Florida Insurance Regulatory Update

 

Following is a recap of recent insurance-related regulatory notices and action.  Click on the links below to read complete information and access additional documents.

 

Notice of Development of Rulemaking State Board of Administration

19-8.010: Reimbursement Contract

PURPOSE AND EFFECT: To address proposed amendments to Rule 19-8.010, F.A.C., the annual Reimbursement Contract.

SUBJECT AREA TO BE ADDRESSED: The proposed amendment to this rule addresses the changes made to Section 215.555, F.S., by the Legislature during the special and regular legislative sessions.

 

Notice of Development of Rulemaking State Board of Administration

19-15.001: Insurance Capital Build-Up Incentive Program

PURPOSE AND EFFECT: The Legislature made changes to the Insurance Capital Build-Up Incentive Program, Section 215.5595, F.S., during the 2007 Special Legislative Session and during the regular 2007 Legislative Session. Due to this legislation, amendments to Rule 19-15.001, F.A.C. are necessary.

SUBJECT AREA TO BE ADDRESSED: The rule addresses the changes that need to be made as the result of legislative changes to the Governing Act.

 

OIR Notice of Change: Standardized Requirements Applicable to Insurers After Hurricanes or Natural Disasters. Notice of changes to Proposed Rule 69O-142.015: Standardized Requirements Applicable to Insurers After Hurricanes or Natural Disasters was given this week. All entities having direct premiums written in Florida and authorized, approved or otherwise eligible to provide the coverages indicated in the changes to the Rule shall report the information required by Form OIR-DO-1681, “Catastrophic Event Data Reporting and Analysis”, providing loss and associated exposure data within this state with the frequency set forth. This Form has been revised to reflect additional reporting requirements authorized by law.

 

OIR Notice of Change/Withdrawal Division of Worker’s Compensation.  69L-7.100: Florida Workers’ Compensation Reimbursement Manual for Ambulatory Surgical Centers (ASCs). Notice was given that changes have been made to address concerns expressed at a recent Public Hearing regarding the Proposed Rule. The change consists of the addition of a definition for “Surgical Implant”, which shall appear as item number 13 of “Appendix B: Definitions” of the proposed 2006 Edition of the Florida Workers’ Compensation Reimbursement Manual for Ambulatory Surgical Centers.

 

OIR Notice of Change/Withdrawal Filing Procedures for Property and Casualty Insurance Rates, Rules, Underwriting Guidelines, and Forms. Notice was given this week that changes have been made to Proposed Rule 69O-170.013 that a “rate filing” contains all the information submitted in the filing made by the insurer, plus any supplemental information received during the course of the Office’s review. Deletions were also made, but the remainder of the Rule reads as previously published.

 

State Board of Administration Bonding Capacity Notice.  The State Board of Administration of Florida gave Notice this week of its estimate of the borrowing capacity and the projected year-end (as of December 31, 2007) fund balance for the Florida Hurricane Catastrophe Fund. This estimate is as of May 1, 2007. The projected year-end balance on December 31, 2007, is estimated to be $2,414,800,000 which represents available funds to pay losses during the 2007/2008 Contract Year.

 

Should you have any comments or questions, please do not hesitate to contact this office.  We will continue to monitor these administrative matters and provide reports as material developments arise.