Florida Insurance Calendar: August 15 – 19

 

Following is a listing of insurance-related Florida regulatory events for the week of August 15-19, 2011:

All times are Eastern Time (“ET”).  Additional information is available via hyperlink where noted in bold type.

 

FLORIDA INSURANCE REGULATORY EVENTS

 

Tuesday, August 16

• Florida Cabinet meeting; 9:00 a.m.  To view the agenda, click here.
  • Florida Office of Insurance Regulation (“OIR”); to view the hearing notice, click here.
    • For final adoption
      • 69O-137.001:  Annual and Quarterly Reporting Requirements
    • Briefing on Personal Injury Protection Insurance
• Florida Surplus Lines Service Office (“FSLSO”) National Clearinghouse Committee meeting; 10:00 a.m.  Agenda includes issues pertaining to the proposed national surplus lines tax clearinghouse.  To view the meeting notice, click here.
• Florida Department of Insurance Agent and Agency Services (“IAAS”) Proposed Rule Hearing; 10:30 a.m.  Amendments to proposed Rule 69B-162.011 would reflect certain provisions of Section 626.99(4)(c), F.S., which requires cover pages for fixed and variable annuity contracts.  The cover pages must include consumer information about the circumstances under which an annuity contract may be cancelled for an unconditional refund, as well as specific cautionary language informing consumers of the policy risks, features and related contact sources for additional information or complaints.  To view the hearing notice, click here.
• Florida Department of Revenue (“DOR”) Rule Development Workshop; 1:30 p.m.
  • Among other actions, the proposed Rules (below) would incorporate statutory changes to forms used by the DOR in the administration of the insurance premium taxes, fees, and surcharges.  To view the hearing notice, click here.
    • 12B-8.001:  Premium Tax; Rate and Computation
    • 12B-8.0012:  Insurance Policy Surcharge; Rate and Computation
    • 12B-8.003:  Tax Statement; Overpayments
    • 12B-8.006:  State Fire Marshal Regulatory Assessment and Surcharge; Levy and Amount
    • 12B-8.007:  Deposit of Certain Tax Receipts; Refund of Improper Payments
    • 12B-8.016:  Retaliatory Provisions
  • The proposed Rules (below) would incorporate changes to the Florida Tax Credit Scholarship Program made by Chapter 2011-123, L.O.F., which extends the period for which authorized tax credits may be taken from three years to five years, eliminates the 75 percent limitation on the corporate income tax and insurance premium tax credits, and allows taxpayers who have previously rescinded a tax credit more than once to obtain approval to rescind an outstanding tax credit.  To view the hearing notice, click here.
    • 12-29.002:  Florida Tax Credit Scholarship Program; Participation; Allocation; Carryforward; Rescindment
    • 12-29.003:  Florida Tax Credit Scholarship Program; Applications

Wednesday, August 17

• Florida Commission on Loss Projection Methodology (“FCHLPM”) meeting; 9:00 a.m. to 4:00 p.m.  Discussion of 2011 Standards and Procedures; review of the 2011 Florida Public Hurricane Loss Model under the Standards and Acceptability process for 2009.  To view the meeting notice, click here.
• Florida Board of Employee Leasing Companies (“BELC”) Board of Directors Meeting; 10:00 a.m.  Teleconference:  888-808-6959; conference code:  9226020.  To view the agenda, click here.

Thursday, August 18

• FCHLPM meeting; 9:00 a.m. to 4:00 p.m.  Continuation of 2011 Standards and Procedures discussion and review of the 2011 Florida Public Hurricane Loss Model under the Standards and Acceptability process for 2009.  To view the meeting notice, click here.
• FSLSO National Clearinghouse Committee meeting; 10:00 a.m.  Agenda includes issues pertaining to the proposed national surplus lines tax clearinghouse.  To view the meeting notice, click here.

 

LOOKING AHEAD

 

Tuesday, August 23

• Florida Insurance Guaranty Association Finance and Audit Committee meeting.
• FSLSO National Clearinghouse Committee meeting; 10:00 a.m.  Agenda includes issues pertaining to the proposed national surplus lines tax clearinghouse.  To view the meeting notice, click here.
• Florida Self-Insurers Guaranty Association (“FSIGA”) Audit Committee meeting; 12:00 p.m.  To view the meeting notice, click here.
• FSIGA Board meeting; 3:00 p.m.  To view the meeting notice, click here.

Thursday, August 25

• FSLSO National Clearinghouse Committee meeting; 10:00 a.m.  Agenda includes issues pertaining to the proposed national surplus lines tax clearinghouse.  To view the meeting notice, click here.

Monday, August 29

• Florida Workers’ Compensation Insurance Guaranty Association (“FWCIGA”) Investment Committee meeting.
• IAAS Proposed Rule Hearing; 10:00 a.m.  Repeal is proposed for Rule 69B-125.004, which relates to credit report use and disclosure in consideration of insurance applications, since it is duplicative of Rule 69O-125.004, which is administered by the OIR.  To view the hearing notice, click here.

Tuesday, August 30

• Florida Cabinet meeting; 9:00 a.m.
  • OIR
    • For final adoption
      • 69O-164.020: Valuation of Life Insurance Policies
        • Rule amendments would revise the NAIC Model Regulation that reduce the minimum premium deficiency reserve requirement, subject to certain conditions to ensure adequacy of reserves.
      • 69O-162.203: Adoption of 2001 Commissioners Standard Ordinary Preferred Mortality Tables for Determining Reserve Liabilities for Ordinary Life Insurance
        • Rule amendments would 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-138.047: Description of Actuarial Memorandum Including an Asset Adequacy Analysis and Regulatory Asset Adequacy Issues Summary
        • Rule amendments would revise the 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. 
• FSLSO National Clearinghouse Committee meeting; 10:00 a.m.  Agenda includes issues pertaining to the proposed national surplus lines tax clearinghouse.  To view the meeting notice, click here.

Wednesday, August 31

• Florida Workers’ Compensation Joint Underwriting Association (“FWCJUA”) Reinsurance Committee meeting; 10:00 a.m.  To view the agenda, click here.

Thursday, September 1

• FSLSO National Clearinghouse Committee meeting; 10:00 a.m.  Agenda includes issues pertaining to the proposed national surplus lines tax clearinghouse.  To view the meeting notice, click here.

Tuesday, September 6

• FSLSO National Clearinghouse Committee meeting; 10:00 a.m.  Agenda includes issues pertaining to the proposed national surplus lines tax clearinghouse.  To view the meeting notice, click here.

Wednesday, September 7

• FWCJUA Investment Committee meeting; 10:00 a.m.  To view the meeting notice, click here.
• IAAS Proposed Rule Hearing; 10:30 a.m.  Proposed Rule 69B-221.010 would provide guidelines that distinguish between the specific activities a bail bond agent whose license is under a temporary order of suspension may perform while discharging liability on previously effected bonds, and those actions that shall constitute unlicensed activity.  To view the hearing notice, click here.

Thursday, September 8

• OIR Public Rate Hearing:  Fidelity Fire and Casualty Company and First Protective Insurance Company; 9:00 a.m.  Proposed average statewide rate increases of 24.8 percent for the dwelling fire programs would be effective October 9, 2011 for new and renewal business.  To view the hearing notice, click here. 
• FSLSO National Clearinghouse Committee meeting; 10:00 a.m.  Agenda includes issues pertaining to the proposed national surplus lines tax clearinghouse.  To view the meeting notice, click here.
• FWCJUA Audit Committee meeting; 10:00 a.m.  To view the meeting notice, click here.
• FWCJUA Rates and Forms Committee meeting; 1:00 p.m.  To view the meeting notice, click here.

Tuesday, September 13

• FSLSO National Clearinghouse Committee meeting; 10:00 a.m.  Agenda includes issues pertaining to the proposed national surplus lines tax clearinghouse.  To view the meeting notice, click here.
• OIR Public Rate Hearing:  Citizens Property Insurance Corporation (“Citizens”); 4:00 p.m. to 10:00 p.m.  Proposed statewide average rate increases for Citizens’ homeowners line of business (including sinkhole coverage) would be 12.1 percent for the Coastal Account and 25.4 percent for the Personal Lines Account.  Proposed sinkhole coverage increases range from zero percent in Lake County to 2,226.1 percent in Orange County.  Agenda is forthcoming.

Thursday, September 15

• FSLSO National Clearinghouse Committee meeting; 10:00 a.m.  Agenda includes issues pertaining to the proposed national surplus lines tax clearinghouse.  To view the meeting notice, click here.
• FWCJUA Operations Committee meeting; 10:00 a.m.  To view the meeting notice, click here.

Tuesday, September 20

• FSLSO National Clearinghouse Committee meeting; 10:00 a.m.  Agenda includes issues pertaining to the proposed national surplus lines tax clearinghouse.  To view the meeting notice, click here.

Wednesday, September 21

• BELC Board of Directors meeting; 10:00 a.m.  To view the meeting notice, click here.

Thursday, September 22

• FSLSO National Clearinghouse Committee meeting; 10:00 a.m.  Agenda includes issues pertaining to the proposed national surplus lines tax clearinghouse.  To view the meeting notice, click here.

Tuesday, September 27

• FSLSO National Clearinghouse Committee meeting; 10:00 a.m.  Agenda includes issues pertaining to the proposed national surplus lines tax clearinghouse.  To view the meeting notice, click here.
• FWCJUA Annual Membership and Board of Governors Meeting; 10:00 a.m.  To view the meeting notice, click here.

Wednesday, September 28

• Citizens Board of Governors meeting; 9:00 a.m.  Teleconference:  888-942-8686; conference code:  8419204389#.  To view the meeting notice, click here.

Thursday, September 29

• FSLSO National Clearinghouse Committee meeting; 10:00 a.m.  Agenda includes issues pertaining to the proposed national surplus lines tax clearinghouse.  To view the meeting notice, click here.
• FWCIGA Investment Committee meeting.
• FWCIGA Board of Governors meeting.

Wednesday, October 19

• BELC Board Meeting; 10:00 a.m.  Teleconference:  888-808-6959; conference code:  9226020.  To view the meeting notice, click here.

 

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

 

 

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