Metropolitan Life Insurance Company filed a petition for Variance from Rule 69O-149.005(14)(b), F.A.C. on August 9, 2018. The petition requests that the Office extend a variance granted on December 22, 2016, which concerns the provision that ...

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NO.:RULE TITLE:

69O-149.005Reasonableness of Benefits in Relation to Premiums

NOTICE IS HEREBY GIVEN that on August 9, 2018, the Office of Insurance Regulation, received a petition for Metropolitan Life Insurance Company filed a petition for Variance from paragraph 69O-149.005(14)(b), F.A.C. on August 9, 2018. The petition requests that the Office extend a variance granted on December 22, 2016, which concerns the provision that multiple year rate guarantees or rating caps may not exceed 24 months. The December 22, 2016, variance allows insurers to issue dental and vision plans insuring groups of 51 or more persons with multiple year rate guarantees or rating cap provisions not exceeding forty-eight (48) months. The December 22, 2016, variance will expire December 31, 2018, unless otherwise extended by order. The instant Petitioner requests that the December 22, 2016, variance be extended permanently, or to such extent the Office may permit.

Notice of the Petition was filed in the F.A.R. on August 21, 2018. An Order Extending Variance was issued on October 26, 2018, allowing Petitioner to issue dental and vision plans with multiple year rate guarantees or rate cap provisions not exceeding 48 months, for a period of 5 years. The variance will expire on December 31, 2023, unless otherwise extended by order.

A copy of the Petition for Variance or Waiver may be obtained by contacting: Rachic A. Glover, Deputy Director of Legal Affairs, Life and Health Product Review, [e-mail], [phone].