July 18, 2019
Print This PagePrint This Page

  *
Session:
Bill #:
Session:
Chamber: View Search Tips
Search Term:
Year: View Search Tips
Search Term:

Florida Senate - 2008 COMMITTEE AMENDMENT

Bill No. CS for SB's 2086 & 2498

407742

CHAMBER ACTION

Senate

Comm: TP

4/8/2008

.

.

.

.

.

House



1

The Committee on Banking and Insurance (Bennett) recommended the

2

following amendment:

3

4

     Senate Amendment (with title amendment)

5

     Delete lines 259-261

6

and insert:

7

     3. Notwithstanding any other provisions of law, any three

8

or more condominium associations may form a self-insurance fund

9

for the purposes of pooling and spreading the liabilities of its

10

participant associations arising from the deductible provisions

11

of the commercial lines residential property insurance policies

12

of the participants applicable to hurricane losses, if:

13

     a. Such fund is a not-for-profit fund.

14

     b. The fund is implemented through contracts among the

15

participating associations, or through contracts between the

16

participating associations and another legal entity established

17

for and limited to establishing and implementing the program.

18

     c. The liability of the fund for claims is limited to funds

19

available for the payment of claims.

20

     d. The contract provided to a participating association

21

clearly discloses the obligations of the participants in the fund

22

and the obligations of the fund, including the limited liability

23

of the fund as defined in sub-subparagraph c. The contract may

24

specify a reasonable date for the payment of claims which

25

provides the fund with adequate time to verify and account for

26

all claims for a given year so that claims payments can be

27

properly calculated after consideration of the funds available.

28

Before execution of the contract, the association or its

29

representative must be provided a separate disclosure form

30

specifying the limited liability of the fund and all

31

administrative fees and estimated expenses, and providing

32

examples of the manner in which available funds will be allocated

33

among claimants if claims exceed the funds available for the

34

payment thereof. Such disclosure must be signed by a

35

representative of the participating association before or at the

36

time of execution of the contract.

37

     e. The contributions charged for participating in the fund

38

are established by the fund and calculated as a percentage of the

39

participant's hurricane deductible dollar amount. The fund may

40

determine the method and timing of payment of contributions.

41

     f. The majority of the governing board of the fund are

42

participants in the fund and the governing body shall have all

43

powers necessary to establish and administer the fund as

44

authorized by the participants in the fund.

45

     g. The fund uses and contracts with knowledgeable persons

46

or business entities to administer and service the fund,

47

including marketing, policy, contract administration, claims

48

administration, accounting services, and legal services.

49

     h. The fund uses a properly licensed general lines

50

insurance agent who is a Florida resident for solicitation of

51

participation in the fund and does not prevent, impede, or

52

restrict any applicant or participant in the fund from

53

maintaining or selecting an agent of choice. The fund may not

54

favor one or more agents over another agent.

55

     i. The fund is audited by an independent auditor no less

56

frequently than every 2 years.

57

     4. The fund may accumulate funds or periodically distribute

58

excess funds to its participants on a pro rata basis, reflecting

59

loss experience of individual participants and proportionate

60

contributions paid by participants.

61

     5. Participants in the fund must have a deductible no

62

greater than as provided in s. 627.701(8).

63

64

Self-insurance funds or pools established pursuant to this

65

paragraph are not subject to licensure requirements or regulation

66

pursuant to the Florida Insurance Code except for part IX of

67

chapter 626, and are not subject to any fees, taxes, or

68

assessments related to the writing or transaction of insurance in

69

this state.

70

71

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

72

And the title is amended as follows:

73

     Delete lines 10 and 11

74

and insert:

75

insurance; providing that any three or more condominium

76

associations may form a self-insurance fund for certain

77

purposes under certain conditions; requiring that the

78

contract for participating in the fund disclose certain

79

information and contain certain provisions; requiring that

80

a disclosure be provided to an association before

81

execution of such contract; requiring that such disclosure

82

contain certain information; providing for the charging of

83

contributions for participation in the fund; requiring

84

that the majority of the governing board of the fund be

85

participants in the fund; providing powers of the

86

governing board; authorizing the fund to enter into

87

certain contracts; requiring that the fund use a general

88

lines agent meeting certain criteria when soliciting

89

participation in the fund; prohibiting the fund from

90

taking certain actions when selecting such agent;

91

requiring that the fund be independently audited at

92

specified intervals; authorizing the fund to accumulate

93

funds or distribute excess funds to participants on a pro

94

rata basis; providing for a deductible for participants in

95

the fund; exempting such self-insurance funds from certain

96

requirements, regulations, fees, taxes, and assessments;

97

providing

4/4/2008  4:41:00 PM     21-06694-08

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

Site Map
Session:   Bills ·   Calendars ·   Bound Journals ·   Citator ·   Search ·   Appropriations ·   Redistricting ·   Bill Information Reports
Committee Publications
Historical Information
Statutes:   Introduction ·   View Statutes ·   Search Statutes
Flsenate.gov
Disclaimer: The information on this system is unverified. The journals or printed bills of the respective chambers should be consulted for official purposes.    Copyright © 2000-2019 State of Florida.     Privacy Statement     Contact Us     Get Acrobat Reader