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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-149. Filing Of Forms And Rates For Life/Health Insurance |
1(1) This rule applies to filings made pursuant to Section 11627.410(7)(b)2., F.S., 13in which no rate change is proposed20.
21(2) The filings required by this rule shall be on an individual company basis.
35(3) This rule is not applicable for Medicare supplement coverage. Medicare supplement forms are subject to Rule 69O53-54149.003, F.A.C.
56(4) Non-cancellable coverages which are no longer available for sale and which have not been sold or marketed for at least 5 years 79and are in compliance with the reasonableness standards of Rule 8969O-149.005, 90F.A.C., 91shall be exempt from the filing requirements of this rule. 101If a company is subsequently discovered not to have met the standards, they shall, in addition to other administrative remedies, be required to enhance benefits and make premium refunds to bring the form into full compliance with the loss ratio standards of Rule 14469O-149.005, 145F.A.C.
146(5) A148n ARC 150filing shall consist 153of:
154(a) A cover letter indicating the nature of the filing;
164(b) Form OIR-B2-1507, as adopted in Rule 17169O-149.022, 172F.A.C.; and
174(c) A certification by an actuary, in accordance with subparagraph 18469O-149.006(3)(b)28., 185F.A.C. 186For policies subject to the provisions of Part II of 196Chapter 19769O-157, F.A.C., the certification in accordance with 204paragraph 20569O-157.108(1)(c), 206F.A.C., is required.
209(6) 210A filing shall include only forms that are pooled together for rating purposes 223as provided by 226subsection 22769O-149.003(1), 228F.A.C229. Separate filings shall be made for separate rating pools.
239(7) For noncredible blocks of business on a nationwide basis, the company may request a waiver of the requirement. The request shall be made annually and be accompanied by a letter indicating the nature of the filing, the type of product, and the reason for the request.
286(8) When a company using a current rate schedule is unable to demonstrate that the minimum loss ratio standards in Rule 30769O-149.005, 308F.A.C., are met, it shall 313make a rate filing with the Office pursuant to Rule 32369O-149.003, 324F.A.C., to 326reduce rates, enhance benefits, 330make refunds, 332or a combination of 336these 337to satisfy the standards.
341(a) A company may make a certification in compliance with this rule without such change to benefits, 358refunds, 359or premiums if the A/E ratio for the past experience periods are, both in pattern and aggregate value, consistently at or in excess of .85; 384or
385(b) 386For rating pools that are not fully credible, the company may make a certification in compliance with this rule if both the lifetime A/E ratio and the future A/E ratio are at or in excess of .85 when assuming best estimate assumptions in determining projected values.
432(c) If the certification in 437paragraph 438(a) or (b) is unable to be made, and the company has been in compliance with these rules, the company shall make a rate filing pursuant to Rule 46669O-149.003, 467F.A.C., to reduce rates, enhance benefits, make refunds, or a combination of these which shall target a future A/E ratio of at least 1.0.
491(9) A company may request exemption from all future ARC filings upon demonstration that the form or rating pool consists only of policy forms which are no longer available for sale and:
523(a) The company has no other form with similar benefits that is currently available for sale,
539(b) The accumulated experience from inception to date exceeds the required lifetime loss ratio standard for the form,
557(c) The present value of future premiums is less than 10 percent of the accumulated value of past earned premiums or the data is 0 percent credible, and
585(d) The company certifies that it will not increase premiums in the future.
598(10) All filings made pursuant to this rule shall be on a company distinct basis and submitted electronically to https://iportal.fldfs.com.
618Specific Authority 620624.308 FS. 622Law Implemented 624627.410 FS. 626History–New 6275-14-92, 628Amended 62911-20-02, 630Formerly 4-149.007, Amended 6335-18-04, 63411-2-06635.
