The purpose of this repeal is to remove an obsolete rule from the Administrative Code. The effect to interested parties is minimal as a new form has already been approved for use by statute.

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NO.:RULE TITLE:

69O-186.010Insurer’s Assumption of Certain Liabilities

PURPOSE AND EFFECT: The purpose of this repeal is to remove an obsolete rule from the Administrative Code. The effect to interested parties is minimal as a new form has already been approved for use by statute.

SUMMARY: As part of the Office’s review of its title insurance rules, we are in the process of removing certain title insurance forms from the rules and approving them pursuant to Section 627.777, Florida Statutes. This statute gives the Office the authority to directly review and approve forms for use by title insurance underwriters and agents. The American Land Title Association recently adopted a revised version of the Closing Protection Letter (CPL) which was filed with the Office for approval pursuant to Sections 627.777 and 627.786, Florida Statutes. After review, the Office approved for use the newly drafted CPL pursuant to the aforementioned statutes. As such, the rule that is subject to repeal is obsolete and should be removed from the Florida Administrative Code.

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 FS.

LAW IMPLEMENTED: 624.307(1), 627.786 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: June 8, 2016, 10:00 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: Jeffrey Joseph, 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: Jeffrey Joseph, Office of Insurance Regulation, E-mail: [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69O-186.010 Insurer’s Assumption of Certain Liabilities.

Rulemaking Specific Authority 624.308 FS. Law Implemented 624.307(1), 627.786 FS. History–New 6-25-86, Amended 2-27-91, Formerly 4-21.011, 4-186.01, Repealed______________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Jeffrey Joseph, 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: April 26, 2016