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Florida Senate - 2008 SENATOR AMENDMENT

Bill No. CS for CS for SB's 2860 & 1196

185462

CHAMBER ACTION

Senate

Floor: 10/AD/2R

4/10/2008 11:09 AM

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House



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Senators Geller and Atwater moved the following amendment:

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     Senate Amendment (with title amendments)

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     Between lines 612 and 613

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insert:

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Section 6. Section 624.4305, Florida Statutes, is created to

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read:

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     624.4305 Nonrenewal of residential property insurance

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policies.--

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     (1) Any insurer planning to nonrenew more than 10,000

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residential property insurance policies in this state within a

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12-month period shall give notice in writing to the Office of

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Insurance Regulation 90 days before the issuance of any notices

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of nonrenewal. The notice provided to the office must set forth

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the insurer's reasons for such action, the effective dates of

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nonrenewal, and any arrangements made for other insurers to offer

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coverage to affected policyholders.

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     (2) An insurer may not issue a notice of nonrenewal to

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policyholders unless the office approves or fails to disapprove

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the nonrenewal plan within 90 days after the date on which it

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receives the notice from the insurer. The office may not approve

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the plan unless it finds that the insurer has staggered the

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nonrenewals over a reasonable period relative to the number of

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nonrenewals, or has made arrangements for offers of replacement

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coverage. The office may not require that the effective dates of

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nonrenewal be staggered over a period longer than 24 months

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unless the insurer is nonrenewing more than 100,000 policies, in

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which case the office may not require that the effective dates of

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nonrenewal be staggered over a period longer than 36 months. If

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the insurer has arranged for an offer of coverage to be made to

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an affected policyholder by an authorized insurer, the office may

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not restrict or disapprove the nonrenewal of such policy beyond

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what is required by law.

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================ T I T L E  A M E N D M E N T ================

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And the title is amended as follows:

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     On line 61, after the semicolon,

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insert:

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creating s. 624.4305, F.S.; requiring that an insurer

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planning to nonrenew more than a specified number of

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residential property insurance polices notify the Office

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of Insurance Regulation and obtain approval for such

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nonrenewals; specifying procedures for issuance of such

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notice; prohibiting the office from approving a nonrenewal

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plan unless it determines that the insurer has met certain

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conditions; prohibiting the office from requiring certain

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actions; limiting the ability of the office to disapprove

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or restrict nonrenewal of certain policies under certain

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conditions;

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4/9/2008  5:49:00 PM     31-07210-08

CODING: Words stricken are deletions; words underlined are additions.

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