Rule 69O-137.009, F.A.C., and Form OIR-D0-1185 are being amended to implement changes to Section 624.424(10) F.S. Those changes require that data collected from personal and commercial residential property insurance companies ....

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NO.: RULE TITLE:

69O-137.009Filing Procedures for Commercial and Personal Residential Property Supplemental Quarterly Report

PURPOSE AND EFFECT: Rule 69O-137.009, F.A.C., and Form OIR-D0-1185 are being amended to implement changes to Section 624.424(10) F.S. Those changes require that data collected from personal and commercial residential property insurance companies will be reported by zip code, not county, and those reports will be submitted on a monthly, rather than quarterly, basis. The changes to Form OIR-D0-1185 will allow insurers to submit that data as required beginning with the January 2025 data which is due on February 28, 2025.

SUMMARY: Rule 69O-137.009, F.A.C., and Form OIR-D0-1185 are being amended to implement changes to Section 624.424(10) F.S. Those changes require that data collected from personal and commercial residential property insurance companies will be reported by zip code, not county, and those reports will be submitted on a monthly, rather than quarterly, basis. The changes to Form OIR-D0-1185 will allow insurers to submit that data as required beginning with the January 2025 data which is due on February 28, 2025.

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: 624.424(10), FS

LAW IMPLEMENTED: 624.424(10), FS

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: Kama Monroe, Assistant General Counsel, Office of Insurance Regulation, [e-mail], [phone].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69O-137.009 Filing Procedures for Commercial and Personal Residential Property Supplemental Quarterly Report.

(1) – (2) No change

(3) The supplemental report shall include information, listed by company, as described on the supplemental report for each type of personal lines and commercial lines residential property policies written for each line by month and total premiums written for the quarter. The data shall be compiled as of the end of the last business day of each month. A separate report shall be prepared for each zip code county in which business was written.

(4) The supplemental report for each month shall be filed on or before the last day of the following month a quarterly basis in conjunction with financial reports on Form OIR-D0-1185 (05/24) (01/23) “Rapid Market Intelligence Quarterly Supplemental Reporting,” which is hereby adopted and incorporated by reference and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-16773­­ http://www.flrules.org/Gateway/reference.asp?No=Ref-15287 . The information shall be submitted or be obtained from the Office’s website at http://www.floir.com/iportal.

Rulemaking Authority 624.424(10) FS. Law Implemented 624.424(10) FS. History–New 7-3-96, Formerly 4-137.009, Amended 7-30-17, 5-4-23, _____.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Kama Monroe, Assistant General Counsel

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: June 12, 2024

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: May 15, 2024