Florida Office of Insurance Regulation Hearing on Proposed Repeals to Civil Remedy Filing, Continuing Education Rules Not Requested
Jun 19, 2014
A Florida Office of Insurance Regulation (“OIR”) Proposed Rule Hearing scheduled for today, June 19, 2014, was not held, since no formal public request to do so had been made.
For consideration at the Hearing were Rules 69O-123.001, “Purpose” and 69O-123.002, “Procedure” relating to the filing of civil remedy notices, both of which were slated for repeal because the Florida Department of Financial Services (“DFS”) administers the applicable statutory requirements by Rule 69J-123.002. F.A.C., not the OIR.
Rule Chapter 69O-228 relating to continuing education requirements of insurance representatives has also been proposed for repeal, inasmuch as the OIR does not exercise authority over insurance representatives. Rather, this is the role of the DFS.
The Hearing agenda included proposed amendments to Rule 69O-148.001, which addresses requirements for insurance policies that fund annuities and preneed contracts. Currently, the Rule caps the maximum face amount at $7,500 and the statute caps it at $12,500. The proposed Rule would remove the dollar amount cap and refer instead to the statute, thereby conforming the Rule with current law.
The proposed Rule and Rule repeals will now be calendared for final adoption.
Should you have any questions or comments, please contact Colodny Fass& Webb.
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