Florida Cabinet Approves Insurance-Related Rules, Appoints Raquel Rodriguez to Florida Workers’ Compensation Joint Underwriting Association Board
Sep 20, 2011
The Florida Cabinet, while sitting as the Financial Services Commission (“FSC”) today, September 20, 2011, approved the final adoption of amendments to various insurance-related Rules. Also approved was the appointment of Raquel Rodriguez to the Florida Workers’ Compensation Joint Underwriting Association Board of Governors.
To access today’s complete Cabinet meeting agenda, click here.
Following approval of the August 2, 2011 FSC meeting minutes, Florida Insurance Commissioner Kevin McCarty presented agenda items on behalf of the Florida Office of Insurance Regulation (“OIR”). He asked Cabinet members to approve the final adoption of the following proposed Rules, which he explained have been amended to be consistent with national and international standards on reserving, mortality tables and reserve analysis:
- 69O-138.047: Description of Actuarial Memorandum Including an Asset Adequacy Analysis and Regulatory Asset Adequacy Issues Summary
- Rule amendments revise the National Association of Insurance Commissioners’ (“NAIC”) Model Regulation by adding an additional requirement to the Regulatory Asset Adequacy Issues Summary as a result of changes to Rules 69O-162.203 and 69O-164.020, F.A.C.
- 69O-162.203: Adoption of 2001 Commissioners Standard Ordinary (CSO) Preferred Mortality Tables for Determining Reserve Liabilities for Ordinary Life Insurance
- Rule amendments revise the NAIC Model Regulation, explain the conditions for use of the preferred class structure mortality tables and permit use of the mortality tables for policies issued prior to the adoption date of the original Rule.
- 69O-164.020: Valuation of Life Insurance Policies
- Rule amendments revise the NAIC Model Regulation that reduces the minimum premium deficiency reserve requirement, subject to certain conditions to ensure adequacy of reserves.
The Cabinet approved the adoption of these Rules, as well as amendments to Rule 69O-138.001, which adopt the latest version of the NAIC Financial Condition Examiners Handbook.
An agenda item seeking Cabinet/FSC approval for the OIR to contract with a consultant to conduct a workers’ compensation peer review was withdrawn from consideration.
The next Florida Cabinet meeting is scheduled for October 4, 2011.
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