Insurance Capital Build-Up Incentive Program

 

STATE BOARD OF ADMINISTRATION
Departmental

RULE NO: RULE TITLE

INCORPORATED FORM TO BE CHANGED

Insurance Capital Build-Up Incentive Program Surplus Note, Form SBA 15-2.

NOTICE IS HEREBY GIVEN by the State Board of Administration of Florida that Rule 19-15.001, F.A.C., has changed from the Notice of Proposed Rulemaking published in the June 30, 2006 edition of the Florida Administrative Weekly, Vol, 32, No. 26 and from the Notice of Change published in the September 29, 2006 edition of the Florida Administrative Weekly, Vol. 32, No. 39.

Paragraph (8)(e) 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.