Florida Insurance Calendar: November 8 – 12

 

Following is a listing of insurance-related Florida legislative and regulatory events for the week of November 8-12, 2010:

All times are Eastern Time.  Additional information is available via hyperlink where noted in bold type.

 

FLORIDA LEGISLATIVE EVENTS

• Florida Legislature Organizational Session will convene at 10:00 a.m. on November 16, 2010. 
  • Special Session; November 16, 2010.  A repeal of Governor Charlie Crist’s vetoes of the following bills will be considered: 
    • HB 545:  Would repeal a requirement for purchasers in hurricane-prone areas to be given a “wind resistance” rating of the home they purchase
    • HB 5603:  Contains a provision relating to the maximum allowable amount when calculating the costs for repackaged drugs.  The bill also would revise reporting requirements for State Risk Management Trust Fund insurance premiums charged to agencies and departments and would change workers’ compensation laws by changing return-to-work policies in state law.
    • HB 1565:  Would tighten legislative control over agency rulemaking
    • HB 569:  Would repeal the prohibition of yard waste being disposed of in a Class I landfill
    • HB 981A:  Would allow land classified as agricultural to continue to receive the agricultural property tax exemption after the property is sold
    • HB 1385:  Would allow more flexibility in implementing the petroleum cleanup law
    • HB 1516:  Would create a database of state-owned lands at the Florida Department of Management Services

 

FLORIDA INSURANCE REGULATORY EVENTS   

 

Monday, November 8

• Citizens Property Insurance Corporation (“Citizens”) Board of Governors meeting; 8:00 a.m.  Teleconference:  888-295-6211.  To view the meeting notice, click here.
• Florida Commission on Hurricane Loss Projection Methodology emergency meeting; 10:00 a.m.  The Commission will review corrections and revisions implemented to the AIR Worldwide Atlantic Tropical Cyclone Model V12.0, Program CLASIC/2 V12.0 after suspending the model due to a recently discovered error.  To access the meeting notice and agenda, click here.
• Florida Insurance Guaranty Association (“FIGA”) Finance and Audit Committee meeting; 2:30 p.m.  To view the meeting notice, click here.

Tuesday, November 9

• Florida Cabinet meeting, 9:00 a.m.  To view the agenda, click here.
  • Florida Office of Insurance Regulation (“OIR”) agenda:
    • For publication:  Proposed revisions to Rule 69O-170.0155:  Forms.  Relates to Form OIR-B1-1802, which is also known as the Uniform Mitigation Verification Inspection Form.  To access the Rule text, click here.  To view the hearing notice, click here.
    • Update on second quarter surplus and underwriting results for Florida’s property insurance marketplace

Wednesday, November 10 

• National Association of Insurance Commissioners (“NAIC”) Statutory Accounting Principles Working Group meeting; 11:00 a.m.  The Working Group will discuss a draft comment letter in response to the Financial Accounting Standards Board Discussion Paper.  To register for the teleconference, click here.   
• NAIC Surplus Lines Implementation Task Force meeting; 3:30 p.m.  To register for the teleconference, click here.
• NAIC Executive Committee meeting; 3:30 p.m.  The Committee will meet to release proposed changes to the NAIC’s Insurance Holding Company Model Law for written comment by regulators and interested parties.  To register for the teleconference, click here.

 

LOOKING AHEAD

 

Monday, November 15

• Florida Hurricane Catastrophe Fund (“FHCF”) Proposed Rule Hearing; 9:00 a.m. to 12:00 p.m.  Proposed Rule 19-8.010, “Reimbursement Contract,” would adopt the FHCF 2011/2012 Reimbursement Contract, including Addenda and Optional Amendment.  To view the hearing notice, click here.
• Florida Department of Financial Services (“DFS”) Division of Agents and Agency Services Proposed Rule Hearing; 9:30 a.m.  Proposed Rule 69B-210.005 would define the term “unlawful inducement” and include examples of prohibited acts and practices that would be considered unlawful inducements to purchase insurance.  To view the hearing notice and proposed Rule text, click here. 
  • A second hearing will be held at 2:30 p.m. for proposed Rule 69B-210.010, which relates specifically to title insurance.  To view the hearing notice and proposed Rule text, click here.

Tuesday, November 16

• OIR Public Rate Hearing: Florida Peninsula Insurance Company; 9:00 a.m.  Agenda forthcoming.  To view the hearing notice, click here.
• Florida Workers’ Compensation Insurance Guaranty Association (“FWCIGA”) Investment Committee meeting; 1:00 p.m.  TO view the meeting notice, click here.

Wednesday, November 17

• OIR Rule Development Workshop; 9:00 a.m.  Proposed Rule 69O-189.007, “Insurer Experience Reporting — Excessive Profits, Workers’ Compensation Insurance,” would adopt a revised workers’ compensation excess profits form and revise the definition of “insurance group” to mean insurers operating under common majority ownership as opposed to common management.  To view the hearing notice, click here.
• Florida Board of Employee Leasing Companies Board meeting; 10:00 a.m.  To view the meeting notice, click here.

Thursday, November 18

• Florida Workers’ Compensation Joint Underwriting Association (“FWCJUA”) Audit Committee meeting; 10:00 a.m.  To view the meeting notice, click here.
• Citizens Actuarial and Underwriting Committee meeting; 2:00 p.m.  Teleconference:  866-631-2413

Friday, November 19

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

Tuesday, November 30

• Citizens Information Systems Advisory Committee meeting; 1:30 p.m.  Teleconference:  866-765-5861.  
• FWCJUA Reinsurance Committee meeting; 11:00 a.m.  To view the meeting notice, click here.
• FWCJUA (Joint Meeting) Executive Compensation, Operations, and Rates and Forms Committee meeting; 1:00 p.m.  To view the meeting notice, click here. 
• OIR Proposed Rule Hearing; 1:00 p.m.  Proposed Rules 69O-157.302,.303,.304, relating to long-term care insurance and new business rates, would be amended to include the new business rates effective for 2011.  To view the hearing notice, click here.

Wednesday, December 1

• OIR Proposed Rule Hearing; 9:30 a.m.   
  • Proposed Rule 69O-137.001, “Annual and Quarterly Reporting Requirements,” would adopt the 2010 NAIC Quarterly Statement Instructions and the 2010 NAIC Accounting Practices and Procedures Manual.  To view the hearing notice, click here.
  • Proposed Rule 69O-138.001, “NAIC Financial Examiners Handbook Adopted,” would adopt the 2010 NAIC Financial Condition Examiners Handbook.  To view the hearing notice, click here.
• FIGA Board of Directors meeting; for more information, click here.

Friday, December 3

• Florida Self-Insurers Guaranty Association Board of Directors Annual Meeting; 12:00 p.m.

Tuesday, December 7

• Florida Cabinet
  • DFS/OIR agenda:
    • For final adoption: Proposed Rules 69M-236.001; .002; .003; .004; .005 relating to Florida’s Annual Residential Property Insurer Report Card. (NOTE: This item was rescheduled from the November 9 Cabinet meeting)
  • OIR agenda:
    • For final adoption: Proposed Rules relating to the incorporation of a new category of Motor Vehicle Service Agreement Companies called “Motor Vehicle Manufacturers.” To view the hearing notice, click here. (NOTE: This item was rescheduled from the November 9 Cabinet meeting)
    • For final adoption: Proposed Rule 69O-138.047: Description of Actuarial Memorandum Including an Asset Adequacy Analysis and Regulatory Asset Adequacy Issues Summary. To view the proposed Rule text, click here. To view the hearing notice, click here. (NOTE: This item was rescheduled from the November 9 Cabinet meeting)
      • This proposed Rule would add an additional requirement to the Regulatory Asset Adequacy Issues Summary as a result of changes to Rules 69O-162.203 and 69O-164.020.
    • For final adoption: Proposed amendments to Rule 69O-149.303: Form and Marketing Standards. Relates to the standard disclosure form required to be used in the Cover Florida Health Care Access Program. To view the hearing notice, click here. (NOTE: This item was rescheduled from the November 9 Cabinet meeting)
    • For final adoption: Proposed Rule 69O-162.203: Adoption of 2001 Commissioners Standard Ordinary (CSO) Preferred Mortality Tables for Determining Reserve Liabilities for Ordinary Life Insurance. To view the proposed Rule text, click here. To view the hearing notice, click here.  (NOTE: This item was rescheduled from the November 9 Cabinet meeting) 
      • Rule amendments would explain the conditions for use of the preferred class structure mortality tables and permit use of the tables for policies issued prior to the adoption date of the original Rule
    • For final adoption: Proposed Rule 69O-164.020: Valuation of Life Insurance Policies. To view the proposed Rule text, click here. To view the hearing notice, click here.  (NOTE: This item was rescheduled from the November 9 Cabinet meeting) 
      • Rule amendments would reduce the minimum premium deficiency reserve requirement, subject to certain conditions ensuring adequacy of reserves
• FWCJUA Board of Governors meeting; 10:00 a.m.  To view the meeting notice, click here.
• OIR Public Rate Hearing:  First Home Insurance Company; 1:00 p.m.  Agenda forthcoming.

Wednesday, December 8

• FWCIGA Audit Committee meeting; for more information, click here.

Thursday, December 9

• Citizens Actuarial and Underwriting Committee meeting; 1:00 p.m.  Teleconference:  866-631-2413
• FWCIGA Board of Directors meeting; for more information, click here.

Tuesday, December 14

• Citizens Market Accountability Advisory Committee meeting; 11:30 a.m.  Teleconference:  866-526-0550 
• Citizens Audit Committee meeting; 2:30 p.m.  Teleconference:  877-260-2826
• Citizens Finance and Investment Committee meeting; 4:00 p.m.  Teleconference:  888-277-7951

Wednesday, December 15

• Citizens Board of Governors meeting; 9:00 a.m.  Teleconference:  888-295-6211

 

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

 

 

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