DEPARTMENT OF FINANCIAL SERVICES
RULE NOS.:RULE TITLES:
69O-143.046Registration of Insurers
69O-143.047Standards
69O-143.056Acquisition of Controlling Stock
NOTICE OF CHANGE
Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 41 No. 249, December 29, 2015 issue of the Florida Administrative Register.
69O-143.046 Registration of Insurers.
(1) Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the Office by April 1, except a foreign insurer subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in this rule and Rule 69O-143.047, F.A.C. Any insurer which becomes is subject to registration under this rule after April 1 shall register within sixty days after the effective date of this rule or within fifteen days after it becomes subject to registration., whichever is later, unless the Director for good cause shown extends the time for registration, and then within such extended time. The Office may require any authorized insurer which is a member of a holding company system which is not subject to registration under this rule to furnish a copy of the registration statement or other information filed by such insurance company with the insurance regulatory authority of domiciliary jurisdiction.
(2) through (6) No change.
(7) In addition to the registration statement required in subsection (3), each registered insurer, exept foreign insurers subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in this rule and Rule 69O-143-047, F.A.C., shall also provide on Form OIR-A1-2118, “Form F – Enterprise Risk Report”, new 5/16, rev. 12/14, the information required under Section 628.801(2), F.S.
(8) through (14) No change.
(15) The following forms are hereby adopted and incorporated by reference and are available at www.floir.com.:
(a) Form OIR-D0-516, “Form B - Insurance Company Holding System Registration Statement,” rev. 5/16 12-14;
(b) Form OIR-A1-2116, “Form C - Summary of Changes to Registration Statement,” rev. 5/16 12-14; and
(c) Form OIR-A1-2118, “Form F - Enterprise Risk Report”, rev. 5/16 12-14.
69O-143.047 Standards.
(1) Material transactions by registered insurers with their affiliates shall be subject to the following standards:
(a) through (e) No change.
(f) For cost sharing services and management services, such agreements shall, as applicable:
1. through 2. No change.
3. Require timely settlement, not less frequently than on a quarterly basis, and compliance with the requirements in the National Association of Insurance Commissioner’s Accounting Practices and Procedures Manual; as adopted in rule 69O-137.001(4). F.A.C.
4. through 12. No change.
13. Specify that the affiliate will continue to maintain any systems, programs, or other infrastructure notwithstanding the initiation of receivership proceedings pursuant to Chapter 631, F.S. a seizure by the commissioner, and will make them available to the receiver, for so long as the affiliate continues to be contractractually and legally obligated to receive timely payment for the cost of services rendered.
(2) No change.
(3) No domestic stock insurer shall pay any extraordinary dividend or make any other extraordinary distribution to its shareholders until:
(a) No change.
(b) The Office shall have approved such payment within such 30 calendar day period.
A notice to the Office shall commence to run from the date of receipt as may be evidence by transmitting electronically to the Office via, Regulatory Electronic Filing System, “REFS”, return receipt if sent certified or registered mail, return receipt requested or signed receipt by Office if otherwise delivered.
For purposes of this rule, an extraordinary dividend or distribution includes any dividend or distribution that is in excess of that permitted without the approval of the Office pursuant to Section 628.371, F.S., but shall not include prorata distributions of any class of the insurer’s own securities.
Notwithstanding any other provision of law, an insurer may declare an extraordinary dividend or distribution which is conditional upon the Office’s approval thereof, and such a declaration shall confer no rights upon shareholders until the Office has approved the payment of such dividend or distribution.
69O-143.056 Acquisition of Controlling Stock.
(1) through (3) No change.
(4) The acquiring person shall comply with the instructions contained on Form OIR-C1 918, “Acquisition of Controlling Stock Interest of a Florida Domestic Insurer,” rev. 5/16 8/92, and submit the following applicable forms. Forms relating to specific kinds of insurance are to be submitted only by companies issuing policies relating to the kind of insurance specified on the form:
(a) Form OIR-C1D0-922, “Waiver of Hearing From Seller ,” rev. 9/91;
(b) Form OIR-C1-1524 “Uniform Consent to Service of Process” rev. 8/14.
(c) No change.
(d) Form OIR-D0-904, UCAA Proformas Financial Statements, Life & Health Insurer Companies, pages 1-4,” rev. 8/14 5/91.
(e)Form OIR-D0-896, “UCAA Proformas Financial Statements, Property and Casualty Insurance Companyies, pages 1-18,” rev. 08/14 5/91.
(f) Form OIR-D0-2119 “UCAA Proformas Financial Statements, Title Insurance Companiesy rev 08/14.
(g) Form OIR-D0-2165 UCAA Proformas Financial Statements, Health Companies rev. 01/15.
(h) through (m) No change.
(5) No change.
