officer or agency. The Office of the Chief Financial
27  Officer shall provide such administrative support as the task
28  force deems necessary to accomplish its mission and shall
29  provide necessary funding for the task force within its
30  existing resources. The Executive Office of the Governor, the
31  Department of Financial Services, and the Office of Insurance
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    9:22 AM   05/06/05                           h193704e2c-40-j03

Florida Senate - 2005 SENATOR AMENDMENT Bill No. HB 1937, 2nd Eng. Barcode 624518 1 Regulation shall provide substantive staff support for the 2 task force. 3 (3) MEMBERSHIP.--The members of the task force shall 4 be appointed as follows: 5 (a) The Governor shall appoint three members who have 6 expertise in financial matters, one of whom is a 7 representative of the mortgage lending industry, one of whom 8 is a representative of the real estate or construction 9 industry, and one of whom is a representative of insurance 10 consumers. 11 (b) The Chief Financial Officer shall appoint three 12 members who have expertise in financial matters, one of whom 13 is a representative of a national property insurer or of a 14 Florida-only subsidiary of a national property insurer, one of 15 whom is a representative of a domestic property insurer in 16 this state, and one of whom is a representative of insurance 17 agents. 18 (c) The President of the Senate shall appoint three 19 members. 20 (d) The Speaker of the House of Representatives shall 21 appoint three members. 22 (e) The Commissioner of Insurance Regulation shall 23 serve as an ex officio voting member of the task force. 24 25 Members of the task force shall serve without compensation but 26 are entitled to receive reimbursement for per diem and travel 27 expenses as provided in section 112.061, Florida Statutes. 28 (4) PURPOSE AND INTENT.--The Legislature recognizes 29 that the continued availability of hurricane insurance 30 coverage for property owners in this state is essential to the 31 state's economic survival. The Legislature further recognizes 2 9:22 AM 05/06/05 h193704e2c-40-j03
Florida Senate - 2005 SENATOR AMENDMENT Bill No. HB 1937, 2nd Eng. Barcode 624518 1 that legislative efforts to resolve problems in the hurricane 2 insurance market in 2005 may not be sufficient to address this 3 state's long-term needs and that further action may be 4 necessary in subsequent legislative sessions. The purpose of 5 the task force is to make recommendations to the legislative 6 and executive branches of this state's government relating to 7 the creation and maintenance of insurance capacity in the 8 private sector and public sector which is sufficient to ensure 9 that all property owners in this state are able to obtain 10 appropriate insurance coverage for hurricane losses, as 11 further described in this section. 12 (5) SPECIFIC TASKS.--The task force shall conduct such 13 research and hearings as it deems necessary to achieve the 14 purposes specified in subsection (4) and shall develop 15 information on relevant issues, including, but not limited to, 16 the following issues: 17 (a) Whether this state currently has sufficient 18 hurricane insurance capacity to ensure the continuation of a 19 healthy, competitive marketplace, taking into consideration 20 both private-sector resources and public-sector resources. 21 (b) Identifying the future demands on this state's 22 hurricane insurance capacity, taking into account population 23 growth, coastal growth, and anticipated future hurricane 24 activity. 25 (c) Whether the Florida Hurricane Catastrophe Fund 26 fulfilled its purpose of creating additional insurance 27 capacity sufficient to ameliorate the current dangers to the 28 state's economy and to the public health, safety, and welfare 29 in its response to the 2004 hurricane season. 30 (d) The extent to which the growth in Citizens 31 Property Insurance Corporation is attributable to insufficient 3 9:22 AM 05/06/05 h193704e2c-40-j03
Florida Senate - 2005 SENATOR AMENDMENT Bill No. HB 1937, 2nd Eng. Barcode 624518 1 insurance capacity. 2 (e) The extent to which the growth trends of Citizens 3 Property Insurance Corporation create long-term problems for 4 property owners, buyers, and sellers in this state and for 5 other persons and businesses that depend on a viable market. 6 (f) The operation and role of Citizens Property 7 Insurance Corporation, including: 8 1. How to ensure that the corporation operates as an 9 insurer of last resort which does not compete with insurers in 10 the voluntary market, but which charges rates that are not 11 excessive, inadequate, or unfairly discriminatory; 12 2. Whether the bonuses paid by the corporation to 13 carriers taking policies out of the corporation provide a 14 cost-effective means of reducing the potential liability of 15 the corporation; 16 3. Whether the "Consumer Choice" law should be 17 repealed or amended to ensure that the corporation serves as 18 the insurer of last resort; 19 4. Whether coverage amounts should be limited; 20 5. Whether the corporation has hired an adequate level 21 of permanent claims and adjusting staff in addition to 22 outsourcing its claims-adjusting functions to independent 23 adjusting firms; 24 6. The effect of reducing or expanding the areas that 25 are eligible for coverage in the high-risk, wind-only account; 26 7. Whether the corporation should purchase reinsurance 27 or take other actions that reduce the potential for debt 28 financing and deficit assessments; and 29 8. An evaluation of the infrastructure and 30 administration of the corporation and how to improve customer 31 service, claims handling, and communication and the exchange 4 9:22 AM 05/06/05 h193704e2c-40-j03
Florida Senate - 2005 SENATOR AMENDMENT Bill No. HB 1937, 2nd Eng. Barcode 624518 1 of information with agents of policyholders of the 2 corporation. 3 (6) REPORT AND RECOMMENDATIONS.--By April 1, 2006, the 4 task force shall provide a report containing findings relating 5 to the tasks identified in subsection (5) and recommendations 6 consistent with the purposes of this section and also 7 consistent with such findings. The task force shall submit the 8 report to the Governor, the Chief Financial Officer, the 9 President of the Senate, and the Speaker of the House of 10 Representatives. The task force may also submit such interim 11 reports as it deems appropriate. 12 (7) ADDITIONAL ACTIVITIES.--The task force shall 13 monitor the implementation of hurricane insurance-related 14 legislation enacted during the 2005 Regular Session and shall 15 make such additional recommendations as it deems appropriate 16 for further legislative action during the 2004-2006 17 legislative biennium. 18 (8) EXPIRATION.--The task force shall expire at the 19 end of the 2004-2006 legislative biennium. 20 21 (Redesignate subsequent sections.) 22 23 24 ================ T I T L E A M E N D M E N T =============== 25 And the title is amended as follows: 26 On page 66, line 12, after the semicolon, 27 28 insert: 29 creating the Task Force on Long-Term Solutions 30 for Florida's Hurricane Insurance Market; 31 requiring the Executive Office of the Governor, 5 9:22 AM 05/06/05 h193704e2c-40-j03
Florida Senate - 2005 SENATOR AMENDMENT Bill No. HB 1937, 2nd Eng. Barcode 624518 1 the Department of Financial Services, and the 2 Office of Insurance Regulation to provide 3 administrative support and staff support; 4 providing membership; providing purpose and 5 intent; providing for research and hearings on 6 specified issues; requiring the task force to 7 submit a report of findings and recommendations 8 to the Governor, the Chief Financial Officer, 9 the President of the Senate, and the Speaker of 10 the House of Representatives; providing for 11 additional activities; providing for expiration 12 of the task force; 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 6 9:22 AM 05/06/05 h193704e2c-40-j03
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