The State Board of Administration of Florida, Florida Hurricane Catastrophe Fund, seeks to amend Rule 19-8.010, F.A.C., Reimbursement Contract, to address changes made to the law during the 2007 Special Legislative Session and the 2007 Regular ...

 

STATE BOARD OF ADMINISTRATION

RULE NO: RULE TITLE
19-8.010: Reimbursement Contract
19-8.030: Insurer Responsibilities
PURPOSE AND EFFECT: The State Board of Administration of Florida, Florida Hurricane Catastrophe Fund, seeks to amend Rule 19-8.010, F.A.C., Reimbursement Contract, to address changes made to the law during the 2007 Special Legislative Session and the 2007 Regular Legislative Session and seeks to amend Rule 19-8.030, F.A.C., Insurer Responsibilities, to add a revision date to the reference in the rule to incorporated Form FHCF-EAP1, “Exposure Examination Advance Preparation Instructions” and incorporated Form FHCF-LAP1 “Loss Reimbursement Examination Advance Preparation Instructions.”
SUMMARY: Rule 19-8.010, F.A.C., Reimbursement Contract: The proposed amendments to 19-8.010, F.A.C., contained in Addendum No. 4 to the Contract, prohibits a participant in the FHCF from selling, assigning, or transferring to a third party any right to receive sums from the FHCF and the proposed amendments to Rule 19-8.010, F.A.C., contained in Addendum No. 5 to the Contract, gives effect to the extension of FHCF coverage to policies of liquidated insurers taken over by Citizens Property Insurance Corporation provided by CS/SB 2498.
Rule 19-8.030, F.A.C., Insurer Responsibilities: An effective date or a revision date is required for all forms referenced for incorporation into a rule; the proposed changes add revision dates in the rule for forms FHCF-EAP1, “Exposure Examination Advance Preparation Instructions” and FHCF-LAP1 “Loss Reimbursement Examination Advance Preparation Instructions”. The forms themselves already have the revision date on them.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: The Board has prepared a statement and found the cost of the proposed amendments to be minimal.
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.
SPECIFIC AUTHORITY: 215.555(3) FS.
LAW IMPLEMENTED: 215.555(4), (5), (16), (17) FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN FAW.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Jack E. Nicholson, Senior FHCF Officer of the Florida Hurricane Catastrophe Fund, State Board of Administration, P. O. Box 13300, Tallahassee, FL 32317-3300; telephone [phone]

THE FULL TEXT OF THE PROPOSED RULE IS:

19-8.010 Reimbursement Contract.

(1) through (12) No change.

(13) The reimbursement contract for the 2007-2008 contract year, including Addenda 1., 2., and 3., required by Section 215.555(4), F.S., which is called Form FHCF-2007K- “Reimbursement Contract” or “Contract” between (name of insurer) (the “Company”)/NAIC #() and The State Board of Administration of the State of Florida (“SBA”) which Administers the Florida Hurricane Catastrophe Fund (“FHCF”), is hereby adopted and incorporated by reference into this rule.  This contract is effective from June 1, 2007 through May 31, 2008.

(14) No change.

Specific Authority 215.555(3) FS.  Law Implemented 215.555 FS.  History–New 5-31-94, Amended 8-29-95, 5-19-96, 6-19-97, 5-28-98, 5-17-99, 9-13-99, 6-19-00, 6-3-01, 6-2-02, 11-12-02, 5-13-03, 5-19-04, 8-29-04, 5-29-05, 11-13-05, 5-10-06, 9-5-06, 5-9-07,___________.

 

19-8.030  Insurer Responsibilities.

(1) through (7) No change.

(a) Advance Examination Record Requirements:  Within 30 days from the date on the letter from the FHCF, Companies are required to provide the FHCF with the records indicated in the applicable Contract Year’s Form FHCF-EAP1, “Exposure Examination Advance Preparation Instructions” rev. 05/07 or in the applicable Contract Year’s Form FHCF-LAP1 “Loss Reimbursement Examination Advance Preparation Instructions”, rev. 05/07. An extension of 30 days may be granted if the Insurer can show that the need for the additional time is due to circumstances beyond the reasonable control of the participant. These forms are hereby adopted and incorporated by reference into this rule.  Copies of these forms may be obtained from the FHCF website, www.sbafla.com/fhcf or by contacting the State Board of Administration. The mailing address is P. O. Box 13300, Tallahassee, FL 32317-3300. The street address is 1801 Hermitage Blvd., Tallahassee, Florida 32308.

(b) through (11) No change.

Specific Authority 215.555(3); FS. Law Implemented 215.555 FS. History–New 5-13-03, Amended 5-19-04, 5-29-05, 5-10-06, 5-8-07,_________.

NAME OF PERSON ORIGINATING PROPOSED RULE: Jack E. Nicholson, Senior FHCF Officer, State Board of Administration
NAME OF SUPERVISOR OR PERSON WHO APPROVED THE PROPOSED RULE: The Trustees of the State Board of Administration of Florida
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: June 12, 2007
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: May 25, 2007, Vol. 33, No. 21