Florida Insurance Calendar: December 8-12, 2014

 

Following is a listing of Florida insurance-related regulatory events for the week of December 8-12, 2014.  All times are shown in Eastern Time.

Additional information is available via hyperlink where noted in bold type.

 

 

FLORIDA INSURANCE REGULATORY EVENTS   

 

Tuesday, December 9

• Florida Citizens Property Insurance Corporation (“Citizens”) Committee meetings
  • 9:00 a.m. to 10:30 a.m.–Market Accountability Advisory Committee.  Teleconference:  (866) 361-7525; participant code:  7849939192#.  To view the meeting notice, click here.
  • 11:00 a.m. to 12:00 p.m.–Depopulation Committee.  Teleconference:  (855) 312-8651; participant code:  4458606638#.  To view the meeting notice, click here.
  • 1:00 p.m. to 2:30 p.m.–Audit Committee.  Teleconference:  (866) 361-7525; participant code:  3877541849#.  To view the meeting notice, click here.
  • 3:00 p.m. to 4:00 p.m.–Actuarial and Underwriting Committee.  Teleconference:  (866) 361-7525; participant code:  8632017402#.  To view the meeting notice, click here.
  • 4:30 p.m. to 5:30 p.m.–Finance and Investment Committee.  Teleconference:  (866) 361-7525; participant code:  2478401990#.  To view the meeting notice, click here.
• Florida Cabinet meeting; 9:00 a.m.  To view the agenda, click here.
  • Florida Office of Insurance Regulation (“OIR”) agenda
    • For final adoption
      • A repeal of Rules 69O-123.001, “Purpose” and 69O-123.002, “Procedure,” relating to the filing of civil remedy notices is proposed because the Florida Department of Financial Services (“DFS”) administers the applicable statutory requirements by Rule 69J-123.002, F.A.C.  The OIR does not enforce the provisions of the filing requirements, therefore the Rules are deemed as unnecessary. 
      • A repeal of Rule Chapter 69O-228 relating to continuing education requirements of insurance representatives is proposed, inasmuch as the OIR does not exercise authority over insurance representatives.  Rather, this is the role of the DFS.
      • Consideration of proposed amendments to Rule 69O-148.001, which addresses requirements for insurance policies that fund annuities and preneed contracts.  Currently, the Rule caps the maximum face amount at $7,500 and the statute caps it at $12,500.  The proposed Rule would remove the dollar amount cap and refer instead to the statute, thereby conforming the Rule with current law.
    • For publication
      • Proposed amendments to Rules 69O-144.005 and 69O-144.007 relating to “Credit for Reinsurance from Eligible Reinsurers” would conform Florida regulations to the corresponding National Association of Insurance Commissioners (“NAIC”) Model Law for accreditation purposes, consistency in how reinsurers are granted the status of “certified reinsurer” (currently termed “eligible reinsurer”), and the manner in which Florida domestic insurance companies can apply credit for reinsurance from these entities.
      • Rule 69O-137.001 would be amended to adopt the 2015 NAIC Quarterly Statement Manuals, the 2014 NAIC Annual Statement Instructions Manuals, and the 2014 and 2015 NAIC Accounting Practices and Procedures Manuals. 
      • Rule 69O-138.001 would be amended to adopt the 2014 and 2015 NAIC Financial Condition Examiners Handbooks.
      • Proposed changes to Chapter 69O-162, F.A.C. would adopt annuity mortality tables for use in financial reporting of annuity reserves as set forth in Section 625.121, F.S.  The added new mortality table, recently adopted by the NAIC, is based upon recent annuitant mortality of insurers.  Adoption will create uniformity among states following NAIC model regulation.
• Florida Insurance Guaranty Association Board of Directors meeting; Orlando, Florida.  9:00 a.m.  Closed session to discuss litigation.  To view the meeting notice, click here.
• Florida Workers’ Compensation Insurance Guaranty Association Board of Directors meeting; Orlando, Florida.  To view the meeting notice, click here.

Wednesday, December 10

• Citizens Board of Governors meeting; 9:00 a.m. to 12:00 p.m.  Teleconference:  888-942-8686; conference code:  5743735657#.  To view the meeting notice, click here.
  • The Florida Market Assistance Plan (FMAP) Board of Governors will meet immediately following the Citizens Board.  Access information is the same.  To view the meeting notice, click here.
• Florida Division of Workers’ Compensation (“DWC”) Rule Development Workshop; 9:30 a.m.  Tallahassee, Florida.  To view the Workshop notice, click here.
  • Proposed amendments to Rule 69L-6.027 would revise a penalty calculation worksheet to provide the premium credit for the initial payment of premium made to secure coverage against an assessed penalty, as well as adjust the penalty lookback period and multiplier to conform to statutory changes. 
  • Proposed amendments to Rule 69L-6.028 would change the time frame to impute an employer’s payroll in the absence of business records from 20 to 28 days after receipt of the DFS request to produce records, and would change the factor to calculate employee payroll from 1.5 to 2 times the state average weekly wage, to conform to Section 440.107, Florida Statutes.  Also, the time frame for an employer to provide additional records would be revised to 20 business days after the service of the first amended order of penalty assessment. 
  • Proposed amendments to Rule 69L-6.035 would also change the factor to calculate employee payroll from 1.5 to 2 times the state average weekly wage to conform to Section 440.107.  Additionally the amendments would change citations in Rules 69L-6.028 and 69L-6.035 to reflect the current convention of naming to the specific subdivision cited.
• Florida Workers’ Compensation Joint Underwriting Association Board of Governors meeting; 10:00 a.m.  To view the meeting notice, click here.

 

LOOKING AHEAD

 

Wednesday, January 7

• DWC Proposed Rule Hearing; 9:00 a.m.  Tallahassee, Florida.  Proposed Rule 69L-6.029, “Employer Worksites,” would implement Chapter 2014-109, Laws of Florida, which amended s. 440.107, F.S.  Under the new law, an employer now has 10 business days instead of five to produce business records following a written request from the Florida Department of Financial Services, or be subject to a Stop Work Order.  To view the hearing notice, click here.

 

 

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