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

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NOS.:RULE TITLES:

69O-196.005Filing Surety Bond in Lieu of Net Worth

69O-196.007Annual Reports

69O-196.009Other Reports and Corrective Action Plans

69O-196.015Forms Incorporated by Reference

69O-196.021Disclosure Requirements for Insurance Coverages Financed With Personal Injury Protection

69O-196.025Statement of Account; Receipts

69O-196.035Required Books and Records

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, 627.8405, FS.

LAW IMPLEMENTED: 624.307(1), 624.321(1)(a), 624.424, 624.80, 624.81, 626.9541(1)(a), 627.734, 627.828, 627.829, 627.832, 627.834, 627.836, 627.838, 627.840, 627.841, 627.844, 627.845, 627.8405, 627.848, 627.849, 628.4615, 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, 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: Robert Ridenour, 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: Robert Ridenour, Office of Insurance Regulation, E-mail [e-mail].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69O-196.005 Filing Surety Bond in Lieu of Net Worth.

(1) A surety bond in the amount of $35,000.00 may be filed with the Office department by premium finance companies in conjunction with a $10,000 minimum net worth; and all filings shall be submitted electronically to http://www.floir.com/iportal.

(2) through (3) No change. 

Rulemaking Specific Authority 624.308 FS. Law Implemented  624.424, 627.828 FS. History–New 10-20-73, Repromulgated 12-24-74, Formerly 4-18.05, 4-18.005, Amended 8-29-99, Formerly 4-196.005, Amended_______________.

 

69O-196.007 Annual Reports.

(1) No change.

(2) The annual report shall be filed on form OIR-A3-107(11/97), Annual Report, which is incorporated by reference in Rule 69O-196.015, F.A.C. Each page of the form shall be completed and prepared according to the instructions. An incomplete form shall be returned and considered not filed by the Office. Failure to file a complete annual report by the due date shall subject a licensee to fines as set forth in Rule 69O-207.007, F.A.C., and discipline as provided in Sections 627.832 and 627.833, F.S. All filings shall be submitted electronically to http://www.floir.com/iportal.

Rulemaking Specific Authority 624.308 FS. Law Implemented 624.424, 627.836 FS. History–New 10-20-73, Repromulgated 12-24-74, Formerly 4-18.07, 4-18.007, Amended 7-27-95, 8-29-99, Formerly 4-196.007, Amended___________.

 

69O-196.009 Other Reports and Corrective Action Plans.

To aid the Office in determining a licensee’s continued eligibility to hold a premium finance license:

(1)  No change.

(2) Changes in senior corporate officers, chief executive officer, chief financial officer, or directors (or members of a properly authorized and appointed executive committee thereof), or if the licensee is not incorporated, changes in management personnel who have decision or policy-making authority over the premium finance company, shall be reported in writing to the Office within 60 days after the effective date of the change. Such changes will require completion of biographical information in the form required by the Office and an independent investigative background report of the person or entity, plus an investigation fee. All filings shall be submitted electronically to http://www.floir.com/iportal.

(3) through (6) No change.

Rulemaking Specific Authority 624.308 FS. Law Implemented 624.307(1),  624.424, 624.80, 624.81, 627.828, 627.829, 627.832, 627.834, 627.836, 627.849, 628.4615 FS. History–New 7-27-95, Formerly 4-196.009, Amended____________.

 

69O-196.015 Forms Incorporated by Reference.

The following forms are incorporated into this rule chapter by reference to implement the provisions of Chapter 627, Part XV, F.S.:  

Title	Form Number
(1) Application for License to Conduct Business in the State of Florida as a Premium Finance Company	OIR-99 (10/94)
(a) Application for Certificate of Authority Premium Finance Company	OIR-979 (10/94)
(b) Instructions for Application	OIR-C1-958  (5/2013)(6/95)
(c) through (g) No change.
(2) through (11) No change.

These forms shall become effective on the date this rule becomes effective.  Forms are available at http://www.floir.com/iportal.Copies of the forms may be obtained from the Office of Insurance Regulation, Bureau of Specialty Insurers, Larson Building, Tallahassee, FL 32399-0331.

Rulemaking Specific Authority 624.308 FS. Law Implemented 624.321(1)(a), 624.424,  627.828, 627.829, 627.836, 627.845, 628.4615 FS. History–New 5-28-90, Formerly 4-18.015, Amended 7-27-95, 8-29-99, Formerly 4-196.015, Amended______________.

 

69O-196.021 Disclosure Requirements for Insurance Coverages Financed With Personal Injury Protection.

(1) No change.

(2) The disclosure shall be on Form OIR-A3-1162  (3/95), which is incorporated herein by reference. Forms are available at http://floir.com/iportal. All filings shall be submitted electronically to http://www.floir.com/iportal. A blank form can be obtained from the Bureau of Specialty Insurers, 200 East Gaines Street, Tallahassee, Florida 32399-0331, from which you may make as many copies as needed. Photocopies of Form OIR-1162 (3/95) are acceptable, provided that the copies are clearly legible and contain no alterations in text and type size.

(3) through (4) No change.

Rulemaking Specific Authority 627.8405 FS. Law Implemented 624.424,  626.9541(1)(a), 627.734, 627.8405 FS. History–New 3-1-95, Amended 8-16-95, Formerly 4-196.021, Amended_______________.

 

69O-196.025 Statement of Account; Receipts.

(1) The Office has adopted a standard form which is acceptable for the use of premium finance companies in meeting the requirements of this part. Upon request of the premium finance company, the Office will provide form OIR-970, which is incorporated by reference in Rule 69O-196.015, F.A.C., from which the company may make as many copies as necessary. Forms are available at http://www.floir.com/iportal. All filings shall be submitted electronically to http://www.floir.com/iportal.

(2) No change.

Rulemaking Specific Authority 624.308 FS. Law Implemented 624.307(1), 624.424, 627.845, 626.9541(1)(a) FS. History–New 7-27-95, Formerly 4-196.025 Amended____________________.

 

69O-196.035 Required Books and Records.

At a minimum for permanent books and records, each licensed premium finance company shall maintain:

(1) through (8) No change. 

(9) Copies of all contracts with independent contractors or third parties performing services directly or indirectly related to the premium finance business. Each such contract shall be submitted to the Office and shall contain at a minimum the following provisions: All filings shall be submitted electronically to http://www.floir.com/iportal.

(a) through (d) No change.

(10) No change.

Rulemaking Specific Authority 624.308 FS. Law Implemented 624.307(1), 624.424, 627.828, 627.834, 627.836, 627.838, 627.840, 627.8405, 627.841, 627.844, 627.845, 627.848, 627.849 FS. History–New 7-27-95, Formerly 4-196.035, Amended____________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Robert Ridenour, 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 23, 2017