Florida Cabinet to Consider Proposed Insurance-Related Rules and Repeals at December 11 Meeting

The Florida Cabinet will consider proposed amendments and repeals of various insurance-related Rules at its December 11, 2012 meeting.  To access the complete text of each Rule, click on the hyperlinks below.

A Colodny Fass& Webb representative will attend the meeting and provide a full report.

Should you have any questions or comments, please contact Colodny Fass& Webb.

Proposed Rules

• Proposed amendments to Rule 69O-149.003, “Rate Filing Procedures,” would delete the maximum annual medical trend tables from the text of the Rule and provides the URL of the OIR’s Website on which the tables will be published and updated as needed.
• Proposed amendments to Rule 69O-137.001 would adopt the 2011 National Association of Insurance Commissioners (“NAIC”) Quarterly Statement Instructions and the 2011 NAIC Accounting Practices and Procedures Manual.
• Proposed amendments to Rule 69O-138.001 would adopt the 2012 NAIC Financial Condition Examiners Handbook. The current Rule adopted the 2011 version.
• Proposed amendments to Rule 69O-149.022 would update and edit the contents of the forms and instructions used by life and health insurers to make electronic form filings via the OIR’s I-File system.

Proposed Repeals

• Proposed repeal of Rule 69O-143.045, which was originally promulgated in the 1970s and defines a list of domestic insurer-related terms, many of which are now inconsistent with portions of the Florida Insurance Code.
• Rule 69O-164.030, entitled “Application of Rule 69O-164.020 to Various Product Designs,” has been deemed unnecessary by the OIR and is proposed for repeal.
• Proposed repeal of Rule 69O-198.003, which prohibits any person, entity or administrator from providing or offering to provide service warranties, unless licensed by the OIR, because it is a restatement of Section 634.403, F.S. and, therefore, unnecessary.
• Proposed repeal of Rule 69O-170.012, which prohibits insurers from non-renewing or canceling property insurance policies “on the basis of filing of claims for partial loss caused by sinkhole damage or clay shrinkage.” Legislative changes have caused this Rule to become antiquated and unnecessary.
• Proposed repeal of 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.
• Proposed repeal of 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.

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