Florida Office of Insurance Regulation Establishes Speed-to-Market Property Casualty Personal Lines Form Filings Review
Jun 25, 2012
The Florida Office of Insurance Regulation (“OIR”) issued an Executive Order today, June 25, 2012, in which it established “speed-to-market” review of all property and casualty personal lines forms except workers’ compensation. The certification process will be identical to the system established by the OIR for commercial form filings earlier this year.
Insurers with pending form filings can upload the certification form, which will be available along with the order, submit it and begin using the pending forms immediately. Insurers must certify that the pending forms comply with all Florida statutes.
OIR officials have indicated that approximately 1,200 commercial form filings are eligible for the speed-to-market initiative, however, insurers have utilized the process for only 36 of these filings to date.
The Order will be effective for one year and carries certain requirements, specifically:
- The form must be submitted in an informational filing to the OIR 30 days prior to use;
- The form must contain the certification statement as prescribed in the attached Order;
- The certification must be signed by a company’s CEO, General Counsel or Chief Compliance Officer; and
- When the form requires issuance of a “Notice of Change of Policy Terms” pursuant to 627.43141, F.S., the Notice of Change of Policy Terms form must be filed as part of the self-certification informational filing.
The Order is attached for review.
Should you have any questions or comments, please contact Colodny Fass.
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