This is the Final Public Hearing on the adoption of proposed new Rule 69O-204.201, Florida Administrative Code, published on March 10, 2006, in Vol. 32, No. 10, of the Florida Administrative Weekly. A Notice of Change was published on May 5, 2006 in ...

DATE AND TIME: May 31, 2006, 9:00 a.m., during a regular meeting of the Financial Services Commission

PLACE: Cabinet Meeting Room, Lower Level, The Capitol, Tallahassee, Florida

GENERAL SUBJECT MATTER TO BE CONSIDERED: This is the Final Public Hearing on the adoption of proposed new Rule 69O-204.201, Florida Administrative Code, published on March 10, 2006, in Vol. 32, No. 10, of the Florida Administrative Weekly. A Notice of Change was published on May 5, 2006 in Vol. 32, No. 18.

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this program, please advise the contact person at least 5 calendar days before the program by contacting Bernie Stoffel at E-mail [e-mail].

THE FULL TEXT OF THE PROPOSED RULE IS:

69O-204.201 Life Expectancy Providers.

(1) Life Expectancy Provider Registration Forms.

(a) The following forms are incorporated by reference to be used in conjunction with an application for registration as a life expectancy provider to implement the provisions of Section 626.99175, Florida Statutes:

Form #                                                     Title

OIR-C1-1663, (01/06),                            Application for Registration Life Expectancy Provider

OIR-C1-1298, REV 10/05,               Management Information               Form

OIR-C1-1423, (January 27, 2005),               Biographical Affidavit

(b) During the pendency of the application if any of the information submitted in the application for registration changes, the applicant must immediately notify the Office in writing of the change and submit documentation to evidence such change.

(c) If any of the information submitted in the application for registration changes subsequent to registration, the registrant shall notify the Office in writing and provide documentation evidencing such changes within 45 days. Changes in the registrant’s name, residence address, principal business address, or mailing address requires at least 30 days advance notice.

(d) All forms may be obtained from and shall be submitted to Company Admissions, Office of Insurance Regulation, 200 East Gaines Street, Tallahassee, FL 32399-0326.

(2) Definitions.

“Person performing life expectancies” as used in Section 626.99175(4)(d), Florida Statutes, and “individuals who determine life expectancies” as used in Section 626.99175(4)(g)2., Florida Statutes, means a person or individual with the decision making authority to sign or authorize the issuance of a life expectancy or mortality ratings used to determine a life expectancy.

(3) Life Expectancy Provider Triennial Audit of Life Expectancies.

(a) The audit required by Section 626.99175(5), Florida Statutes, must be certified by an actuary who is a member of the American Academy of Actuaries and qualified in the area of determination of life expectancies used in connection with life insurance, pension funding, or other similar enterprises. The actuary’s certification must include a statement that in his or her opinion the techniques and assumptions used to conduct the audit are reasonable and meet the requirements of Section 626.99175(5), Florida Statutes. Any exceptions to the statutory requirements shall be fully explained in detail in the certification.

(b) Should the actuary conducting the audit of the life expectancies find that in his or her professional judgment that the number of predicted deaths associated with such life expectancies would be too small to be actuarially credible and/or if the lag in reporting deaths to the Social Security Administration would result in an actuarially significant underreporting of deaths for those life expectancies, such events shall be detailed in the audit report and certified by the actuary.

Specific Authority 624.308(1), 626.99175, 626.9925 FS. Law Implemented 624.307(1), 626.99175 FS. History–New __________.