Florida Cabinet Meeting Recap: Financial Services Commission & State Board of Administration

Apr 3, 2007

The Florida Cabinet met this morning and approved several items regarding the Florida Hurricane Catastrophe Fund and other proposed rules.

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The Cabinet met first as the Financial Services Commission (FSC), and adopted one amendment to Rule 69O-149.037. This amendment will require health insurers filing rates electronically with the Office of Insurance Regulation’s (OIR’s) electronic filing system to use OIR’s new software.

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The FSC then approved Rule 69O-157.301 � 304 for publication. This rule is intended to protect long term care insureds in closed blocks of business by precluding insurers from having higher renewal rates than FSC rates for new business.

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The Cabinet subsequently met as the State Board of Administration (SBA) and approved the authority to file a Notice of Proposed Rulemaking regarding the Insurance Capital Build-up Incentive program.

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The SBA approved the 2007/2008 Premium Formula for the Florida Hurricane Catastrophe Fund. The new formula would establish an average rate decrease of 19.73% for residences.