Florida Insurance Calendar: May 28 – June 1
May 25, 2012
Following is a listing of Florida insurance-related regulatory events for the week of May 28 through June 1, 2012:
All times are Eastern Time (“ET”). Additional information is available via hyperlink where noted in bold type.
FLORIDA INSURANCE REGULATORY EVENTS
Tuesday, May 29
- Florida Hurricane Catastrophe Fund (“FHCF”) Proposed Rule Hearing; 9:00 a.m. Proposed amendments to Rule 19-8.028 would adopt the 2012-2013 FHCF Reimbursement Premium Formula and 2012-2013 FHCF Reimbursement Premium Rates. In addition, obsolete language has been removed and, in paragraph (4)(d) of the proposed Rule, the title has been clarified and new language has been added to allow scheduled personal property with a limit equal to, or exceeding $10 million dollars, and which predominantly covers one or more collectible types of property to be exempt from FHCF coverage. To view the hearing notice, click here.
- Florida Workers’ Compensation Joint Underwriting Association (“FWCJUA”) Rates and Forms Committee meeting; 1:00 p.m. To view the meeting notice, click here. To view the agenda, click here.
- Florida Division of Driver Licenses Proposed Rule Hearing; 2:00 p.m. Proposed repeal of Rule 15A-3.009, which requires every insurer issuing an automobile Personal Injury Protection insurance and property damage liability coverage binder in Florida, or to a Florida resident, to furnish a standard binder for the purpose of vehicle registration to the named insured. To view the hearing notice, click here.
Wednesday, May 30
- FWCJUA Operations Committee meeting; 10:00 a.m. To view the meeting notice, click here. To view the agenda, click here.
Thursday, May 31
- Florida Office of Insurance Regulation (“OIR”) Public Rate Hearing: Cypress Property and Casualty Insurance Company (“Cypress”); 9:00 a.m. Cypress has requested a 17.7 percent overall rate increase for its homeowners line of coverage to be effective August 1, 2012 for new business and September 15, 2012 for renewal business. The requested rate increase is not uniform. Some areas are subject to a higher rate increase. To view the hearing notice, click here.
Friday, June 1
- Citizens Property Insurance Corporation (“Citizens”) Depopulation Summit; 9:00 a.m. to 12:00 p.m. Teleconference: (855)-312-8651; participant code: 4458606638#. To view the meeting notice, click here. To view the agenda, click here.
- Florida Workers’ Compensation Insurance Guaranty Association Investment Committee meeting; 2:00 p.m. Tallahassee, Florida. To view the meeting notice, click here.
Tuesday, June 5
- Florida Division of Insurance Agent and Agency Services (“IAAS”) Proposed Rule Hearing; 9:30 a.m. Proposed amendments to Rule 69B-211.004, F.A.C. would update statutory references in the definition section and revise several definitions. Further, the amendments would clarify the renewal fees and filing deadlines for appointments as an agent, customer representative, adjuster, service representative, managing general agent, title insurance agent, sales representative, reinsurance intermediary or bail bond agent. The Florida Department of Financial Services’ notification procedures to holders of the above-referenced appointees relative to the appointment renewal process would also be amended. To view the hearing notice, click here.
- Florida Self-Insurers Guaranty Association meeting; 10:00 a.m. To view the meeting notice, click here.
Wednesday, June 6
- Citizens Market Accountability Advisory Committee meeting; 9:00 a.m. to 10:30 a.m. Teleconference: (866) 371-7525; participant code: 7849939192#. To view the meeting notice, click here.
- Citizens Consumer Services Committee meeting; 11:00 a.m. to 12:00 p.m. Teleconference: (866) 361-7525; participant code: 6487811620#. To view the meeting notice, click here.
- Citizens Depopulation Committee meeting; 2:30 p.m. to 3:30 p.m. Teleconference: (855) 312-8651; participant code: 4458606638#. To view the meeting notice, click here.
- Citizens Finance and Investment Committee meeting; 4:00 p.m. to 5:00 p.m. Teleconference: (866) 361-7525; participant code: 2478401990#. To view the meeting notice, click here.
Thursday, June 7
- Citizens Board of Governors meeting. Additional information is forthcoming.
Friday, June 8
- Florida Division of Community Development Workshop; 9:30 a.m. to 4:00 p.m. In regard to hurricane evacuation modeling in the Florida Keys, focus will be on developing a memorandum of understanding between local governments and state agencies relating to the computer modeling variables, evaluating build-out potential of the Keys within the 24-hour clearance time and developing the basis for a new allocation of rate-of-growth units for the Keys. To view the workshop notice, click here.
Wednesday, June 13
- IAAS Proposed Rule Hearing; 9:30 a.m. During the 2011 Legislative Session, Section 626.207, F.S. was amended to change the way that the criminal history of an applicant affects an application for insurance agent licensure. Proposed amendments would conform Rules 69B-211.041 and 69B-211.042, entitled “Effect of Law Enforcement Records on Applications for Licensure,” to the revised statute. To view the hearing notice, click here.
- FWCJUA Board of Governors meeting; 10:00 a.m. To view the meeting notice, click here. To view the agenda, click here.
Thursday, June 14
- OIR 2012 Industry Conference, Tallahassee. “Successful Strategies for Business Development.” For more information, click here.
Tuesday, June 19
- Florida Division of Workers’ Compensation Rule Development Workshop; 9:30 a.m. Proposed amendment to Rule 69L-5.217, entitled “Civil Penalties and Fines,” would reduce the amount of the penalty imposed by subparagraph 69L-5.217(1)(a)4., F.A.C., for self-insurer delinquent reports from $200 per day to $100 per day. To view the hearing notice, click here.
- Florida Workers’ Compensation Insurance Guaranty Association (“FWCIGA”) Board of Directors meeting. Orlando, Florida. The FWCIGA Audit Committee is also scheduled to meet.
Wednesday, June 20
- Florida Board of Employee Leasing Companies (“BELC”) Board Meeting; 10:00 a.m. Teleconference: 888-808-6959; conference code: 9226020. To view the meeting notice, click here.
Tuesday, June 26
- Florida Cabinet meeting; 9:00 a.m.
- For final adoption
- In Sections 634.011(7) and 634.041(12), F.S., the Florida Legislature created a new category of Motor Vehicle Service Agreement Companies called “Motor Vehicle Manufacturers.” The purpose was to eliminate certain regulatory requirements for these large corporations under certain circumstances. Proposed amendments to Rules 69O-200.004,.005,.006,.009,.014,.015 address the legislative mandate to modify the Rules and forms to incorporate this new category.
- Section 627.062(6), F.S. granted insurers the right to arbitrate rate filing disputes with the OIR, as well as granted the Florida Financial Services Commission the authority to adopt the corresponding Rules relating to the arbitration of rate filings. The law has been amended to remove the provision for arbitration. Therefore, Rule Chapter 69O-170 Part IV, F.A.C., is no longer relevant, nor does the OIR any longer have authority for such Rules. Consequently, this Chapter needs to be repealed.
- For publication
- Rule 69O-164.030, entitled “Application of Rule 69O-164.020 to Various Product Designs,” has been deemed unnecessary by the OIR and is proposed for repeal.
- Amendments to Rule 69O-137.001 would adopt the 2011 National Association of Insurance Commissioners (“NAIC”) Quarterly Statement Instructions and the 2011 NAIC Accounting Practices and Procedures Manual.
- Proposed repeal of Rule 69O-198.003, which prohibits any person, entity or administrator from providing or offering to provide service warranties unless authorized through OIR license, because it is a restatement of Section 634.403, F.S. and, therefore, unnecessary.
- Proposed repeal of Rule 69O-143.045, which was originally promulgated in the 1970s and defines a list of insurance items–many of which are now inconsistent with portions of the Florida Insurance Code.
- Proposed repeal of Rule 69O-170.012, which prohibits insurers from non-renewing or canceling property insurance policies “on the basis of filing of claims for partial loss caused by sinkhole damage or clay shrinkage.” Legislative changes have caused this Rule to become antiquated and unnecessary.
- Proposed repeal of Rule 69O-200.013, which requires insurers and motor vehicle service agreement companies that file rating manuals with the OIR to include a copy of all rates to be charged to the consumer and all service agreement forms currently in use. The OIR no longer has the authority to enforce this Rule because Section 634.1216, F.S. has been repealed.
- Proposed repeal of Rule 69O-142.011, which establishes guidelines for assessment of administrative fines concerning certain violations of the Florida Insurance Code and applicable OIR Rules. Many of the fines prescribed in this Rule have become antiquated due to inflation. Furthermore, Section 624.4211, F.S. provides specific guidelines.
- Proposed repeal of Rule 69O-191.072, which requires health maintenance organization (HMO) reinsurance contracts to be filed with and approved by the OIR, and for those contracts that contain insolvency protection to also be submitted to the OIR for prior approval. With the repeal of Section 641.285(5)(a)(1), F.S., the OIR no longer has authority to enforce this Rule.
- For final adoption
Wednesday, July 25
- BELC Board Meeting; 10:00 a.m. Teleconference: 888-808-6959; conference code: 9226020. To view the meeting notice, click here.
- Florida Surplus Lines Service Office Board of Governors Quarterly Business Meeting; 1:00 p.m. St. Petersburg, Florida. To view the meeting notice, click here.
Should you have any questions or comments, please contact Colodny Fass.
To unsubscribe from this newsletter, please send an email to Brooke Ellis at email@example.com.