OIR Hearing: Proposed Repeal of Informal Conferences Rule

On Thursday, June 26, 2008, the Florida Office of Insurance Regulation (“OIR”) held a public hearing on repealing the following Rule:

69N-121.066: Informal Conferences 

To view the meeting notice and complete text of the Rule, click here.

OIR Assistant General Counsel Steve Fredrickson presided over the hearing, which drew a substantial attendance.  

OIR is proposing to repeal the Rule, which currently outlines the process to be followed after an examination of an insurer.  The Rule requires the OIR to provide every insurer with a draft  report of examinations performed under Section 624.316, F.S. The insurer may review the draft report for a period of up to 30 days and may request an informal hearing to seek desired modifications.  The OIR contends the Rule is unnecessary, inasmuch as the referenced statute is self-explanatory.

Comments were made on the record by various representatives of the insurance industry.  One of the main arguments made was that, as a result of this repeal, the OIR could release a report with inaccurate information that could cause irreparable harm to an insurer.

Insurance industry representatives testified that the current Rule provides clear guidance, and that its repeal would cause confusion.  

The record will remain open until July 11, 2008 at 5:00 p.m.  Should you wish to submit written comments or have any questions regarding this Rule, please contact Colodny Fass. 

 

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