Financial Services Commission Meeting 04/05/2006

Jan 5, 2007

On April 4, 2006, the Financial Services Commission (FSC) held a meeting. The FSC consists of Governor Jeb Bush, Chief Financial Officer Tom Gallagher, Attorney General Charlie Crist and Agriculture and Consumer Services Commissioner Charles Bronson.

The FSC approved five administrative rule-related agenda items. The FSC approved for final adoption Rule 690-136.018 relating to Determination of Eligibility to Operate as an Alien Insurer in Florida. This new rule adopts the form that an insurer completes if it wishes to apply for the Alien Insurer Exception enacted in 2005.

The FSC approved the repeal of Rule Chapter 690-213 relating to Customer Representatives. The rule previously regulated Customer Representatives and predated the reorganization of the Department of Insurance. Customer Representatives are now regulated by the Department of Financial Services.

The FSC approved the repeal of Rule Chapter 690-221 relating to Bail, Bonds and Bail Bonds Agents. There is no statutory authority for this rule. The Department of Financial Services regulates these licensees and has its own rule.

The FSC approved the repeal of Rule Chapter 690-215, Part III, relating to Code of Ethics for Life Underwriters. The rule predates the reorganization of the Department of Insurance, and the repeal will eliminate the rule, for which there is no statutory authority.

The FSC approved the recommendation to publish a notice of amended Rule 69N-121.066 relating to Informal Conferences. The amended rule sets out the procedure to be used by the Office of Insurance Regulation when an examination or investigation report is filed. The amendment clarifies the process and deletes a portion of the rule related to certain rights available to the examined party.