The proposed amendment to Rule 69O-144.002, F.A.C., promulgates a revised version of Form OIR-C1-923, “Application for Accredited Reinsurer Status,” The version revises the directions to accurately describe where the applicant ....  

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    DEPARTMENT OF FINANCIAL SERVICES

    OIR – Insurance Regulation

    RULE NO.:RULE TITLE:

    69O-144.002Reinsurance Application Procedures

    PURPOSE AND EFFECT: The proposed amendment to Rule 69O-144.002, F.A.C., promulgates a revised version of Form OIR-C1-923, “Application for Accredited Reinsurer Status,” The version revises the directions to accurately describe where the applicant should submit their completed application packet and what email addresses they should use for assistance. Also, cross reference to where forms are incorporated are being updated and a typo is being corrected.

    SUMMARY: The proposed amendment to Rule 69O-144.002, F.A.C., promulgates a revised version of Form OIR-C1-923, “Application for Accredited Reinsurer Status,” The version revises the directions to accurately describe where the applicant should submit their completed application packet and what email addresses they should use for assistance. Also, cross reference to where forms are incorporated are being updated and a typo is being corrected.

    SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

    The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

    Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

    RULEMAKING AUTHORITY: 624.308, 624.610(15), FS.

    LAW IMPLEMENTED: 624.307(1), (3), 624.316, 624.317, 624.318, 624.321, 624.324, 624.34, 624.401, 624.404, 624.407, 624.413, 624.424, 624.610, 628.051, 628.061, 628.801, FS.

    IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

    THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Kama Monroe, Assistant General Counsel, Office of Insurance Regulation, Kama.Monroe@floir.com, (850)413-4121.

     

    THE FULL TEXT OF THE PROPOSED RULE IS:

     

    69O-144.002 Reinsurance Application Procedures.

    (1) No Change

    (2)(a) An assuming insurer seeking accredited reinsurer status in this state, pursuant to Section 624.610(3), F.S. and Rule 69O-144.005, F.A.C., shall file an application in compliance with the directions in Form OIR-C1-923, “Application for Accredited Reinsurer Status,” effective 07/23 5/22, which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/_____. http://www.flrules.org/Gateway/reference.asp?No=Ref-14670. The forms incorporated by reference in this paragraph may be obtained from https://www.floir.com/iportal. The insurer shall further submit, or otherwise comply with, the following:

    1. Form OIR-A1-2116, “Form C Summary of Changes to Registration Statement,” effective 9/21, is hereby incorporated by reference and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-14666;

    2. Form OIR-C1-905, incorporated by reference in Rule 69O-136.100, F.A.C.; “Instructions for Furnishing Background Investigative Reports,” effective 6/20, is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14669;

    3. Form OIR-C1-938, incorporated by reference in Rule 69O-136.100, F.A.C.; “Fingerprint Payment and Submission Procedure,” effective 9/21, is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14671;

    4. Form OIR-C1-1423, incorporated by reference in Rule 69O-136.100, F.A.C.; “Uniform Certificate of Authority Application (UCAA) Biographical Affidavit,” effective 12/20, is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14674;

    5. Form OIR-C1-0500, incorporated by reference in Rule 69O-136.100, F.A.C.;

    6. Form OIR-C1-0501, incorporated by reference in Rule 69O-136.100, F.A.C.;

    7. Form OIR-C1-0502, incorporated by reference in Rule 69O-136.100, F.A.C.;

    8. Form OIR-C1-0503, incorporated by reference in Rule 69O-136.100, F.A.C.;

    9. Form OIR-C1-0504, incorporated by reference in Rule 69O-136.100, F.A.C.;

    10. Form OIR-C1-0505, incorporated by reference in Rule 69O-136.100, F.A.C.;

    11. Form OIR-C1-0506, incorporated by reference in Rule 69O-136.100, F.A.C.;

    12. Form OIR-C1-0507, incorporated by reference in Rule 69O-136.100, F.A.C.;

    13. Form OIR-C1-0509, incorporated by reference in Rule 69O-136.100, F.A.C.;

    14. Form OIR-C1-1464, “Florida Certificate of Assuming Insurer,” effective 9/21, which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14675, as required by paragraph 69O-144.005(2)(a), F.A.C.;

    15.6. Form OIR-C1-1524, incorporated by reference in Rule 69O-136.100, F.A.C.; and, “Uniform Certificate of Authority Application (UCAA) Uniform Consent to Service of Process,” effective 12/19, is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14676;

    7. Form OIR-D0-516, “Form B Insurance Holding Company System Registration Statement,” effective 9/21, is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14681; and,

    16. 8. Form OIR-C1-2221, incorporated by reference in Rule 69O-136.100, F.A.C.; “Management Information Form,” effective 6/20, is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14680.

    (b) No Change

    (3)(a) An assuming insurer seeking trusteed reinsurer status in this state, pursuant to Section 624.610(3)(c), F.S. and subparagraph 69O-144.006(1)(a)1., F.A.C., shall file an application in compliance with the directions in Form OIR-C1-1466, “Application for Trusteed Reinsurer Status,” effective 5/22, which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14682. The insurer shall further submit, or otherwise comply with, the following:

    1. A copy of its annual statement with information substantially the same as that required to be reported in the NAIC Annual Statement form by authorized insurers, as incorporated by reference in Rule 69O-137.001, F.A.C., in the same format required by such form and including all supporting documents;

    2. A certified copy of the trust agreement and any trust amendments, including an approval from the insurance regulator of the state in which the trust is domiciled or of the insurance regulator of another state who, pursuant to the terms of the trust instrument, has accepted principal regulatory oversight of the trust;

    3. A statement from the trustee of the trust to the insurance regulator having regulatory oversight of the trust certifying the balance of the trust and the trust’s investments at the preceding year end with certification that the trust will not expire prior to the following December 31;

    4. Form OIR-C1-1423, incorporated by reference in Rule 69O-136.100, F.A.C.; subsection (2);

    5. Form OIR-C1-1469, “Certificate of Assuming Insurer to Submit to Examination and Bear the Cost of Examination,” effective 9/21, is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14683;

    6. Form OIR-C1-1524, incorporated by reference in Rule 69O-136.100, F.A.C.; subsection (2); and

    7. Form OIR-C1-2221, incorporated by reference in Rule 69O-136.100, F.A.C. subsection (2).

    (b) An assuming insurer seeking to maintain its trusteed reinsurer status in this state, pursuant to Section 624.610(3)(c), F.S., and subparagraph 69O-144.006(1)(a)2., F.A.C., shall:

    1. File annually with the Office substantially the same information as that required to be reported on the NAIC Annual Statement form by authorized insurers, which is incorporated in Rule 69O-137.001, F.A.C., to enable the Office to determine the sufficiency of the trust fund; and,

    2. Comply with the ongoing requirements in subsection subection 69O-144.006(1), F.A.C.

    (4)(a) An assuming insurer seeking certified reinsurer status in this state, pursuant to Section 624.610(3), F.S. and paragraph 69O-144.007(8)(a), F.A.C., shall file an application in compliance with the directions in Form OIR-C1-996, “Application for Certified Reinsurer Status,” effective 5/22, which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14672. The insurer shall further submit, or otherwise comply with, the following:

    1. – 7. No Change

    8. Form OIR-C1-1416, incorporated by reference in Rule 69O-136.100, F.A.C.; “Uniform Certificate of Authority Application (UCAA) Lines of Insurance,” effective 9/21, which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14673;

    9. Form OIR-C1-1524, incorporated by reference in Rule 69O-136.100, F.A.C.; subsection (2); and

    10. Form OIR-C1-2221, incorporated by reference in Rule 69O-136.100, F.A.C. subsection (2).

    (b)-(c) No Change

    (5)(a) An assuming insurer seeking reciprocal jurisdiction reinsurer status in this state, pursuant to Section 624.610(4), F.S., and paragraph 69O-144.011(3)(e), F.A.C., shall, on behalf of itself and any legal predecessors, file an application in compliance with the directions in Form OIR-C1-518, “Application for Reciprocal Jurisdiction Reinsurer Status,” effective 5/22, which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-14668. The insurer shall further submit, or otherwise comply with, the following:

    1.-6. No Change

    7. Form OIR-C1-1524, incorporated by reference in Rule 69O-136.100, F.A.C.;  subsection (2);

    8. Form OIR-C1-2221, incorporated by reference in Rule 69O-136.100, F.A.C.; subsection (2); and,

    9. Any other information required or requested by the Office, pursuant to Section 624.610(4), F.S., or subsection 69O-144.011(3), F.A.C., provided that such requirements are not in conflict with an applicable covered agreement.

    (b)-(d) No Change

    (6) No Change.

    Rulemaking Authority 624.308, 624.610(15) FS. Law Implemented 624.307(1), (3), 624.316, 624.317, 624.318, 624.321, 624.324, 624.34, 624.401, 624.404, 624.407, 624.413, 624.424, 624.610, 628.051, 628.061, 628.801 FS. History–New 1-30-91, Formerly 4-108.002, Amended 5-12-94, 10-13-02, Formerly 4-144-002, Amended 9-14-06, 9-13-22,______.

     

    NAME OF PERSON ORIGINATING PROPOSED RULE: Kama Monroe, Assistant General Counsel

    NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission

    DATE PROPOSED RULE APPROVED BY AGENCY HEAD: September 18, 2023

    DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: July 24, 2023

Document Information

Comments Open:
10/2/2023
Summary:
The proposed amendment to Rule 69O-144.002, F.A.C., promulgates a revised version of Form OIR-C1-923, “Application for Accredited Reinsurer Status,” The version revises the directions to accurately describe where the applicant should submit their completed application packet and what email addresses they should use for assistance. Also, cross reference to where forms are incorporated are being updated and a typo is being corrected.
Purpose:
The proposed amendment to Rule 69O-144.002, F.A.C., promulgates a revised version of Form OIR-C1-923, “Application for Accredited Reinsurer Status,” The version revises the directions to accurately describe where the applicant should submit their completed application packet and what email addresses they should use for assistance. Also, cross reference to where forms are incorporated are being updated and a typo is being corrected.
Rulemaking Authority:
624.308, 624.610(15), FS.
Law:
624.307(1), (3), 624.316, 624.317, 624.318, 624.321, 624.324, 624.34, 624.401, 624.404, 624.407, 624.413, 624.424, 624.610, 628.051, 628.061, 628.801, FS.
Related Rules: (1)
69O-144.002. Approval Procedures