Chapter 69P-1 is no longer required, and all the rules will be repealed.

 

DEPARTMENT OF FINANCIAL SERVICES

Residual Markets and Special Risk Pools

RULE NOS.:RULE TITLES:

69P-1.001Plan of Operation and Articles of Agreement Adopted

69P-1.002Assessment Base Determination

69P-1.011Purpose

69P-1.012Definitions

69P-1.013Time for Filing; Content

69P-1.014Test for Deferment

69P-1.015Conditions to Deferred Assessment

69P-1.016Restrictions

69P-1.017Effect on Deferred Assessment

69P-1.018Payments on Surplus Note

69P-1.019Terms of Surplus Note

PURPOSE AND EFFECT: Chapter 69P-1 is no longer required, and all the rules will be repealed.

SUMMARY: Chapter 69P-1, F.A.C., concerns the Florida Windstorm Underwriting Association, which no longer exists after it merged with the Florida Residential Property and Casualty Joint Underwriting Association, which later became Citizens Property Insurance Corporation. All eleven rules in the chapter will be repealed.

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), and 627.351(2), (4), F.S.

LAW IMPLEMENTED: 624.307, 624.308, and 627.351, F.S.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Michael Lawrence, Jr., Chief Legal Counsel, Office of Insurance Regulation, [e-mail], [phone].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69P-1.001 Plan of Operation and Articles of Agreement Adopted.

Rulemaking Authority 624.308(1), 627.351(2) FS. Law Implemented 624.307(1), 627.351(2) FS. History–New 6-29-83, Formerly 4-49.01, Amended 9-7-88, 10-18-90, Formerly 4-49.001, Amended 11-20-95, 12-5-96, 11-19-97, 1-8-01, Formerly 4J-1.001, Repealed _________.

 

69P-1.002 Assessment Base Determination.

Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 627.351(2)(b) FS. History–New 11-20-95, Formerly 4J-1.002, Repealed _________.

 

69P-1.011 Purpose.

Rulemaking Authority 627.351(4) FS. Law Implemented 627.351(4)(d) FS. History–New 7-17-80, Formerly 4-50.01, 4-50.001, 4J-1.011, Repealed _________.

 

69P-1.012 Definitions.

Rulemaking Authority 627.351(4) FS. Law Implemented 627.351(4)(d) FS. History–New 7-17-80, Formerly 4-50.02, 4-50.002, 4J-1.012, Repealed _________.

 

69P-1.013 Time for Filing; Content.

Rulemaking Authority 627.351(4) FS. Law Implemented 627.351(4)(d) FS. History–New 7-17-80, Formerly 4-50.03, 4-50.003, 4J-1.013, Repealed _________.

 

69P-1.014 Test for Deferment.

Rulemaking Authority 627.351(4) FS. Law Implemented 627.351(4)(d) FS. History–New 7-17-80, Formerly 4-50.04, 4-50.004, 4J-1.014, Repealed _________.

 

69P-1.015 Conditions to Deferred Assessment.

Rulemaking Authority 627.351(4) FS. Law Implemented 627.351(4)(d) FS. History–New 7-17-80, Formerly 4-50.05, 4-50.005, 4J-1.015, Repealed _________.

 

69P-1.016 Restrictions.

Rulemaking Authority 627.351(4) FS. Law Implemented 627.351(4)(d) FS. History–New 7-17-80, Formerly 4-50.06, 4-50.006, 4J-1.016, Repealed _________.

 

69P-1.017 Effect on Deferred Assessment.

Rulemaking Authority 627.351(4) FS. Law Implemented 627.351(4)(d) FS. History–New 7-17-80, Formerly 4-50.07, 4-50.007, 4J-1.017, Repealed _________.

 

69P-1.018 Payments on Surplus Note.

Rulemaking Authority 627.351(4) FS. Law Implemented 627.351(4)(d) FS. History–New 7-17-80, Formerly 4-50.08, 4-50.008, 4J-1.018, Repealed _________.

 

69P-1.019 Terms of Surplus Note.

Rulemaking Authority 627.351(4) FS. Law Implemented 627.351(4)(d) FS. History–New 7-17-80, Formerly 4-50.09, 4-50.009, 4J-1.019, Repealed _________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Michael Lawrence, Jr., Chief Legal Counsel

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: March 29, 2022