These rule revisions update the rules to reflect electronic filing process.

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NO.:RULE TITLE:

69O-137.008Filing of Statistical and Quarterly Reports for Individually Rated Risks and Excess Rates

PURPOSE AND EFFECT: These rule revisions update the rules to reflect electronic filing process.

SUMMARY: The various rules indicate how forms and filings are to be made to the Office. These rule revisions update the rules to reflect the electronic fling process and in some cases the forms have been updated to reflect current practice.

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(1), 627.331(1), FS.

LAW IMPLEMENTED: 624.307(1), 624.418, 624.4211, 624.424(6), 627.062, 627.171, 627.331, FS.

IF REQUESTED 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 13, 2017 at 9:30 a.m.

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

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Sandra Starnes, Office of Insurance Regulation, E-mail [e-mail].. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Sandra Starnes, Office of Insurance Regulation, E-mail [e-mail].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69O-137.008 Filing of Statistical and Quarterly Reports for Individually Rated Risks and Excess Rates.

(1) Purpose and Scope. The purpose of this rule is to provide procedures for filing statistical reports for individually rated risks pursuant to Section 627.062(3)(a), F.S., and for excess rates pursuant to Section 627.171, F.S., since they are not rated in accordance with the insurer’s rates, rating schedules, rating manuals, and underwriting rules which have been filed with the Office. Every insurer in this state which is authorized to transact any of the lines of insurance subject to Part II of Chapter 627, F.S. Reports for individually rated risks and excess rates shall be received by the Office on a quarterly basis for each company. The information shall be reported within 45 days of the close of each quarter on Form OIR-B1-588, “Office of Insurance Regulation/Property & Casualty – Quarterly Report/Individually Rated Risks and Excess Rates,” rev. 7/03 8/94, which is hereby adopted and incorporated by reference. A quarterly report need not be filed if no individually rated risks or risks subject to excess rates have been written during the quarter for which the report would otherwise be due. However, if an insurer does not file Form OIR-B1-588 because of not having written such business for four consecutive quarters, then for the quarter after the fourth consecutive quarter for which no business was written, the insurer shall file Form OIR-B1-588 and check the box thereon indicating that the insurer has not been subject to filing for the past four consecutive quarters. The form may be obtained from http://www.floir.com/iportal the Bureau of Property and Casualty Forms and Rates, Division of Insurer Services, Office of Insurance Regulation, Larson Building, Tallahassee, FL 32399-0330. A separate report must be completed for each quarter. The reports are due 45 days after the close of each quarter.

(2) Reports for individually rated risks and excess rates shall be received by the Department on a quarterly basis for each company. The information shall be reported within 45 days of the close of each quarter on Form OIR-B1-588, “Florida Department of Insurance/Property & Casualty – Quarterly Report/Individually Rated Risks and Excess Rates,” rev. 8/94, which is hereby adopted and incorporated by reference. A quarterly report need not be filed if no individually rated risks or risks subject to excess rates have been written during the quarter for which the report would otherwise be due. However, if an insurer does not file Form OIR-B1-588 because of not having written such business for four consecutive quarters, then for the quarter after the fourth consecutive quarter for which no business was written, the unsurer shall file Form OIR-B1-588 and check the box thereon indicating that the insurer has not been subject to filing for the past four consecutive quarters. The form may be obtained from the Bureau of Property and Casualty Forms and Rates, Division of Insurer Services, Department of Insurance, Larson Building, Tallahassee, FL 32399-0330. A separate report must be completed for each quarter. The reports are due 45 days after the close of each quarter.

(2)(3) Submitting the Report. Forms may be submitted by mailing a completed electronic version via email to [e-mail] or by mailing a copy to Property and Casualty Product Review Unit, Office of Insurance Regulation, 200 E. Gaines St., Tallahassee, FL 32399-0330.

(a) The insurer shall affix the bar code labels to the upper right-hand corner of Form OIR-B1-588, and shall mail the report to the following address: Office of Insurance Regulation, Post Office Box 5320, Tallahassee, Florida 32314-5320.

(b) Questions concerning bar code labels shall be directed to the Office of Insurance Research and Data Analysis at [phone], ext. 2676. Orders for additional bar code labels shall be submitted in writing, shall state the company’s most current FEIN number, and shall be accompanied by a payment in the amount of $30 per company, to the Office of Insurance Research and Data Analysis at the address in paragraph (3)(a), above.

(c) Original forms with bar codes may be copied for use with future filings. The insurer is encouraged to keep the original bar code form for future copying and to mail only the copies.

Rulemaking Authority 624.308(1), 627.331(1) FS. Law Implemented 624.307(1), 624.418, 624.4211, 624.424(6), 627.062, 627.171, 627.331 FS. History–New 6-9-93, Amended 9-19-94, Formerly 4-137.008, Amended                                          ..

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Sandra Starnes, Office of Insurance Regulation, E-mail [e-mail].

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: THE FINANCIAL SERVICES COMMISSION

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: March 14, 2017

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: February 22, 2017.