Florida Office of Insurance Regulation To Hold July 8 Webinar On Reconfigured I-File Expedited Filing Mechanism
Jul 2, 2009
The Florida Office of Insurance Regulation (“OIR”) has reconfigured its “I-File” system to allow for an expedited rate filing mechanism to accommodate changes in Florida law as provided in HB 1495.
A further explanation of the requirements for this type of filing will be explained at an upcoming Webinar on July 8, 2009 at 2:00 pm EDT. Colodny Fassand Abate representatives will attend the event and provide a report on the presentation.
The complete OIR bulletin on the Webinar and new procedures is reprinted below. Please note that while attendance at the Webinar is not required in order to make the filings, space is limited to register.
Should you have any questions or comments, please contact Colodny Fass.
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During the 2009 regular session, the Florida Legislature passed House Bill 1495 which was subsequently signed by Governor Crist on May 27, 2009 and is now in effect. The bill makes a number of changes that impact Florida property insurers. It puts into place a gradual reduction of the Florida Hurricane Catastrophe (CAT) Fund’s top layers and adds a rapid cash buildup factor to the CAT Fund’s rates. Recognizing that the bill may require insurers to purchase more reinsurance from the private market, the legislation provided an expedited filing mechanism for insurers who are willing to limit their recovery from policyholders to phase-in the cost of the additional reinsurance. A copy of the enrolled bill can be found at the hyperlink below:
The Office of Insurance Regulation (Office) has reconfigured its “I-File” system to allow for these expedited filings. They are labeled as “Limited Reinsurance/Financing Costs” filings. Insurance companies desiring to make a Limited Reinsurance/Financing Costs filing may log on to the I-File system and select this filing type. The system is ready and filings may be made immediately. If you would like a further explanation of the requirements for this type of filing, you are invited to attend our “webinar” on July 08, 2009 at 2:00 pm EDT. Attendance at the webinar is not required to make these filings. Insurers will find that fewer components are required for this filing type than for a typical rate filing. The list of components required, interrogatories, and other information will be explained during the webinar.
Due to limited available space, we ask that you register by replying to this email. Once registered, you will receive a confirmation email with instructions on how to connect to the webinar. Please invite colleagues to join you when viewing the webinar due to the fact that each computer linking to the webinar will count as one registrant. To access the webinar, users will need a computer connected to the internet and a phone able to make a long distance phone call.
The Limited Reinsurance/Financing Costs type of filing applies to the lines of business listed below:
COMMERICAL MULTI-PERIL (050)
TYPE OF INSURANCE
INDIVISIBLE PACKAGE (FOR EXAMPLE, BUSINESSOWNERS) (05.0FLA)
SUB TYPE OF INSURANCE
RESIDENTIAL (EXCLUDING CONDO ASSN) (05.0002FLB)
RESIDENTIAL – CONDOMINIUM ASSOCIATION ONLY (05.0002FLA)
FARMOWNERS MULTI-PERIL (030)
HOMEOWNERS MULTI-PERIL (040)
INLAND MARINE (090)
SUB TYPE OF INSURANCE
ALL OTHER PERSONAL INLAND MARINE (09.0006FLC)
PERSONAL PROPERTY FLOATER (SCHEDULE D PROPERTY) (09.0006FLB)
MOBILE HOME MULTI-PERIL (540)
MOBILE HOME PHYSICAL DAMAGE ONLY (550)
PROPERTY (FIRE) (010)
SUB TYPE OF INSURANCE
COMMERCIAL PROPERTY – COLLATERAL PROTECTION – DUAL INTEREST (01.0001FLE)
COMMERCIAL RESIDENTIAL (EXCLUDING CONDO ASSN) (01-001FLB)
COMMERCIAL RESIDENTIAL – CONDOMINIUM ASSOCIATION ONLY (01.0001FLA)
PERSONAL (DWELLING FIRE) (01.0002FL)
Insurers who wish to make a Limited Reinsurance/Financing Costs filing need to be aware of the six month prohibition on the submission of another rate filing. If an annual rate filing or annual rate certification is due during this six month period, the insurer will not be required to make the filing until six months have expired.
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