Watch LIVE–Florida’s Insurance Commissioner Finalist Interviews; Florida Office of Insurance Regulation to Present Lengthy Agenda

 

The next chapter in the highly publicized process to select Florida’s next Insurance Commissioner will play out at the Florida Cabinet meeting scheduled for Tuesday, April 26, 2016.  

To access the complete agenda, click here.  

To watch tomorrow meeting proceedings live, go to www.TheFloridaChannel.org and click on “Live Streams.”  

After an impasse earlier this month between Florida Governor Rick Scott and Chief Financial Officer Jeff Atwater, two additional candidates were added to the list of finalists under consideration:  American Traditions Insurance Company General Counsel and Corporate Secretary Ray Blacklidge and Florida Office of Insurance Regulation (“OIR”) Chief of Staff Belinda Miller.   State Representative Bill Hager and former federal insurance regulator and Zurich executive Jeffrey Bragg are still among the top candidates.

The Insurance Commissioner interview process is scheduled as the last item on tomorrow’s Cabinet agenda.

Below are recent news headlines on developments surrounding the selection:

• Florida officials squabble about insurance commissioner pick
• Deadlock on insurance regulator tests political skills of Florida governor, CFO
• Latvala and other lawmakers push favorites for insurance post
• Departing insurance commissioner creates liability

Prior to the candidate interviews, Florida Insurance Commissioner Kevin McCarty, who has delayed his resignation pending the proceedings, will present a lengthy agenda on behalf of the OIR that includes a review of the agency’s performance measures and market highlights.  To view the complete agenda, click here.  

To access the 170-page meeting packet, click here.

Below are some of the highlights:

• Request Approval for Final Adoption:  Request for Approval for Final Adoption of Proposed Amendment to 69O-143.046,.047,.056; Registration of Insurers; Standards; Acquisition of Controlling Stock.  These Rules regulate the operation of insurance holding companies and their affiliates.  They also govern the acquisition process of insurance entities.  The Rules implement the provisions of the National Association of Insurance Commissioner’s (“NAIC”) model related to insurance holding companies and update the provisions regarding the reporting of Enterprise Risk.  Several of the forms that are used to report information have been deleted or revised to conform with standardized forms used by the NAIC. 

• Request Approval for Publication:  Repeal of Rule 69N-121.007,.010; Public Records.  Currently, Rules 69N-121.007 and 121.010, F.A.C., prescribe the procedure by which the OIR processes public records requests and the indexing of final orders, respectively.  Inasmuch as Florida’s public records process is now mostly governed by statute and the indexing process for final orders has been revised by statutory amendment in 2015, these Rules have been determined to be unnecessary. 

• Request for Approval for Publication of Repeal of Rule 69N-121.066; Informal Conferences.  Rule 69N-121.066 provides procedures for an informal conference before the OIR. The Rule has been deemed to be unnecessary, inasmuch as the procedures for the publication of a Report of Examination is governed by section 624.319, F.S.  Accordingly, the OIR is requesting that the Rule be repealed. 

• Request for Approval for Publication of Repeal of Rule 69O-186.010; Insurer’s Assumption of Certain Liability.  Section 627.777, F.S. gives the OIR the authority to directly review and approve forms for use by title insurance underwriters and agents.  The OIR recently approved a revised version of the Closing Protection Letter (“CPL”) which was filed with the agency for approval pursuant to Sections 627.777 and 627.786, F.S.  The Rule contains an outdated CPL form.  The OIR has determined that the Rule is obsolete and should be removed from the Florida Administrative Code. 

• Request for Approval for Publication of Amendments to Rule 69O-137.001; Annual and Quarterly Reporting Requirements.  Section 624.424, F.S. requires insurers to file quarterly and annual financial reports with the OIR and allows the agency to enact rules setting the standards for those reports.  The Rule is being amended to adopt the 2016 NAIC Quarterly Statement Manuals, the 2015 NAIC Annual Statement Instructions Manuals, the 2015 and 2016 NAIC Accounting Practices and Procedures Manuals and 2016 NAIC User’s Guide.  The current Rule adopted the 2015 NAIC Quarterly Statement Manuals, the 2014 NAIC Annual Statement Instructions Manuals, and the 2014 and 2015 NAIC Accounting Practices and Procedures Manuals. 

• Request for Approval for Publication of Amendments to Rule 69O-138.001; NAIC Financial Condition Examiners Handbook Adopted.  Section 624.316, F.S. requires the OIR to examine insurer’s financial condition using generally accepted accounting procedures. This statute also allows the OIR to adopt the NAIC Financial Condition Examiners Handbook to facilitate these exams.  The Rule is being amended to adopt the 2015 and 2016 NAIC Financial Condition Examiners Handbooks.  The current Rule adopted the 2015 and 2014 versions of these handbooks. 

 

Click here to follow Colodny Fass on Twitter (@ColodnyFassLaw)

 

 

 

 

To unsubscribe from this newsletter, please send an e-mail to colodnyfassnews@gmail.com.