19-8.029. Insurer Reporting Requirements and Responsibilities  


Effective on Wednesday, January 22, 2020
  • 1(1) Purpose. 3This rule specifies certain deadlines and other requirements for insurers that participate in the Florida Hurricane Catastrophe Fund (FHCF)22.

    23(2) Definitions. The 26definitions in the Reimbursement Contract for the applicable Contract Year also apply to this rule and the forms referenced in this rule. In addition, as used in this rule and the forms referenced in this rule:

    62(a) “Contract Year” 65is defined in section 69215.555(2), F.S.

    71(b) “Insurer” or “Company” means an insurer that is required to enter into a Reimbursement Contract.

    87(3) 88Data Call form.

    91(a) For the 2019/2020 Contract Year, the reporting of Company exposure data shall be in accordance with Form FHCF-D1A, “Florida Hurricane Catastrophe Fund 2019 Data Call,” rev. 01/19, 120http://www.flrules.org/Gateway/reference.asp?No=Ref-10199, 122which is hereby adopted and incorporated by reference into this rule133.

    134(b) For the 2020/2021 Contract Year, the reporting of Company exposure data shall be in accordance with Form FHCF-D1A, “Florida Hurricane Catastrophe Fund 2020 Data Call,” rev. 01/20, 163http://www.flrules.org/Gateway/reference.asp?No=Ref-11447, 165which is hereby adopted and incorporated by reference into this rule.

    176(4) 177Loss reporting forms.

    180(a)1. 181For the 2019/2020 Contract Year, the reporting of estimated Ultimate Net Loss shall be in accordance with Form FHCF-L1A, “Contract Year 2019 Interim Loss Report, Florida Hurricane Catastrophe Fund (FHCF),” rev. 01/19, 214http://www.flrules.org/Gateway/reference.asp?No=Ref-10200, 216which is hereby adopted and incorporated by reference into this rule227.

    2282. For the 2020/2021 Contract Year, the reporting of estimated Ultimate Net Loss shall be in accordance with Form FHCF-L1A, “Contract Year 2020 Interim Loss Report, Florida Hurricane Catastrophe Fund (FHCF),” rev. 01/20, 262http://www.flrules.org/Gateway/reference.asp?No=Ref-11448, 264which is hereby adopted and incorporated by reference into this rule.

    275(b)1. For the 2019/2020 Contract Year, the reporting of Ultimate Net Loss shall be in accordance with Form FHCF-L1B, “Contract Year 2019 Proof of Loss Report, Florida Hurricane Catastrophe Fund (FHCF),” rev. 09/19, 309http://www.flrules.org/Gateway/reference.asp?No=Ref-11080, 311which is hereby adopted and incorporated by reference into this rule.

    3222. For the 2020/2021 Contract Year, the reporting of Ultimate Net Loss shall be in accordance with Form FHCF-L1B, “Contract Year 2020 Proof of Loss Report, Florida Hurricane Catastrophe Fund (FHCF),” rev. 01/20, 356http://www.flrules.org/Gateway/reference.asp?No=Ref-11449, 358which is hereby adopted and incorporated by reference into this rule.

    369(c)1. For the 2019/2020 Contract Year, the applicable Detailed Claims Listing Instructions is Form FHCF-DCL, “Contract Year 2019 Detailed Claims Listing Instructions,” rev. 01/19, 394http://www.flrules.org/Gateway/reference.asp?No=Ref-10202, 396which is hereby adopted and incorporated by reference into this rule.

    4072. For the 2020/2021 Contract Year, the applicable Detailed Claims Listing Instructions is Form FHCF-DCL, “Contract Year 2020 Detailed Claims Listing Instructions,” rev. 01/20, 432http://www.flrules.org/Gateway/reference.asp?No=Ref-11450, 434which is hereby adopted and incorporated by reference into this rule.

    445(5) Examination.

    447(a) 448Advance 449examination record requirements. Within 30 days after the date of the request for such information, a Company must provide the FHCF with the records indicated in the applicable Contract Year’s “Exposure Examination Advance Preparation Instructions” or in the applicable Contract Year’s “Claims Examination Advance Preparation Instructions.” The FHCF may grant an extension of 30 days if the Company can show that the need for the additional time is due to circumstances beyond its reasonable control.

    5241. 525For the 2019/2020 Contract Year, the applicable exposure examination instructions form is the “Florida Hurricane Catastrophe Fund (FHCF) Exposure Examination – Contract Year 2019 Advance Preparation Instructions,” FHCF-EAP1, rev. 01/19, 556http://www.flrules.org/Gateway/reference.asp?No=Ref-10203, 558which is hereby adopted and incorporated by reference into this rule. The applicable claims examination instructions form is the “Florida Hurricane Catastrophe Fund (FHCF) Claims Examination – Contract Year 2019 Advance Preparation Instructions,” FHCF-LAP1, rev. 01/19, 595http://www.flrules.org/Gateway/reference.asp?No=Ref-10204, 597which is hereby adopted and incorporated by reference into this rule.

    6082. For the 2020/2021 Contract Year, the applicable exposure examination instructions form is the “Florida Hurricane Catastrophe Fund (FHCF) Exposure Examination – Contract Year 2020 Advance Preparation Instructions,” FHCF-EAP1, rev. 01/20, 640http://www.flrules.org/Gateway/reference.asp?No=Ref-11444, 642which is hereby adopted and incorporated by reference into this rule. The applicable claims examination instructions form is the “Florida Hurricane Catastrophe Fund (FHCF) Claims Examination – Contract Year 2020 Advance Preparation Instructions,” FHCF-LAP1, rev. 01/20, 679http://www.flrules.org/Gateway/reference.asp?No=Ref-11445, 681which is hereby adopted and incorporated by reference into this rule.

    692(b) Consequences for failure to meet the requirements contained in the FHCF-EAP1, “Exposure Examination Advance Preparation Instructions” or the FHCF-LAP1, “Claims Examination Advance Preparation Instructions.” In addition to other penalties or consequences, the FHCF has the authority, pursuant to section 732215.555(4)(f), F.S., 734to require that the Company pay for the following services under the circumstances specified herein:

    7491. If the Company is responsible for the delay of an examination, the inability to conduct an examination as scheduled, or the inability to complete an examination, the Company shall be required to reimburse the FHCF for all the usual and customary expenses connected to such delay, cancellation, or incompletion.

    7992. If the FHCF finds any Company’s records or other necessary information to be inadequate or inadequately posted, recorded, or maintained, the FHCF may employ experts to reconstruct, rewrite, record, post, or maintain such records or information, at the expense of the Company being examined.

    8443. A Company required to reimburse the FHCF for costs as required in subparagraphs 1. and 2., is liable for interest on the amount owed to the FHCF from the date the FHCF pays such expenses until the date payment from the Company is received. The applicable interest rate will be the average rate earned by the SBA for the FHCF for the first four months of the current Contract Year plus 5%. The payment of reimbursements or refunds by the FHCF to the Company will be offset by any amounts owed by that Company to the FHCF under this paragraph.

    945(6) Company contact information. Companies must submit Form FHCF C-1, Company Contact Information, by March 1 preceding each Contract Year to the FHCF Administrator, Paragon Strategic Solutions Inc., 8200 Tower, 5600 West 83rd Street, Suite 1100, Minneapolis, Minnesota 55437. A New Participant must submit Form FHCF C-1 within 30 calendar days after writing its first Covered Policy. This form must be updated by the Company as the information provided thereon changes. The FHCF shall have the right to rely upon the information provided by the Company to the FHCF on this form until receipt by the FHCF of a new properly completed and notarized Form FHCF C-1 from the Company.

    1055(7) 1056Deadlines. If any deadline provided for herein falls on a Saturday, Sunday or on a legal State of Florida or federal holiday, then the actual due date will be the day immediately following the applicable due date which is not a Saturday, Sunday or legal State of Florida or federal holiday.

    1107(8) All the forms adopted and incorporated by reference in this rule may be obtained from the FHCF website at www.sbafla.com/fhcf or by contacting the Florida Hurricane Catastrophe Fund Administrator, Paragon Strategic Solutions Inc., 8200 Tower, 5600 West 83rd Street, Suite 1100, Minneapolis, MN 55437.

    1152Rulemaking Authority 1154215.555(3) FS. 1156Law Implemented 1158215.555(2), 1159(3), (4), (5), (6), (7), (15), 1165627.351(6) FS. 1167History–New 5-17-99, Amended 6-19-00, 6-3-01, 6-2-02, 11-12-02, 5-13-03, 5-19-04, 8-29-04, 5-29-05, 5-10-06, 5-8-07, 6-8-08, 3-30-09, 8-2-09, 3-29-10, 8-8-10, 7-20-11, 5-22-12, 3-17-13, 4-24-14, 5-12-15, 3-13-16, 1-24-17, 2-5-18, 1-29-19, 9-17-19, 1-22-20.

     

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