Florida Insurance Commissioner To Present At May 11 Cabinet Meeting; Florida Hurricane Catastrophe Fund Emergency Rule Approvals Pending
May 10, 2010
The Florida Cabinet is scheduled to meet on Tuesday, May 11, 2010. The agenda, which can be viewed by clicking here, includes the following insurance-related items:
Florida Office of Insurance Regulation
At the meeting, Florida Insurance Commissioner Kevin McCarty is expected to address Florida property insurance market issues. His presentation materials include his April 29, 2010 response to Florida Chief Financial Officer Alex Sink’s April 23 inquiry about whether any additional actions may be necessary by the Florida Office of Insurance Regulation (“OIR”) prior to the beginning of hurricane season in order to ensure authorized Florida property insurers are financially capable of meeting their obligations. To view both letters, click here.
Commissioner McCarty’s presentation is the only item on the OIR agenda.
Florida State Board of Administration
A request for approval for adoption and filing authority for five Emergency Rules relating to the Florida Hurricane Catastrophe Fund is on the Florida State Board of Administration’s May 11 Cabinet agenda. These five Rules implement CS/SB1460, which became law on April 15, 2010.
The five Emergency Rules are:
- 19ER10-1 (19-8.010) Reimbursement Contract
- 19ER10-2 (19-8.012) Procedures to Determine Ineligibility for Participation in the Florida Hurricane Catastrophe Fund and to Determine Exemption from Participation in the Florida Hurricane Catastrophe Fund due to Limited Exposure
- 19ER10-3 (19-8.013) Revenue Bonds Issued Pursuant to Section 215.555(6), F.S.
- 19ER10-4 (19-8.029) Insurer Reporting Requirements
- 19ER10-5 (19-8.030) Insurer Responsibilities
Although Rule 19-8.028, F.A.C., Reimbursement Premium Formula was approved on April 13, CS/SB 1460 became law before the corresponding Notice of Proposed Rulemaking was filed. Therefore, changes to the Rulemaking Notice, the Rule, itself, and the Incorporated Forms now require an additional request for approval of, and authority to file another Notice of Proposed Rulemaking for Rule 19-8.028.
A Colodny Fass representative will attend the meeting and provide a report on the proceedings.
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