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FL S0812

Bill

Official Source

Status

Passed

4/1/2016

Primary Sponsor

Miguel Diaz De La Portilla

Click for details

Origin

Senate

2016 Regular Session

AI Summary

  • Allows domestic reciprocal insurers to distribute a portion of unassigned funds to subscribers with prior written approval from the office
  • Limits distributions to 10 percent of surplus, capped at 50 percent of net income from the previous calendar year
  • Requires distributions not to unfairly discriminate between classes of risks, policies, or subscribers, but allows variation based on class experience
  • Changes language from mandatory to permissive distribution authority ("may" instead of "shall")
  • Effective July 1, 2016

Legislative Description

Reciprocal Insurers

Last Action

Chapter No. 2016-168

4/1/2016

Committee Referrals

Rules1/12/2016
Commerce And Tourism12/1/2015
Banking and Insurance11/19/2015

Full Bill Text

No bill text available