To implement rules over life expectancy providers.

Office of Insurance Regulation

RULE NO.: RULE TITLE:

69O-204.201 Life Expectancy Providers

PURPOSE, EFFECT, AND SUMMARY: To implement rules over life expectancy providers.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.

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

SPECIFIC AUTHORITY: 624.308(1) FS., 626.99175 FS., 626.9925 FS.

LAW IMPLEMENTED: 624.307(1) FS., FS.

IF REQUESTED IN WRITING WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE DATE, TIME, AND PLACE SHOWN BELOW (IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):

DATE AND TIME: April 4, 2006, 9:30 a.m.

PLACE: Room 116, Larson Building, 200 East Gaines Street, Tallahassee, Florida

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: , , Office of Insurance Regulation, E-mail @fldfs.com

Pursuant to the provisions of the Americans with Disabilities Act: Any person requiring special accommodations to participate in this program, please advise the Office at least 5 calendar days before the program by contacting the person listed above.

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69O-204.201 Life Expectancy Providers.

(1) Life Expectancy Provider Registration Forms.

(a) The following forms are incorporated by reference to be used in conjunction with an application for registration as a life expectancy provider to implement the provisions of Section 626.99175 FS.:

Form # Title

OIR-C1-1663, (01/06), Application for Registration Life Expectancy Provider

OIR-C1-1298, REV 10/05 Management Information Form

OIR-C1-1423, (January 27, 2005) Biographical Affidavit

(b) During the pendency of the application if any of the information submitted in the application for registration changes, the applicant must immediately notify the Office in writing of the change and submit documentation to evidence such change.

(c) If any of the information submitted in the application for registration changes subsequent to registration, the registrant shall notify the Office in writing and provide documentation evidencing such changes within 45 days. Changes in the registrant’s name, residence address, principal business address, or mailing address requires at least 30 days advance notice.

(d) All forms may be obtained from and shall be submitted to Company Admissions, Office of Insurance Regulation, 200 East Gaines Street, Tallahassee, FL 32399-0326.

(2) Life Expectancy Provider Triennial Audit of Life Expectancies.

(a) The audit required by Section 626.99175(5) FS., must be certified by an actuary who is a member of the American Academy of Actuaries and qualified in the area of determination of life expectancies used in connection with life insurance, pension funding, or other similar enterprises. The actuary’s certification must include a statement that in his or her opinion the techniques and assumptions used to conduct the audit are reasonable and meet the requirements of Section 626.99175(5) FS. Any exceptions to the statutory requirements shall be fully explained in detail in the certification.

(b) Should the actuary conducting the audit of the life expectancies find that in his or her professional judgment that the number of predicted deaths associated with such life expectancies would be too small to be statistically credible and/or if the lag in reporting deaths to the Social Security Administration would result in a statistically significant underreporting of deaths for those life expectancies, such events shall be detailed in the audit report and certified by the actuary.

Specific Authority 624.308(1) FS., 626.99175 FS., 626.9925 FS. Law Implemented 624.307(1) FS., 626.99175 FS. History–New________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Bernie Stoffel, Specialty Product Administration, Office of Insurance Regulation

NAME OF SUPERVISOR OR PERSON WHO APPROVED THE PROPOSED RULE: Rich Robleto, Deputy Commissioner, Office of Insurance Regulation

DATE PROPOSED RULE APPROVED BY THE AGENCY HEAD: February 16, 2006

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN THE FAW: November 10, 2005

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