To enact the changes to Section 627.062(2)(j)2., F.S., made during the 2024 session, Rule 69O-170.0135 is being amended to require that, if the insurer is using an averaged hurricane model, a statement be included stating ....

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NO.:RULE TITLE:

69O-170.0135ACTUARIAL MEMORANDUM

PURPOSE AND EFFECT: To enact the changes to Section 627.062(2)(j)2., F.S., made during the 2024 session, Rule 69O-170.0135 is being amended to require that, if the insurer is using an averaged hurricane model, a statement be included stating that the same average is being used statewide and to indicate if the model is a weighted averaged. If a weighted averaged model is being used, the actuarial memorandum must also include an actuarial justification showing the averaged model results in a rate that is reasonable, adequate, and fair.

SUBJECT AREA TO BE ADDRESSED: Actuarial Memorandum

RULEMAKING AUTHORITY: 624.308(1), FS

LAW IMPLEMENTED: 624.307, 627.062, 627.0651, F.S.

IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:

DATE AND TIME: Thursday, May 30, 2024, 9:00 a.m.

PLACE: 116 Larson Building, 200 East Gaines Street, Tallahassee, Florida. To join by telephone, call [phone] and enter conference ID# 767-797-004#.

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: Kama Monroe at [phone] or [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 DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Kama Monroe, Assistant General Counsel, [e-mail], [phone].

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS AVAILABLE AT NO CHARGE FROM THE CONTACT PERSON LISTED ABOVE.