Insurance-Related Administrative Actions: Week Ending October 31

The following insurance-related actions were posted for the week of Friday, October 31, 2008.

 

Notice of Proposed Rule:  Insurance Administrator Annual Report

The Florida Department of Financial Services, Office of Insurance Regulation, has issued a Notice of Proposed Rule regarding the following Rule:

• 69O-197.006:  Insurance Administrator Annual Report

The purpose of the proposed Rule is to adopt a form insurance administrators must utilize in submitting financial information to the Office of Insurance Regulation.

If requested by Friday, November 21, a hearing will be held at the date, time and place below.  If not requested, this hearing will not be held:

Date:  Monday, November 24, 2008
Time:  9:30 a.m.
Place: Room 116 of the Larson Building, 200 East Gaines Street, Tallahassee, Florida

 

Notice of Development of Rulemaking:  Proof of Coverage Requirements for Employee Leasing Companies

The Florida Department of Financial Services, Division of Workers’ Compensation, has issued a Notice of Development of Rulemaking regarding the following Rules:

• 69L-56.001:  Forms and Instructions
• 69L-56.002:  Definitions
• 69L-56.100:  Proof of Coverage (“POC”) Electronic Reporting Requirements
• 69L-56.110:  Technical Requirements for POC Electronic Data Interchange (“EDI”) Transmissions
• 69L-56.200:  Policy Cancellation or Non-Renewal Requirements
• 69L-56.210:  Time Periods for Filing Electronic Policy Information
• 69L-56.300:  Claims EDI Reporting Requirements and Implementation Schedules
• 69L-56.301:  Electronic First Report of Injury or Illness
• 69L-56.3012:  Electronic Notice of Denial and Rescinded Denial
• 69L-56.3013:  Electronic Periodic Claim Cost Reports
• 69L-56.304:  Electronic Notice of Action or Change, Including Change in Claims Administration, Required by the Insurer’s Primary Implementation Schedule
• 69L-56.3045:  Electronic Notice of Action or Change, Suspensions, and Reinstatement of Indemnity Benefits Required by Insurer’s Secondary Implementation Schedule
• 69L-56.307:  Electronic Cancellation of Claim
• 69L-56.310:  Technical Requirements for Claims EDI Transmissions
• 69L-56.330:  Electronic Formats for Reporting the Employee’s 8th Day of Disability and the Claim Administrator’s Knowledge of 8th Day of Disability

The proposed Rule amendments address electronic proof of coverage filing requirements for employee leasing companies reporting claims, EDI filings to the Division of Workers’ Compensation, revisions made to forms, and revisions made to the EDI Implementation Manual.

A Rule Development Workshop is scheduled to be held at the date, time, and place below:

Date:  Monday, November 17, 2008
Time:  10:00 a.m. through 12:00 p.m.
Place:  Room 104J of the Hartman Building, 2012 Capital Circle S.E., Tallahassee, Florida

 

Notice of Meeting:  Florida Insurance Guaranty Association

The Florida Insurance Guaranty Association has scheduled a Board of Directors meeting to take place on Tuesday, November 18, 2008, starting at 9:00 a.m. at the Hyatt Regency Orlando International Airport, in Orlando, Florida.

 

Notice of Meeting:  Developmental Disabilities Compact Workgroup

The Financial Services Commission, Office of Insurance Regulation, has scheduled a Developmental Disabilities Compact Workgroup meeting to take place on Thursday, November 20, 2008, from 9:00 a.m. through 2:00 p.m. in Room 412 of the Knott Building, Tallahassee, Florida.

 

Notice of Meeting:  Florida Workers’ Compensation Insurance Guaranty Association

The Florida Workers’ Compensation Insurance Guaranty Association has scheduled the following meetings to be held on Monday, December 1 and Tuesday, December 2, 2008, in Orlando, Florida:

• Audit Committee:  Monday, December 1, starting at 3:30 p.m.
• Investment Committee:  Tuesday, December 2, starting at 8:15 a.m.
• Board of Directors:  Tuesday, December 2, starting at 9:00 a.m.

 

Notice of Change:  Workers’ Compensation Forms and Instructions

The Florida Department of Financial Services, Division of Workers’ Compensation, has issued a Notice of Change regarding the following Rule:

• 69L-6.009:  Forms and Instructions

The Rule change is typographical in nature, amending (1) to read: “The following forms are hereby incorporated by reference for use in connection with these rules” instead of “The following forms are hereby adopted…”

 

Miscellaneous Notice:  Florida Hurricane Catastrophe Fund Estimated Borrowing Capacity

The Florida State Board of Administration (“SBA”) has issued a Miscellaneous Notice stating its estimate of the Florida Hurricane Catastrophe Fund’s (“FHCF”) borrowing capacity and projected balance as of December 31, 2008.

The projected year-end balance on December 31, 2008, is estimated to be $2.786 billion, which represents the amount of assets available to pay claims, not including any bonding proceeds, resulting from covered events that may occur during the June 1, 2008 through May 30, 2009 contract year.

Given the current state of the financial markets, the FHCF’s borrowing capacity is estimated to range between $1.5 billion and $3.0 billion.

The estimated borrowing capacity and estimated available year-end cash balance, together with other liquidity resources, provides the FHCF with a total estimated loss reimbursement capacity of between $11.786 billion and $13.286 billion over the next six to twelve months.

The obligation of the SBA for the payment of reimbursable losses shall not exceed the actual claims-paying capacity of the FHCF.  The SBA recognizes that its good faith estimate is being made while highly volatile global financial market conditions exist; therefore, changing market conditions can dramatically impact the FCHF’s actual loss reimbursement capacity either positively or negatively.  Current conditions may or may not be the same if and when the SBA determines that it is necessary to seek the issuance of revenue bonds.

 

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