Florida Insurance Calendar: June 18 – 22

 

Following is a listing of Florida insurance-related legislative and regulatory events for the week of June 18-22, 2012:

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

 

FLORIDA INSURANCE LEGISLATIVE EVENTS

Monday, June 18

• Legislative Roundtable; 6:30 p.m. to 9:00 p.m.  As Citizens Property Insurance Corporation (“Citizens”) considers another plan to raise rates, Florida Senator Oscar Braynon, D-Miami Gardens, and State Representative Frank Artiles, R-Miami, will host a public round table to discuss ways to avoid skyrocketing premiums.  (Florida International University; Graham Ballroom, Miami, Florida)
  

 

FLORIDA INSURANCE REGULATORY EVENTS

       

Tuesday, June 19

• Florida Workers’ Compensation Insurance Guaranty Association (“FWCIGA”) Audit Committee meeting; 8:30 a.m.  To view the meeting notice, click here.
  • The FWCIGA Board of Directors will meet at 10:00 a.m.  To view the meeting notice, click here.
• Florida Division of Workers’ Compensation Rule Development Workshop; 9:30 a.m.  Proposed amendments to Rule 69L-5.217, F.A.C., entitled “Civil Penalties and Fines,” would reduce the amount of the penalty imposed by the Rule for self-insurer delinquent reports from $200 per day to $100 per day.  To view the hearing notice, click here.

 

LOOKING AHEAD

 

Tuesday, June 26

• Florida Cabinet meeting; 9:00 a.m.
  • Florida Office of Insurance Regulation (“OIR”)
    • For final adoption
      • In Sections 634.011(7) and 634.041(12), F.S., the Florida Legislature created a new category of Motor Vehicle Service Agreement Companies called “Motor Vehicle Manufacturers.”  The purpose was to eliminate certain regulatory requirements for these large corporations under certain circumstances.  Proposed amendments to Rules 69O-200.004, .005, .006, .009, .014, and .015 address the mandate to modify the Rules and forms to incorporate this new category.
      • Section 627.062(6), F.S. granted insurers the right to arbitrate rate filing disputes with the OIR, as well as granted the Florida Financial Services Commission the authority to adopt the corresponding Rules relating to the arbitration of rate filings.  The law has been amended to remove the provision for arbitration.  Therefore, Rule Chapter 69O-170 Part IV, F.A.C. is no longer relevant, nor does the OIR any longer have authority for such Rules.  Consequently, this Chapter needs to be repealed.
    • For publication
      • 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.
      • 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.
      • Amendments to Rule 69O-138.001 would adopt the 2012 NAIC Financial Condition Examiners Handbook.  The current Rule adopted the 2011 version.
      • Proposed repeal of Rule 69O-198.003, which prohibits any person, entity or administrator from providing or offering to provide service warranties unless authorized through OIR license, because it is a restatement of Section 634.403, F.S. and, therefore, unnecessary.
      • Proposed repeal of Rule 69O-143.045, which was originally promulgated in the 1970s and defines a list of insurance items–many of which are now inconsistent with portions of the Florida Insurance Code.
      • 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-200.013, which requires insurers and motor vehicle service agreement companies that file rating manuals with the OIR to include a copy of all rates to be charged to the consumer and all service agreement forms currently in use.  The OIR no longer has the authority to enforce this Rule because Section 634.1216, F.S. has been repealed.
      • Proposed repeal of Rule 69O-142.011, which establishes guidelines for assessment of administrative fines concerning certain violations of the Florida Insurance Code and applicable OIR Rules.  Many of the fines prescribed in this Rule have become antiquated due to inflation.  Furthermore, Section 624.4211, F.S. provides specific guidelines.
      • Proposed repeal of Rule 69O-191.072, which requires health maintenance organization (HMO) reinsurance contracts to be filed with and approved by the OIR, and for those contracts that contain insolvency protection to also be submitted to the OIR for prior approval.  With the repeal of Section 641.285(5)(a)(1), F.S., the OIR no longer has authority to enforce this Rule.

Wednesday, June 27

• BELC Board Meeting; 9:00 a.m.  Teleconference:  (888) 670-3525; participant code:  7489217568.  To view the meeting notice, click here.

Tuesday, July 3

• OIR Public Rate Hearing:  Praetorian Insurance Company; 9:00 a.m.  Praetorian Insurance Company has requested an average statewide rate change of -2.2 percent for its property collateral protection program, which is also known as “lender-placed insurance.”  The proposed rate would be effective September 1, 2012 for new and renewal business.  The requested rate change is not uniform and some areas would be subject to higher rates.  To view the hearing notice, click here.

Monday, July 16

• Citizens Actuarial and Underwriting Committee meeting; 9:00 a.m. to 10:00 a.m.  To view the meeting notice, click here.
• Citizens Board of Governors Workshop; 10:00 a.m. to 1:00 p.m.  To view the meeting notice, click here.

Wednesday, July 25

• BELC Board Meeting; 10:00 a.m.  Teleconference:  888-808-6959; conference code:  9226020.  To view the meeting notice, click here.
• Florida Surplus Lines Service Office Board of Governors Quarterly Business Meeting; 1:00 p.m.  St. Petersburg.  To view the meeting notice, click here.

Friday, July 27

• Citizens Board of Governors meeting; 9:00 a.m. to 12:00 p.m.  To view the meeting notice, click here.

Thursday, August 9

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

Wednesday, August 15

• FWCJUA Audit Committee meeting; 10:00 a.m. To view the meeting notice, click here.

 

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