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441423
 ((LATE FILED FOR: 4/29/2008 8:30:00 AM))Amendment
Bill No. CS/CS/SB 2860
Amendment No. 441423
CHAMBER ACTION
Senate House
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1Representative Hays offered the following:
2
3     Amendment to Amendment (870297)
4     Remove line(s) 2735-2837 and insert:
5     Section 18.  (1)  The Citizens Property Insurance
6Corporation Mission Review Task Force is created to analyze and
7compile available data and to develop a report setting forth the
8statutory and operational changes needed to return Citizens
9Property Insurance Corporation to its former role as a state-
10created, noncompetitive residual market mechanism that provides
11property insurance coverage to risks that are otherwise entitled
12but unable to obtain such coverage in the private insurance
13market. The task force shall submit a report to the Governor,
14the President of the Senate, and the Speaker of the House of
15Representatives by January 31, 2009. At a minimum, the task
16force shall analyze and evaluate relevant and applicable
17information and data and develop recommendations concerning:
18     (a)  The nature of Citizens Property Insurance
19Corporation's role in providing property insurance coverage only
20if such coverage is not available from private insurers.
21     (b)  The ability of the admitted market to offer policies
22to those consumers formerly insured through Citizens Property
23Insurance Corporation. This consideration shall include, but not
24be limited to, the availability of private market reinsurance
25and coverage through the Florida Hurricane Catastrophe Fund and
26the capacity of the industry to offer policies to former
27Citizens Property Insurance Corporation policyholders within
28existing writing ratio limitations.
29     (c)  The relationship of rates charged by Citizens Property
30Insurance Corporation to rates charged by private insurers, with
31due consideration for the corporation's role as a noncompetitive
32residual market mechanism.
33     (d)  The relationships between the exposure of Citizens
34Property Insurance Corporation to catastrophic hurricane losses,
35the corporation's history of purchasing any reinsurance
36coverage, and the corporation's capital capacity to meet its
37potential claim obligations without incurring large deficits.
38     (e)  The projected assessments on all policies required to
39offset the lack of capitol to pay claims.
40     (f)  The projections under paragraph (e) shall be specific
41to losses of $3 billion, $12 billion, and $23 billion caused by
42a storm or a group of storms in any given year.
43     (g)  The operational implications of the variation in the
44number of policies in force over time in Citizens Property
45Insurance Corporation and the merits of outsourcing some or all
46of its operational responsibilities.
47     (h)  Changes in the mission and operations of Citizens
48Property Insurance Corporation to reduce or eliminate any
49adverse effect such mission and operations may be having on the
50promotion of sound and economic growth and development of the
51coastal areas of this state.
52     (i)  Appropriate and consistent geographic boundaries of
53the high-risk account.
54     (j)  The rankings, by county, of the average approved rates
55in Citizens Property Insurance Corporation and any savings
56associated with policyholder choice in selecting Citizens.
57     (2)  The task force shall be composed of 11 members as
58follows:
59     (a)  Two members appointed by the Speaker of the House of
60Representatives.
61     1.  One member representing a property and casualty
62residential insurer that provides at least 150,000 homeowner's
63insurance policies in this state at the time of the creation of
64the task force.
65     2.  One member representing a surplus lines insurance
66company.
67     (b)  Two members appointed by the President of the
68Senate.
69     1.  One member representing a property and casualty
70commercial non-residential insurer.
71     2.  One member representing a property and casualty
72residential insurer with fewer than 150,000 homeowner's policies
73in this state at the time of the creation of the task force.
74     (c)  Three members appointed by the Governor who are not
75employed by or professionally affiliated with an insurance
76company or a subsidiary of an insurance company, at least one of
77whom must be consumer advocates or members of a consumer
78advocacy organization or agency.
79     (d)  Two members appointed by the Chief Financial Officer
80representing insurance agents in this state.
81     (e)  One member representing Citizens Property Insurance
82Corporation selected by Citizens Chairman of the Board.
83     (f)  The Commissioner of Insurance Regulation or his or her
84designee.
85     (3)  The task force shall conduct research, hold public
86meetings, receive testimony, employ consultants and
87administrative staff, and undertake other activities determined
88by its members to be necessary to complete its responsibilities.
89Citizens Property Insurance Corporation shall have appropriate
90senior staff attend task force meetings, shall respond to
91requests for testimony and data by the task force, shall
92otherwise cooperate with the task force, and shall provide
93funding for the necessary costs of implementing the provisions
94of this section.
95     (4)  A member of the task force may not delegate his or her
96attendance or voting power to a designee.
97     (5)  Members of the task force shall serve without
98compensation but are entitled to receive reimbursement for
99travel and per diem as provided in s. 112.061, Florida Statutes.
100     (6)  The appointments to the task force must be completed
101within 30 calendar days after the effective date of this act,
102and the task force must hold its initial meeting within 1 month
103after appointment of all members. The task force shall expire no
104later than 60 calendar days after submission of the report
105required in subsection (1).
106     Section 19.  The Chief Financial Officer shall provide a
107report on the economic impact on the state of a 1-in-100-year
108hurricane to the Governor, the President of the Senate, and the
109Speaker of the House of Representatives by March 1 of each year.
110The report shall include an estimate of the short-term and long-
111term fiscal impacts of such a storm on Citizens Property
112Insurance Corporation, the Florida Hurricane Catastrophe Fund,
113the private insurance and reinsurance markets, the state
114economy, and the state debt. The report shall also include an
115analysis of the average premium increase to reach a 1-in-100-
116year hurricane event and list the average cost, in both a
117percentage and dollar amount, impact to consumers on a county-
118level basis. The report may also include recommendations by the
119Chief Financial Officer for preparing for such a hurricane and
120reducing the economic impact of such a hurricane on the state.
121In preparing the analysis, the Chief Financial Officer shall
122coordinate with and obtain data from the Office of Insurance
123Regulation, Citizens Property Insurance Corporation, the Florida
124Hurricane Catastrophe Fund, the Florida Commission on Hurricane
125Loss Projection Methodology, the State Board of Administration,
126the Office of Economic and Demographic Research, and other state
127agencies.
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CODING: Words stricken are deletions; words underlined are additions.
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