INSURANCE CAPITAL BUILD-UP INCENTIVE PROGRAM PURSUANT TO SECTION 215.5595 FS., Insurance Capital Build-Up Incentive Program

STATE BOARD OF ADMINISTRATION
Departmental

RULE NO: RULE TITLE
19-15: INSURANCE CAPITAL BUILD-UP INCENTIVE PROGRAM PURSUANT TO SECTION 215.5595 FS.
19-15.001: Insurance Capital Build-Up Incentive Program

NOTICE OF CHANGE

Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 32 No. 26, June 30, 2006 issue of the Florida Administrative Weekly.

INCORPORATED FORM TO BE CHANGED

NOTICE IS HEREBY GIVEN by the State Board of Administration of Florida that paragraph (8)(e) of Rule 19-15.001, F.A.C., has been removed and language has been added to the acknowledgement by the notary to indicate whether the document is signed by one personally known to the notary or who presented identification.

Paragraph (8)(e) which read as follows has been stricken:

(e) A late fee in the amount of 5% of the invoiced amount may be charged if a payment is received five calendar days after the due date except such fee will not be charged if it results from a delay beyond the control of the insurer arising from the Office’s disapproval of the payments or delay in issuing approval of the payment of interest or principal.

Incorporated Form: Insurance Capital Build-Up Incentive Program Surplus Note, Form SBA 15-2. The insurer is required to provide its NAIC number on page 1. Under the Terms and Conditions section, the following changes have been made: subparagraph (e) in paragraph (4), which addresses late fees, has been removed.