HB 1091 (2006) -  Insurer Insolvency

General Bill by Ambler (CO-SPONSORS) Traviesa
Insurer Insolvency: Provides an exception to requirements for a signed statement for claims; provides requirements; revises the definition of covered claim; revises requirements and limitations for obligations of the Florida Insurance Guaranty Association, Inc., for covered claims; authorizes the association to contract with counties and municipalities to issue revenue bonds for specified purposes; authorizes the Department of Financial Services to levy assessments and emergency assessments on insurers for bond repayment purposes; provides requirements for and limitations on such assessments; provides for payment, collection, and distribution of such assessments; requires insurers to include an analysis of revenues from such assessments in a required report; provides rate filing requirements for insurers relating to such assessments; provides for continuing annual assessments while bonds are outstanding; specifies emergency assessments as not premium and not subject to taxes, fees, or commissions; specifies insurer liability for emergency assessments; provides legislative findings and purposes; provides for issuance of revenue bonds through counties and municipalities to fund assistance programs for paying covered claims for hurricane damage; provides procedures, requirements, and limitations for counties, municipalities, and the Florida Insurance Guaranty Association, Inc., relating to issuance and validation of such bonds; provides for payments on and retirement of such bonds from specified assessments; prohibits pledging the funds, credit, property, and taxing power of the state, counties, and municipalities for payment of bonds; specifies authorized uses of bond proceeds; limits the term of bonds; specifies a state covenant to protect bondholders from adverse actions relating to such bonds; specifies exemptions for bonds, notes, and other obligations of counties and municipalities from taxes or assessments on property and revenues; authorizes counties and municipalities to create a legal entity to exercise specified powers; requires the association to issue an annual report on the status of uses of bond proceeds; provides report requirements; requires the association to provide a copy of the report to the Legislature and Chief Financial Officer; prohibits repeal of specified provisions relating to bonds.
Effective Date: upon becoming a law.
Last Event: Died in Commerce Council, Link/Iden/Sim/Compare passed, refer to CS/CS/SB 1980 (Ch. 2006-12) on Friday, May 5, 2006 11:59 PM

Referred Committees and Committee Actions

House Referrals

Related Bills

Bill # Subject Relationship
Bill #: SB 2130 Subject: Insurer Insolvency Relationship: Similar
Bill #: HB 7225 Subject: Property and Casualty Insurance Relationship: Compare
Bill #: CS/CS/SB 1980 Subject: Property & Casualty Insurance Relationship: Compare
Bill #: SB 2166 Subject: Insurance Relationship: Compare

Bill Text

Staff Analysis

Chamber Committee
Chamber: House Committee: State Administration Appropriations Committee 4/11/2006 12:38:07 PM
Chamber: House Committee: State Administration Appropriations Committee 4/10/2006 11:12:14 AM
Chamber: House Committee: Local Government Council 3/30/2006 10:04:26 AM
Chamber: House Committee: Local Government Council 3/27/2006 7:03:15 PM
Chamber: House Committee: Insurance Committee 3/24/2006 10:58:23 AM
Chamber: House Committee: Insurance Committee 3/22/2006 3:56:52 PM

Vote History

(No Votes Recorded)

Bill History

Event Time Member Committee Ver.
Event: H Died in Commerce Council, Link/Iden/Sim/Compare passed, refer to CS/CS/SB 1980 (Ch. 2006-12) Time: 05/05/2006 - 11:59 PM Member: Committee: Commerce Council Version:
Event: H Now in Commerce Council Time: 04/11/2006 - 12:47 PM Member: Committee: Commerce Council Version: __
Event: H Reported out of State Administration Appropriations Committee Time: 04/11/2006 - 12:47 PM Member: Committee: State Administration Appropriations Committee Version: __
Event: H Favorable by State Administration Appropriations Committee Time: 04/11/2006 - 12:00 PM Member: Committee: State Administration Appropriations Committee Version: __
Event: H Added to State Administration Appropriations Committee agenda Time: 04/07/2006 - 4:17 PM Member: Committee: State Administration Appropriations Committee Version: __
Event: H Now in State Administration Appropriations Committee Time: 03/30/2006 - 10:05 AM Member: Committee: State Administration Appropriations Committee Version: __
Event: H Reported out of Local Government Council Time: 03/30/2006 - 10:05 AM Member: Committee: Local Government Council Version: __
Event: H Favorable by Local Government Council Time: 03/29/2006 - 4:00 PM Member: Committee: Local Government Council Version: __
Event: H Added to Local Government Council agenda Time: 03/27/2006 - 4:12 PM Member: Committee: Local Government Council Version: __
Event: H Now in Local Government Council Time: 03/24/2006 - 10:59 AM Member: Committee: Local Government Council Version: __
Event: H Reported out of Insurance Committee Time: 03/24/2006 - 10:59 AM Member: Committee: Insurance Committee Version: __
Event: H Favorable by Insurance Committee Time: 03/23/2006 - 5:30 PM Member: Committee: Insurance Committee Version: __
Event: H Added to Insurance Committee agenda Time: 03/21/2006 - 4:17 PM Member: Committee: Insurance Committee Version: __
Event: H 1st Reading Time: 03/07/2006 - 11:59 PM Member: Committee: Version: __
Event: H Now in Insurance Committee Time: 03/02/2006 - 4:44 PM Member: Committee: Insurance Committee Version: __
Event: H Referred to Commerce Council Time: 03/02/2006 - 4:44 PM Member: Committee: Commerce Council Version: __
Event: H Referred to State Administration Appropriations Committee Time: 03/02/2006 - 4:44 PM Member: Committee: State Administration Appropriations Committee Version: __
Event: H Referred to Local Government Council Time: 03/02/2006 - 4:44 PM Member: Committee: Local Government Council Version: __
Event: H Referred to Insurance Committee Time: 03/02/2006 - 4:44 PM Member: Committee: Insurance Committee Version: __
Event: H Filed Time: 02/10/2006 - 4:12 PM Member: Ambler Committee: Version: __

Statutes Referenced by this Bill

Statute Other Bill Citations
631.181 HB 7225
631.54 HB 7225
631.57 HB 7225
631.695 HB 7225