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

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NOS.:RULE TITLES:

69O-138.005Exams By Non Employees

69O-138.021Special Consent Investments

69O-138.041Scope

69O-138.043General Requirements

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, 624.316(2), 625.121(3)(a), FS.

LAW IMPLEMENTED: 624.307(1), 624.316, 624.3161, 624.320, 624.321(1), 624.424, 625.121(3), 625.331, 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, 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-138.005 Exams By Non Employees.

(1)  through (3) No change.

(4) Section 624.316(2)(e), F.S., allows the Office to conduct examinations of an insurer by contracting for the services of an independent Certified Public Accountant, an actuary, a reinsurance specialist, an investment specialist, information technology specialist, or any combination of these individuals, as the particular circumstances of the examination require. An examination performed pursuant to this subsection must meet the requirements of subsection (1).

(a) through (i) No change.

(j) All requests for reimbursement of travel expenses are to be made on Form DFS-C1-500 (Rev.12/13 07/08). This form is incorporated by reference and adopted by this rule for this purpose. It is available at http://www.floir.com/sitedocuments/DFS-C1-500.xls.

(k) No change

(l) Upon receipt of the payment from the insurer being examined, the Office will make payment to the contractor in accordance with the rates and terms set out in the contract. completed Form OIR-A1-1976, Professional Services Agreement for Non Employee Examination.

(m) Forms OIR-A1-1976, Professional Services Agreement for Non Employee Examination (12-08); OIR-A1-1977, Scope of Services Addendum to Professional Services Agreement for Non Employee Examination (12-08); and OIR-A1-1978, Amendment to Scope of Services Addendum (12-08), are incorporated by reference and adopted herein as the contracts by which the contractors are retained. All forms referenced in this rule are available for viewing at the Office’s homepage at www.floir.com/iportal.

(5) No change.

Rulemaking Authority 624.308(1), 624.316(2) FS. Law Implemented 624.307(1), 624.316, 624.3161, 624.320, 624.321(1), 624.424 FS. History–New 6-9-93, Amended 11-23-94, 4-4-99, Formerly 4-138.005, Amended 7-1-09, Amended______________.

 

69O-138.021 Special Consent Investments.

(1) No change.

(2) Automatic Revocation and Renewal Procedure.

(a) through (b) No change

(c) All requests for special consent investments shall be clearly labeled as such, shall be submitted in writing, and shall contain the following information: name and NAIC code number of the insurer requesting the special consent; nature and amount of the proposed investment; requested dates of approval and expiration; reason for the special consent request; date of submission for approval; and information regarding any previous special consents granted to the insurer for the same or nearly the same investments. All filings shall be submitted electronically to http://www.floir.com/iportal.

Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 624.424, 625.331 FS. History–New 6-15-92, Formerly 4-138.02, Amended____________.

 

69O-138.041 Scope.

(1) No change.

(2) This rule shall be applicable to all annual statements filed with the Office after the effective date of this rule. A statement of opinion on the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with Rule 69O-138.046, F.A.C., of this part, and a memorandum in support thereof in accordance with Rule 69O-138.047, F.A.C., of this part, shall be required each year. All filings shall be submitted electronically to http://www.floir.com/iportal.

Rulemaking Authority 624.308(1), 625.121(3)(a) FS. Law Implemented 624.307(1), 624.316(1)(c), 624.424(1), 625.121(3) FS. History–New 5-18-93, Amended 2-16-94, 1-23-03, Formerly 4-138.041, Amended____________.

 

69O-138.043 General Requirements.

(1) No change 

(2) Qualified Actuary.

(a) through (b) No change.

(c) Once notice is furnished, no further notice is required with respect to this person provided the company shall give the Office written notice in the event the actuary ceases to be appointed or retained as an appointed actuary or to meet the requirements set forth in paragraph 69O-138.043(2)(b), F.A.C. Notice must be prior to or concurrent with the termination of the actuary’s appointment or retention, or upon discovery that the actuary no longer meets the requirements set forth in paragraph 69O-138.043(2)(b), F.A.C. All filings shall be submitted electronically to http://www.floir.com/iportal.

(d) No change.

(3) through (4) No change. 

Rulemaking Authority 624.308(1), 625.121(3)(a) FS. Law Implemented 624.307(1), 624.316(1)(c), 624.424(1), 625.121(3) FS. History–New 5-18-93, Amended 2-16-94, 1-23-03, Formerly 4-138.043, 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