Florida Office of Insurance Regulation Schedules October 3 Public Hearing on Proposed Repeal of Various Insurance-Related Rules

The Florida Office of Insurance Regulation has scheduled an October 3, 2012 public hearing on the proposed repeal of various insurance-related Rules.

The complete texts of each are included within the respective Notices of Proposed Rule attached for review, or click on the corresponding hyperlinks below.

• Rule 69O-157.105, “Refund of Premium” 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.
• Rule 69O-196.008, “Failure to Comply,” states that the failure of a premium finance company to comply with the requirements of Part XV, Chapter 627, F.S., or any of the Rules lawfully made pursuant thereto shall cause the premium finance company to be subject to action by the OIR under Sections 627.832 and 627.833, F.S.  This Rule substantially restates the language of these laws and has been determined to be duplicative.
• Rule 69O-157.018, “Right to Return Policy–Free Look,” requires individual long-term care insurers to give policyholders 30 days to examine a policy after its delivery and return it for a full refund of premium if they are not satisfied with the policy for any reason. The Rule also requires insurers to provide policyholders with a notice of their right to return the policy within 30 days.  Because it substantially restates the language of Section 627.9407(8), F.S., it has been deemed unnecessary.
• Rule 69O-185.005, “Advertisement of Mortgage Insurance,” prohibits insurers from insuring mortgages that are 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 that stress the fact that the mortgage guaranty 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 to be unnecessary.

If requested in writing within 21 days of the date of the Notices, a public hearing will be held on October 3 at 1:00 p.m. at 142 Larson Building, 200 East Gaines Street, Tallahassee, Florida.

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