SBA Report, Adoption of OIR Regulations on Jan. 15 Cabinet Agenda

 

The Florida Cabinet (“Cabinet”) is scheduled to meet on Tuesday, January 15, 2008 at 9 a.m. in Tallahassee.  The Cabinet is comprised of Governor Charlie Crist, Attorney General Bill McCollum, Chief Financial Officer Alex Sink and Commissioner of Agriculture and Consumer Services Charles Bronson.

To view the Cabinet agenda, click here.

Tomorrow’s Cabinet agenda includes updates from the Florida State Board of Administration on bond funding, as well as a report on the status of the Local Government Investment Pool.

To read the latest update on the LGIP’s accelerated liquidity schedule, click here.

The Cabinet, meeting as the Florida Financial Services Commission (“FSC”), also will review the Florida Office of Insurance Regulation agenda, which is reprinted below: 

 

AGENDA
FINANCIAL SERVICES COMMISSION
Office of Insurance Regulation

1. Minutes of the FSC for November 14, 2007.  (ATTACHMENT 1) FOR APPROVAL

2. Request for Approval to Adopt proposed Rules 69O-171.002, .008; Reporting Requirements, F.A.C. Section 627.915(2), F.S., sets out a list of data that property and casualty insurers must report to the Office of Insurance Regulation (“Office”) on an annual basis by April 1 for the preceding year. The data is broken down by type of insurance. Rule 69O-171.002 sets forth the procedures which insurers must follow to comply with this requirement. This Rule is being amended to incorporate new technology in the collection of this data; the data being requested is identical to the data currently requested. The Rule adopts two forms, the first is an Excel spreadsheet upon which the data are entered, and the second includes instructions to assist insurers in populating the spreadsheet. (ATTACHMENT 2) APPROVAL FOR FINAL ADOPTION

3. Request for Approval to Adopt proposed Rule 69O-137.001; Annual and Quarterly Reporting Requirements, F.A.C. The Rule adopts the 2007 National Association of Insurance Commissioners’ (“NAIC”) Quarterly and Annual Statement Instructions and the 2007 NAIC Accounting Practices and Procedures Manual, as permitted by Section 624.424, F.S. The Office annually adopts the new instruments and manual.  (ATTACHMENT 3) APPROVAL FOR FINAL ADOPTION

4. Request for Approval to Adopt proposed Rule 69O-138.001; Annual and Quarterly Reporting Requirements, F.A.C. The Rule adopts the 2007 NAIC Financial Condition Examiners Handbook as permitted by Section 624.316, Florida Statutes. The Office annually adopts the new handbook.(ATTACHMENT 4) APPROVAL FOR FINAL ADOPTION

5. Request for Approval to Repeal Rule 69O-186.017; Certificate of Mortgage Release, F.A.C. In 2005, the Florida Legislature provided for the Financial Services Commission (FSC) with authority to adopt, by rule, an actuarially sound rate for each Certificate of Mortgage Release. The FSC, in response, adopted Rule 69O-186.017, setting such a rate. In 2007, the Florida Legislature repealed the authority found in subsection (9) of Section 701.041, F.S.; therefore the Rule must be repealed.  (ATTACHMENT 5) APPROVAL FOR FINAL ADOPTION

6. Approval for Publication of proposed amendment to Rule 69O-167.004; Required Preinsurance Inspection of Private Passenger Motor Vehicles, F.A.C. Section 627.744 requires auto insurers that are insuring cars that have not been insured without interruption for the prior two years to perform a preinsurance inspection. The statute authorizes the FSC to adopt a form, by Rule, for the purposes of this section. This amendment adopts a revision to the existing form to comply with changes in the statute.  (ATTACHMENT 6) APPROVAL FOR PUBLICATION

 

Should you have any questions or comments, please do not hesitate to contact this office.

 

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