Florida Cabinet Considers Insurance-Related Matters

On Tuesday, June 12, 2007, this office attended a meeting of the Florida Cabinet in Tallahassee, Florida. 

Through its consideration of agendas from the Florida Financial Services Commission, the Office of Insurance Regulation and the State Board of Administration, the Cabinet approved several insurance-related matters as follows:

Financial Services Commission

The Cabinet approved for final adoption:

Proposed amendment to Rule Chapter 69V-560, Florida Administrative Code, relating to Money Transmitters. 

The Cabinet approved for publication:

Proposed Rulemaking for Rule Chapter 69V-40, Florida Administrative Code, relating to mortgage brokering and lending.

Office of Insurance Regulation

The Cabinet approved for final adoption:

Proposed amendment to Rule 69O-176.013, Notification of Insured’s Rights and Standard Disclosure Form, F.A.C.;

Proposed amendment to Rules 69O-149.205, .206, and .207, “Indemnity Standard Risk Rate”, “Preferred Provider/Exclusive Provider Standard Risk Rates”, and “Health Maintenance Organization Standard Risk Rates”

Several new Rules that together establish the Long-Term Care Insurance Partnership Program in Florida: Rule 69O-157.1100, Requirements for Exchange of Coverage; 69O-157.1155, Producer Training; 69O-157.201, Standards For Approved Long-Term Care Partnership Program Policies

Proposed amendment to Rule 69O-170.0155, Forms (Mitigation and Verification Forms), F.A.C.

The Cabinet approved for publication:

Proposed Rule 69O-204.201, Life Expectancy Providers, F.A.C.

Proposed Rule 69O-186.003, .005; Junior Loan Rule, F.A.C.

Proposed Rule 69O-125.005, Credit Scoring F.A.C.

The Cabinet approved for good cause:

Emergency Rule Number: 69OER07-3 – Transition Provisions for the use of the Uniform Mitigation Verification Inspection Form by the “My Safe Florida Home” Program.
 

State Board of Administration

The Cabinet approved the following:

Authority to file Rule 19-8.028, F.A.C, Reimbursement Premium formula, for adoption along with the forms incorporated therein

Authority to file Rule 19-8.010, F.A.C., Reimbursement Contract for Notice of Proposed Rulemaking and, if no member of the public requests a rule hearing, to file for adoption

Authority to file Rule 19-8.030, F.A.C., Insurer Responsibilities for Notice of Proposed Rulemaking and, if no member of the public requests a rule hearing, to file for adoption

Authority to file Emergency Rule 19ER07-1, Insurance Capital Build-Up Incentive Program for adoption

Authority to file Rule 19-15.001, F.A.C., Insurance Capital Build-Up Incentive Program, for Notice of Proposed Rulemaking and, if no member of the public requests a rule hearing, to file for adoption

 

Related PIP/No-Fault Developments

During the Office of Insurance Regulation’s Cabinet agenda and explanation of Rule 690-176.013 relating to the PIP disclosure form, Commissioner of Agriculture and Consumer Services Charles Bronson asked Governor Charlie Crist whether PIP was going to be considered during the Special Session currently ongoing. 

The Governor responded, “I don’t think so.” 

However, the Governor also stated that PIP may be considered in another Special Session that could be scheduled in September or October, 2007.

The next Cabinet meeting is scheduled for Tuesday, July 31, 2007.  Following the next Cabinet meeting, a Climate Change Workshop is scheduled.

 

Please feel free to contact this office should you have any questions regarding the above matters.