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HB 1495 - Property Insurance Law Modifications - Florida Key Vote

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Title: Property Insurance Law Modifications

Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that revises dates of insurer's contract years for purposes of calculation retention.

Highlights:

-Authorizes the State Board of Administration to invest in revenue bonds (Sec. 1). -Provides that in 2010, the contract year will begin on June 1, 2010 and end on December 31, 2010. Such will be true for following years (Sec 1). -States that the minimum retention level that an eligible insurer must retain associated with additional coverage is 30% of the insurer's surplus as of December 31, 2008 for the contract years 2009-2010 and as of December 31, 2010, for the 2011 contract year (Sec.1). -Provides that each fiscal year the Legislature shall appropriate from the investment income of the Florida Hurricane Catastrophe Fund an amount exceeding $10 million and below 35% of investment income based on an audit at the end of the fiscal year, for the purpose of providing funding for local governments, state agencies, and private educational institutions (Sec. 1). -Renames the "Residential Property and Casualty Joint Underwriting Association" the "Citizens Property Insurance Corporation," which provides residential and commercial insurance for applicants who cannot receive coverage in the voluntary market (Sec. 10). -Provides that effective January 1, 2009, residential properties that have a replacement cost of $2 million or more or are located in the "wind-borne debris region" and have an insured value of $750,000 or more are not eligible for coverage under the corporation (Sec.10). -Provides that starting January 1, 2010 the corporation's rate increase cannot exceed 10 percent per year for any single policy (Sec.10). -Stipulates that an individual or entity that knowingly provides or utters a false or fraudulent mitigation verification form with intent to obtain or receive a discount on an insurance premium to which the person or entity is not entitled, commits a misdemeanor of the first degree (Sec. 12).

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

See How Your Politicians Voted

Title: Property Insurance Law Modifications

Vote Smart's Synopsis:

Vote to concur with Senate amendments and adopt additional amendments to a bill that revises dates of insurer's contract years for purposes of calculation retention.

Highlights:

-Authorizes the State Board of Administration to invest in revenue bonds (Sec. 1). -Provides that in 2010, the contract year will begin on June 1, 2010 and end on December 31, 2010. Such will be true for following years (Sec 1). -States that the minimum retention level that an eligible insurer must retain associated with additional coverage is 30% of the insurer's surplus as of December 31, 2008 for the contract years 2009-2010 and as of December 31, 2010, for the 2011 contract year (Sec.1). -Provides that each fiscal year the Legislature shall appropriate from the investment income of the Florida Hurricane Catastrophe Fund an amount exceeding $10 million and below 35% of investment income based on an audit at the end of the fiscal year, for the purpose of providing funding for local governments, state agencies, and private educational institutions (Sec. 1). -Renames the "Residential Property and Casualty Joint Underwriting Association" the "Citizens Property Insurance Corporation," which provides residential and commercial insurance for applicants who cannot receive coverage in the voluntary market (Sec. 10). -Provides that effective January 1, 2009, residential properties that have a replacement cost of $2 million or more or are located in the "wind-borne debris region" and have an insured value of $750,000 or more are not eligible for coverage under the corporation (Sec.10). -Provides that starting January 1, 2010 the corporation's rate increase cannot exceed 10 percent per year for any single policy (Sec.10). -Stipulates that an individual or entity that knowingly provides or utters a false or fraudulent mitigation verification form with intent to obtain or receive a discount on an insurance premium to which the person or entity is not entitled, commits a misdemeanor of the first degree (Sec. 12).

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

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