Florida Public Hurricane Loss Projection Model Fee Schedule Rule Hearing Report: July 22

On Tuesday, July 22, 2008, the Florida Office of Insurance Regulation (“OIR”) held a workshop on proposed Rule 690-170.0144 entitled “Public Hurricane Loss Projection Model-Fee Schedule.”  The purpose of the hearing was to establish fees for the use of the Public Hurricane Loss Projection Model (“Model”). 

Steve Fredrickson from the OIR presided over the hearing.  Also in attendance were:

• Susan Dawson, Deputy General Counsel, OIR
• Monte Stevens, OIR
• Howard Eagelfeld, Florida Commission on Hurricane Projection Methodology
• Dr. Shahid Hamid, Professor, Florida International University

Mr. Fredrickson briefly explained the Rule and provided a copy of e-mail correspondence outlining the proposed Model usage fees.  Brief public testimony was given by a hurricane modeling company representative regarding the timing for transmission of data.  Dr. Hamid, the primary person responsible for developing the formula and fee determination guidelines, explained that companies would be able to submit data to FIU via the website by October 2008, but was unable to provide a more specific date at the workshop.

The proposed Rule is expected to be submitted to the Financial Services Commission for approval for publication next week.  Companies interested in providing written comments may do so by 5:00 p.m. on Friday, July 25.  If the rule is approved for publication, a public hearing will be scheduled and additional comments will be accepted.

The e-mail correspondence outlining the proposed Model usage fees, Rule workshop agenda, and full text of the proposed Rule are attached for your review.  

If you have any questions or comments regarding this matter, please feel free to contact Colodny Fass. 

 

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