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SEP 191979 BOOK 41 PAGF 528 <br />P. 4 <br />The fund is now half -way through the second year of operation. There <br />are currently 105 members including 5 counties and the Florida League of <br />Cities, Inc. The total normal premium for the second year exceeds $3.9 <br />million and losses are running at 60% of.premium. <br />The Trustees have directed that the loss fund money be invested until <br />such time as it is needed. In the 18 months of the program, the fund has <br />over $2.3 million invested and has earned over $100,000 of interest to date. <br />a. <br />lThe premium tax is levied against foreign insurance carriers based upon <br />the volume of business done in Florida <br />2The.Special Disability Fund Tax was increased from 1.15% to 2.1q <br />effective July 1,. 1978. Therefore., in the 4th quarter of FY 78, the <br />Department of Commerce Tax was correspondingly increased to 4.3% and the <br />loss fund allocation reduced to 69.05% with the approval of Lloyd's <br />of London <br />� � s <br />