FPCA Members: Proposed Legislation for Review and Comment
Nov 29, 2012
Florida Property and Casualty Association Members:
The Florida Office of Insurance Regulation (“OIR”) has drafted legislation to comply with the National Association of Insurance Commissioners Model Insurance Company System Regulatory Act (the “NAIC Model Act”). The NAIC Model Act is intended to determine the best methods to better understand the risks and activities of entities within a holding company system.
Attached please find OIR’s Solvency and Holding Company Act draft proposal to implement the NAIC Model Act’s standards and coordinating public records exemption. The Solvency and Holding Company Act draft proposal provides an effective date of October 1, 2013. Also attached is a summary of the Solvency and Holding Company Act draft proposal provided by OIR. Please note that this is proposed legislation that has not been filed as a bill. OIR will be accepting comments on the proposed legislation until December 12, 2012.
Also attached is a proposed legislation intended to permanently implement and codify the self-certification form filing review process established by OIR. OIR issued Orders that established a self-certification review process for both commercial property and casualty lines of business and personal property and casualty lines of business. Each Order is effective for one year. Insurance industry groups, legislators and regulators have had preliminary discussions on how to permanently implement the self-certification review process, and the draft contains the ideas proposed thus far. The proposed legislation is intended to clarify and improve upon the self-certification process established by OIR. Please note that this is proposed legislation that has not been filed as a bill.
Please review the proposed legislation and provide comments to Katie Webb (firstname.lastname@example.org) no later than December 10, 2012.