Yesterday’s Scheduled Florida Office of Insurance Regulation Proposed Rule Hearing Not Requested

A Florida Office of Insurance Regulation public hearing on the proposed repeal of several insurance-related Rules scheduled for yesterday, October 3, 2012, was not requested, and, therefore, not held. 

The following proposed repeals will next be considered by the Florida Cabinet for final adoption:

• Rule 69O-157.105, “Refund of Premium,” which requires long-term care insurers that cancel an insurance policy to refund to the policyholder any unearned premium paid to the insurer.  This Rule substantially restates the language of Section 627.6645(4), F.S. and is considered unnecessary.  To view the hearing notice, click here.
• Rule 69O-157.018, “Right to Return Policy-Free Look,” which requires individual long-term care insurers to give policyholders 30 days to examine a policy after delivery, and to return the policy for a full refund of premium if not satisfied for any reason.  This Rule substantially restates the language of Section 627.9407(8), F.S. and is considered unnecessary.  To view the hearing notice, click here.
• Rule 69O-185.005, “Advertisement of Mortgage Insurance,” which prohibits insurers from insuring mortgages offered for sale to the public by advertisements that expressly or impliedly represent that the worth, value or safety of the mortgage investment arises by virtue of the proposed mortgage guaranty insurance rather than by virtue of the value of the underlying security, or which stress the fact that the mortgage guarantee insurance is regulated by an agency of the State or Federal Government.  This Rule substantially restates the language of Section 635.071(3), F.S. and is considered unnecessary.  To view the hearing notice, click here.
• Rule 69O-196.008, “Failure to Comply,” pertaining to premium finance companies.  This Rule substantially restates the language of Sections 627.832 and 627.833, F.S. and is considered unnecessary.  To view the hearing notice, click here.

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