Florida Office of Insurance Regulation Proposes Repeal of Obsolete Multi-Policy Discounts Rate Discrimination Rule
Jun 28, 2017
Written comments are being accepted until July 19, 2017 by the Florida Office of Insurance Regulation (“OIR”) on the proposed repeal of Rule 69O-125.002, F.A.C., entitled “Discrimination in Insurance Rates – Multi-policy Discounts.”
Rule 69O-125.002 is part of Chapter 69O-125 relating to Unfair Discrimination.
The OIR explained that this Rule has become obsolete due to changes in the law governing the approval of multi-policy discounts. As amended, Section 627.0655, F.S. now has codified the contents of the Rule and accordingly the Rule is no longer necessary.
As also noted by the OIR, the repeal does not affect current practice or the market as current statutory provisions address the approval of multi-policy discounts.
A Rule Hearing has been tentatively scheduled for July 26, 2017 at 10 a.m. (ET) should a member of the public request it.
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