Committee/Subcommittee Amendment — Bill No. PCS for HB 1503 (2024), Amendment No. 2

Summary

This is Amendment No. 2 to PCS for HB 1503 (2024), offered by Representative Esposito at the Insurance & Banking Subcommittee, with a title amendment. It would remove lines 693-708 and insert text stating that, effective January 1, 2017, a structure with a dwelling replacement cost of $700,000 or more, or a single condominium unit with a combined dwelling and contents replacement cost of $700,000 or more, is not eligible for coverage by the corporation. The inserted text also states that in counties where the office determines there is not a reasonable degree of competition, a personal lines residential structure with a dwelling replacement cost of less than $1 million is eligible for coverage by the corporation. The title amendment inserts “requiring the inclusion of quota share.”

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Full text

                                           COMMITTEE/SUBCOMMITTEE AMENDMENT
                                           Bill No. PCS for HB 1503     (2024)
       Amendment No. 2




            COMMITTEE/SUBCOMMITTEE ACTION
       ADOPTED                          (Y/N)
       ADOPTED AS AMENDED               (Y/N)
       ADOPTED W/O OBJECTION            (Y/N)
       FAILED TO ADOPT                  (Y/N)
       WITHDRAWN                        (Y/N)
       OTHER


 1     Committee/Subcommittee hearing bill:       Insurance & Banking
 2     Subcommittee
 3     Representative Esposito offered the following:
 4
 5          Amendment (with title amendment)
 6          Remove lines 693-708 and insert:
 7          a.d.    Effective January 1, 2017, a structure that has a
 8     dwelling replacement cost of $700,000 or more, or a single
 9     condominium unit that has a combined dwelling and contents
10     replacement cost of $700,000 or more, is not eligible for
11     coverage by the corporation. Such dwellings insured by the
12     corporation on December 31, 2016, may continue to be covered by
13     the corporation until the end of the policy term.
14          b.     The requirements of sub-subparagraph a. sub-
15     subparagraphs b.-d. do not apply in counties where the office
16     determines there is not a reasonable degree of competition. In
     PCS for HB 1503 a2
      Published On: 1/31/2024 8:36:59 PM
                                    Page 1 of 2
                                           COMMITTEE/SUBCOMMITTEE AMENDMENT
                                           Bill No. PCS for HB 1503   (2024)
       Amendment No. 2


17     such counties a personal lines residential structure that has a
18     dwelling replacement cost of less than $1 million, or a single
19     condominium unit that has a combined dwelling and contents
20     replacement cost of less than $1 million, is eligible for
21     coverage by the corporation.
22
23           -----------------------------------------------------
24                        T I T L E   A M E N D M E N T
25          Remove lines 10-12 and insert:
26     requiring the inclusion of quota share




     PCS for HB 1503 a2
      Published On: 1/31/2024 8:36:59 PM
                                  Page 2 of 2


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