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Florida Administrative Code (Last Updated: April 18, 2024) |
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69. Department of Financial Services |
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69O. OIR – Insurance Regulation |
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69O-170. Property And Casualty Insurance Rating |
1(1) 2This rule applies to all residential property insurance rate filings filed on or after 16January 1, 200719. All residential property insurers must make new filings by 29March 1, 2007, 32to reflect the requirements in this rule.
39(2) 40Section 41627.0629, F.S., 43states that discounts on an actuarially reasonable basis or appropriate reductions in deductibles must be provided in the rates for residential property insurance for fixtures or construction techniques, including minimum provisions of the Florida Building Code which have been demonstrated to reduce windstorm loss. The discounts must reflect the discounts as set forth in Form OIR-B1-1700, “Windstorm Mitigation Discounts; Non-Single Family Residences” (10-06) and Form OIR-B1-1699 109“110Windstorm Mitigation Discounts; Single Family Residences116” 117(10-06), which are incorporated by reference, and which are based upon the studies 130Development of Loss Relativities for Wind Resistive Features of Residential Structures 141and 142Development of Loss Relativities for Wind-Resistive Features of Residential Structures of Five or More Units. 157These discounts must be used without any modification unless they are supported by detail alternate studies where all assumptions are available to the Office for review. These public domain studies providing data and information on estimated loss reduction for wind resistive building features in residences are incorporated by reference, and are available for downloading at the website of the Florida Department of Community Affairs, at 222http://www.floridadisaster.org/brm/RCMP/Wind%20Loss/ 223and 224http://www.floridadisa225s226ter.org/brm/RCMP/Wind%20Loss/index2.htm 227respectively. The forms are available for downloading at the Office’s website at 239www.floir.com240.
241(3) 242Filings can modify other rating factors to reflect revenue impact on current business only if they have actual information on policies receiving the discounts currently to support the modification.
271Specific Authority 273624.308(1) FS. 275Law Implemented 277624.307(1), 278627.062279(1), 280(2)(b), (e), (f), (g), 284627.0629(1) FS. 286History–New 2874-1-98, 288Formerly 4-170.017, Amended 29112-17-06292.
