Chapter 2019-129, Laws of Florida, amended Chapters 624, 627, and 641, F.S., and created a definition for “short-term health insurance.” The creation of this definition requires the deletion of subsection 69O-104(16), F.A.C., which defines “short-...

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NO.:RULE TITLE:

69O-154.104Definition of Terms

PURPOSE AND EFFECT: Chapter 2019-129, Laws of Florida, amended Chapters 624, 627, and 641, F.S., and created a definition for “short-term health insurance.” The creation of this definition requires the deletion of subsection 69O-104(16), F.A.C., which defines “short-term limited duration insurance.”

SUMMARY: The definition of “short-term limited duration insurance” in subsection 69O-104(16), F.A.C., is deleted.

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.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: Agency personnel familiar with the subject matter of the rule amendment have performed an economic analysis of the rule amendment that shows that the rule amendment is unlikely to have an adverse impact on the State economy in excess of the criteria established in Section 120.541(2)(a), Florida Statutes.

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, 627.643, 641.36 FS.

LAW IMPLEMENTED: 624.307(1), 627.642, 627.643 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: Michael Lawrence, Jr., Assistant General Counsel, Office of Insurance Regulation, [e-mail], [phone].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69O-154.104 Definition of Terms.

(1) through (15) No change.

(16) “Short-term, limited duration insurance” means health insurance coverage with an issuer that has specified in the contract an expiration date that is within 12 months of the date the contract becomes effective, taking into account any extensions that may be elected by the policyholder without the issuer’s consent.

(16)(17) Sickness.

(a) through (c) No change.

(17)(18) Total Disability.

(a) through (d) No change.

Rulemaking Authority 624.308, 627.643, 641.36 FS. Law Implemented 624.307(1), 627.642, 627.643 FS. History–New 1-1-75, Formerly 4-37.04, 4-37.004, Amended 9-19-00, Formerly 4-154.104, Amended, ____.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Michael Lawrence, Jr., Assistant General Counsel

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: December 3, 2019

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: July 24, 2019