Florida Insurance Calendar: September 17 – 21

 

Following is a listing of Florida insurance-related regulatory events for the week of September 17-21, 2012:

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

 

 

FLORIDA INSURANCE REGULATORY EVENTS

 

Monday, September 17

• Florida Automobile Joint Underwriting Association (“FAJUA”) Finance Audit Committee meeting; 3:00 p.m.  Tampa, Florida.  To view the meeting notice, click here.
• FAJUA Budget Committee meeting; 4:00 p.m.  Tampa.  To view the meeting notice, click here.

Tuesday, September 18

• Florida Cabinet meeting; 9:00 a.m.  To view the complete agenda, click here.
  • Florida Office of Financial Regulation(“OFR”)
    • For final adoption
      • Proposed amendments to Rule 69V-160.025, entitled “Property Insurance on Loans,” would delete subsection 11, because the OFR lacks statutory authority to require licensees under the act to display the rules governing insurance on household goods and appliances.  To view the hearing notice, click here.
  • State Board of Administration/Florida Hurricane Catastrophe Fund (“FHCF”)
    • Obtain approval to file Rule 19-8.010 pertaining to the FHCF Reimbursement Contract for Notice of Proposed Rulemaking and for adoption if no member of the public requests a hearing in a timely manner; or, if a hearing is requested, no changes need to be made.
    • Address and take action on the need for FHCF liquidity, and to request that the FHCF Finance Corporation engage in financial transactions to provide sufficient funds to achieve the purposes of Section 215.555, F.S.
      • NOTE:  A meeting of the FHCF Finance Corporation Board of Directors is scheduled upon conclusion of the Cabinet meeting.  To view the meeting notice, click here.

Wednesday, September 19

• Florida Board of Employee Leasing Companies (“BELC”) Board Meeting; 8:30 a.m.  Jacksonville, Florida.  To view the meeting notice, click here.

Thursday, September 20

• BELC Board Meeting; 8:30 a.m. Jacksonville.  To view the meeting notice, click here.
• Florida Office of Insurance Regulation (“OIR”) Public Rate Hearing:  Citizens Property Insurance Corporation (“Citizens”); 4:00 p.m.  Miami, Florida.  Citizens has requested statewide average increases of 11.1 percent for its Coastal Account and 12 percent for its Personal Lines Account.  For additional information, click here.  To view the hearing notice, click here.  To view the agenda, click here.

 

LOOKING AHEAD

 

Monday, September 24

• Florida Workers’ Compensation Insurance Guaranty Association Board of Directors meeting; 2:00 p.m. Tallahassee, Florida. To view the meeting notice, click here.

Wednesday, October 3

• OIR Proposed Rule Hearing; 1:00 p.m.
  • Proposed repeal of Rule 69O-157.105, “Refund of Premium,” which requires insurers that cancel an insurance policy to refund to the policyholder any unearned premium paid to the insurer.  This Rule substantially restates the language of Section 627.6645(4), F.S. and is considered unnecessary.  To view the hearing notice, click here.
  • Proposed repeal of Rule 69O-157.018, “Right to Return Policy-Free Look,” which requires individual long-term care insurers to give policyholders 30 days to examine a policy after delivery, and to return the policy for a full refund of premium if not satisfied for any reason.  This Rule substantially restates the language of Section 627.9407(8), F.S. and is considered unnecessary.  To view the hearing notice, click here.
  • 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.  To view the hearing notice, click here.
  • 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.  To view the hearing notice, click here.

Thursday, October 4

• OIR Public Rate Hearing:  National Council on Compensation Insurance; 1:00 p.m.  To view the hearing notice, click here.

Wednesday, October 17

• OIR Proposed Rule Hearing; 9:30 a.m.  Proposed repeal of Rule 69O-148.001, “Funding of Preneed Contracts,” which addresses the sale of life and annuity products by agents to fund preneed funeral contracts.  It limits the amount of insurance that may be written to $7,500, which conflicts with the $12,500 limit permitted under s.626.785, F.S.

Tuesday, October 23

• Florida Cabinet meeting; 9:00 a.m.
  • OIR
    • For final adoption
      • Proposed repeal of Rule 69O-142.011, “Insurer Penalty Guidelines,” which establishes penalty guidelines for insurer conduct violations discovered or investigated through financial examinations, market conduct examinations or OIR investigations.  Many of the existing fines have become antiquated due to inflation. 
      • 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 amendments to Rule 69O-149.003, “Rate Filing Procedures,” 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 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-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 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. 

• Florida Surplus Lines Service Office (“FSLSO”) Budget Committee meeting; 2:00 p.m.  Discussion of proposed 2012 FSLSO budget.  To view the meeting notice, click here.

Wednesday, October 24

• FSLSO Board of Governors meeting; 9:00 a.m.  To view the meeting notice, click here.

Tuesday, November 6

• Florida Insurance Guaranty Association meetings.  The Finance and Audit Committee and Board of Directors are scheduled to meet in Tampa, Florida.  To view the meeting notice, click here.

Thursday, November 8

• Florida Workers’ Compensation Joint Underwriting Association (“FWCJUA”) Investment Committee meeting; 4:00 p.m.  Additional information is forthcoming.

Thursday, November 15

• FWCJUA Audit Committee meeting; 10:00 a.m.  Additional information is forthcoming.

Wednesday, December 12

• FWCJUA Board of Governors meeting; 10:00 a.m.  Additional information is forthcoming.

Friday, December 14

• Citizens Board of Governors meeting; 9:00 a.m. to 12:00 p.m.  Teleconference: 888-942-8686; participant code: 5743735657#.  To view the meeting notice, click here.

 

 

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