The proposed amendment updates Form OIR-D0-1185, the Quarterly Supplemental Report, to include the changes required under Chapter 2022-271 and add questions regarding private flood insurance.

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NO.:RULE TITLE:

69O-137.009Filing Procedures for Commercial and Personal Residential Property Supplemental Quarterly Report

PURPOSE AND EFFECT: The proposed amendment updates Form OIR-D0-1185, the Quarterly Supplemental Report, to include the changes required under Chapter 2022-271 and add questions regarding private flood insurance.

SUMMARY: This rule package amends the rule to incorporate the update to Form OIR-D0-1185, the Quarterly Supplemental Report, which adds fields for the information required under Chapter 2022-271, L.O.F., and questions regarding private flood insurance to the form currently in use.

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: 624.424(10) FS

LAW IMPLEMENTED: 624.424(10) 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: Kama Monroe, Assistant General Counsel, Office of Insurance Regulation, [e-mail], [phone].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69O-137.009 Filing Procedures for Commercial and Personal Residential Property Supplemental Quarterly Report.

(1) – (3) No Changes

(4) The supplemental report shall be filed on a quarterly basis in conjunction with financial reports on Form OIR-D0-1185 (1/23)(1/96) “Quarterly Supplemental Report,” which is hereby adopted and incorporated by reference. The information shall be submitted or be obtained from the Office’s website at http://www.floir.com/iportal.

Rulemaking Authority 624.424(10) FS. Law Implemented 624.424(10) FS. History–New 7-3-96, Formerly 4-137.009, Amended 7-30-17, ____.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Sheryl Parker, Director Property & Casualty Market Regulation

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: March 13, 2023

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: January 23, 2023