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

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NOS.:RULE TITLES:

69O-143.013Exemption from Section 625.76 of the Act of Acquisitions of Shares of Stock and Stock Options under Certain Stock Bonus, Stock Option or Similar Plans

69O-143.030Information to Be Furnished to Stockholders

69O-143.032Material Required to Be Filed

69O-143.035Special Provisions Applicable to Election Contests

69O-143.042Custody Agreement; Requirements

69O-143.046Registration of Insurers

69O-143.047Standards

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, 625.82, 628.511(1), (4), 628.535, 628.801, FS.

LAW IMPLEMENTED: 624.424, 624.307(1), 624.317, 625.55, 625.76, 628.152, 628.251, 628.371, 628.381, 628.461, 628.511, 628.801, 628.803, 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: 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-143.013 Exemption from Section 625.76 of the Act of Acquisitions of Shares of Stock and Stock Options under Certain Stock Bonus, Stock Option or Similar Plans.

Any acquisition of shares of stock (other than stock acquired upon the exercise of an option, warrant or right) pursuant to a stock bonus, profit sharing, retirement, incentive, thrift, savings or similar plan, or any acquisition of a qualified or a restricted stock option pursuant to a qualified or a restricted stock option plan, or a stock option pursuant to an employee stock purchase plan, by a director or officer of an insurer issuing such stock or stock option shall be exempt from the operation of Section 625.76, F.S., of the Act, if the plan meets the following conditions:

(1) The plan has been approved directly or indirectly;

(a) No change..

(b) By the written consent of the holders of a majority of the securities of such insurer entitled to vote: provided, however, that if such vote or written consent was not solicited substantially in accordance with the proxy rules and regulations prescribed by the Office Director in effect at the time of such vote or written consent, the insurer shall furnish in writing to the holders of record of the securities entitled to vote for the plan substantially the same information concerning the plan which would be required by any such rules and regulations so prescribed and in effect at the time such information is furnished, if proxies to be voted with respect to the approval or disapproval of the plan were then being solicited, on or prior to the date of the first annual meeting of security holders held subsequent to the later of;

1. The date the Act first applies to such insurer; or

2. The acquisition of an equity security for which exemption is claimed.

Such written information may be furnished by mail to the last known address of the security holders of record within 30 days prior to the date of mailing. Four copies of such written information shall be filed with, or mailed for filing to, the Office Director electronically at http://www.floir.com/iportal not later than the date on which it is first sent or given to security holders of the insurer. For the purposes of this paragraph, the term “insurer” includes a predecessor corporation if the plan or obligations to participate thereunder were assumed by the insurer in connection with the succession.

(2) through (4) No change.. 

Rulemaking Authority 625.82 FS. Law Implemented  624.424, 625.76 FS. History–New 4-23-66, Amended 1-22-68, Repromulgated 12-24-74, Formerly 4-19.13, 4-19.013, 4-143.013 Amended__________.

 

69O-143.030 Information to Be Furnished to Stockholders.

(1) through (2) No change.

(3) Two copies of each report sent to the stockholders pursuant to this section shall be filed electronically with the Office at http://www.floir.com/iportal mailed to the Director not later than the date on which such report is first sent or given to stockholders or the date on which preliminary copies of solicitation material are filed with the Office Director, pursuant to subsection (1) of Rule 69O-143.032, F.A.C., of this rule, whichever date is later.

(4) No change.

Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 624.424,  628.152 FS. History–New 3-18-65, Amended 1-22-68, Repromulgated 12-24-74, Formerly 4-17.05, 4-17.005, 4-143.030, Amended_______________.

 

69O-143.032 Material Required to Be Filed.

(1) through (5) No change.

(6) Notwithstanding the provisions of subsections (1) and (2) hereof and of subsection (5) of Rule 69O-143.035, F.A.C., copies of soliciting material in the form of speeches, press releases and radio or television scripts may, but need not, be filed with the Office Director prior to use or publication. Definitive copies, however, shall be filed with or mailed for filing to the Office Director as requested by subsection (3) hereof not later than the date such material is used or published. The provisions of subsections (1) and (2) hereof and subsection (5) of Rule 69O-143.035, F.A.C., shall apply, however, to any reprints or reproductions of all or any part of such material. All filings made pursuant to this rule shall be submitted electronically at http://www.floir.com/iportal.

Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 624.424,  628.152 FS. History–New 3-18-65, Repromulgated 12-24-74, Formerly 4-17.07, 4-17.00, 4-143.032,Amended________________.

 

69O-143.035 Special Provisions Applicable to Election Contests.

(1) through (5) No change. 

(6) Application of this section to Report. Notwithstanding the provisions of subsections (1) and (2) of Rule 69O-143.030, F.A.C., two copies of any portion of the report referred to in subsection (1) of Rule 69O-143.030, F.A.C., which comments upon or refers to any solicitation subject to this section, or to any participant in any such solicitation, other than the solicitation by the management, shall be filed with the Office Director as proxy material subject to this rule. Such portion of the report shall be filed with the Office Director, in preliminary form, at least five business days prior to the date copies of the report are first sent or given to the stockholders. All filings required by this rule shall be filed electronically at http://www.floir.com/iportal.

Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 624.424,  628.152 FS. History–New 3-18-65, Repromulgated 12-24-74, Formerly 4-17.10, 4-17.010, 4-143.035 Amended_______________.

 

69O-143.042 Custody Agreement; Requirements.

(1) No change.

(2) No change.

(a) through (h) No change.

(i) The custodian shall provide, upon written request from the Office or from an appropriate officer of the insurance company, the appropriate affidavits, on Forms OIR-A1-341 (A), (B), or (C) (rev. 12-07), or substantially similar forms with respect to custodied securities. Forms OIR-A1-341 (A), (B) and (C) (rev. 12-07), entitled “Custodian Affidavit,” are hereby incorporated by reference. These forms shall become effective on the effective date of these rules. and may be obtained from the Office of Insurance Regulation, Larson Building, Tallahassee, Florida. Forms are available at http://www.floir.com/iportal.

(j) through (n) No change.

(o) The custodian shall provide written notification to the Office if the custodial agreement with the insurer has been terminated or if 100% of the account assets in any one custody account have been withdrawn. This notification shall be remitted to the Office within three (3) business days of the receipt by the custodian of the insurer’s written notice of termination or within three (3) business days of the withdrawal of 100% of the account assets. All filings shall be submitted electronically to http://www.floir.com/iportal.

(3)(a) Nothing in this rule shall prevent an insurance company from depositing securities with another insurance company with which the depositing insurance company is affiliated, provided that the securities are deposited pursuant to a written agreement authorized by the board of directors of the depositing insurance company or an authorized committee thereof and that the receiving insurance company is organized under the laws of one of the states of the United States of America or of the District of Columbia. If the respective states of domicile of the depositing and receiving insurance companies are not the same, the depositing insurance company shall have given notice of the deposit to the insurance commissioner in the state of its domicile and the insurance commissioner shall not have objected to it within thirty (30) days of the receipt of the notice. All filings shall be submitted electronically to http://www.floir.com/iportal.

(b) No change.

Rulemaking Authority 624.308(1), 628.511(1), (4), 628.535 FS. Law Implemented 624.307(1), 624.424,  625.55, 628.511 FS. History–New 2-7-85, Formerly 4-66.02, 4-66.002, 4-143.042, Amended 5-13-08, Amended________________.

 

69O-143.046 Registration of Insurers.

(1) No change.

(2) All filings required by this rule shall be submitted electronically to the Office via the Regulatory Electronic Filing System, “REFS.” at http://www/floir.com/iportal.

(3) Every insurer subject to registration shall file a registration statement on a Form OIR-D0-516, “Form B ‒ Insurance Company Holding System Registration Statement,” rev. 5/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-06549. Insurers may obtain the form from the Office’s website, located at http://www.floir.com. The form shall provide current information about:

(a) through (g) No change.

(4) through (15) No change. 

Rulemaking Authority 624.308, 628.801 FS. Law Implemented 624.307(1), 624.317, 624.424,  628.251, 628.461, 628.801 FS. History–New 12-16-70, Formerly 4-26.02, Amended 6-7-90, 1-30-91, Formerly 4-26.002, 4-143.046, Amended 5-31-16, Amended___________.

 

69O-143.047 Standards.

(1) through (3) No change. 

(4) The following transactions involving a domestic insurer and any person in its holding company system may not be entered into unless the insurer has notified the Office, via Form OIR-A1-2117, “Form D – Prior Notice of a Transaction,” new 5/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-06551, which is hereby adopted and incorporated by reference, and is available at www.floir.com/iportal, of its intention to enter into such a transaction at least thirty (30) calendar days prior thereto, or such shorter period as the Office in its discretion may permit, and the Office has not disapproved it within such period. The notice for amendments or modifications shall include the reasons for the change and the financial impact on the insurer.

(a) through (e) No change. 

(5) through (9) No change.

(10) All filings shall be submitted electronically to http://www.floir.com/iportal.

Rulemaking Authority 624.308, 628.801 FS. Law Implemented 624.317, 624.424,  628.251, 628.371, 628.381, 628.461, 628.801, 628.803, 624.307(1) FS. History–New 12-16-70, Formerly 4-26.03, Amended 1-30-91, Formerly 4-26.003, 4-143.047, Amended 5-31-16, 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 22, 2017