Chapter 2021-77, Laws of Florida, created amended 624.424, F.S., and added subsection (11), which requires the Financial Services Commission to create a form and requires each authorized insurer or insurer group issuing ....
DEPARTMENT OF FINANCIAL SERVICES
RULE NO.:RULE TITLE:
69O-171.011Property Claims Litigation Data Call
PURPOSE AND EFFECT: Chapter 2021-77, Laws of Florida, created amended 624.424, F.S., and added subsection (11), which requires the Financial Services Commission to create a form and requires each authorized insurer or insurer group issuing personal lines or commercial lines residential property insurance policies in this state to file with the office on an annual basis a supplemental property claims litigation report on an individual and group basis for closed claims.
SUMMARY: As a result of the passage of SB 76 during the 2021 Legislative Session, codified as section 624.424(11), F. S., each authorized insurer issuing personal lines or commercial lines residential property insurance policies shall report to the Office of Insurance Regulation, for specified lines of insurance, an annual Florida Property Claims Litigation data call on a form prescribed by the Financial Services Commission detailing closed claim experience. Rule 69O-171.011, F.A.C., is created to implement section 627.7152, F.S. Form OIR-B1-2221 is incorporated by reference and contains information insurers must report to the Office pursuant to the statute.
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(1), 624.424(11) FS
LAW IMPLEMENTED: 627.307(1), 624.424 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:
DATE AND TIME: Tuesday, July 19, 2022, 9:00 a.m.
PLACE: The hearing will be held in Room 116 of the Larson Building, 200 East Gaines Street, Tallahassee, FL 32399. To register and participate online, visit https://attendee.gotowebinar.com/register/8340120476549722640.. To access via telephone, dial 1 877-309-2074 access code 114-481-133.
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: Michael Lawrence, Jr., Chief Legal Counsel, Michael.LawrenceJr@floir.com, (850)413-4112.. 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: Michael Lawrence, Jr., Chief Legal Counsel, Michael.LawrenceJr@floir.com, (850)413-4112.
THE FULL TEXT OF THE PROPOSED RULE IS:
69O-171.011 – Property Claims Litigation Data Call.
(1) Each authorized insurer or insurer group issuing personal lines or commercial lines residential property insurance policies shall report, for each such line of insurance, the information required by Section 624.424(11), F.S., or required by rule, on and pursuant to the instructions in Form OIR-B1-2222, “Florida Property Claims Litigation Data Call Reporting Form,” effective 03/22, hereby incorporated by reference and available at www.flrules.org/XXXXX.
(2) For purposes of this rule, “personal lines or commercial lines residential property insurance” includes the following lines of business:
(a) Allied Lines;
(b) Commercial Multiple Peril;
(c) Farmowners Multiple Peril;
(d) Homeowners Multiple Peril;
(e) Industrial Extended Coverage;
(f) Industrial Fire;
(g) Mobile Homeowners Multiple Peril;
(h) Mobile Homeowners Physical Damage Only; and
(i) Property (Fire).
(3) The first report will be due on March 1, 2023, for claims closed in Calendar Year 2022. Reports for the preceding calendar year are due on or before March 1 of each year and shall be filed electronically at https://www.floir.com/iportal.
Rulemaking Authority 624.308(1), 624.424(1)(c), (11) FS. Law Implemented 624.307(1), 624.424 FS. History–New________.
NAME OF PERSON ORIGINATING PROPOSED RULE: Michael Lawrence, Jr., Chief Legal Counsel
NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: March 29, 2022
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: October 29, 2021
Document Information
- Comments Open:
- 6/27/2022
- Summary:
- As a result of the passage of SB 76 during the 2021 Legislative Session, codified as section 624.424(11), F. S., each authorized insurer issuing personal lines or commercial lines residential property insurance policies shall report to the Office of Insurance Regulation, for specified lines of insurance, an annual Florida Property Claims Litigation data call on a form prescribed by the Financial Services Commission detailing closed claim experience. Rule 69O-171.011, F.A.C., is created to ...
- Purpose:
- Chapter 2021-77, Laws of Florida, created amended 624.424, F.S., and added subsection (11), which requires the Financial Services Commission to create a form and requires each authorized insurer or insurer group issuing personal lines or commercial lines residential property insurance policies in this state to file with the office on an annual basis a supplemental property claims litigation report on an individual and group basis for closed claims.
- Rulemaking Authority:
- 624.308(1), 624.424(11) FS
- Law:
- 627.307(1), 624.424 FS
- Related Rules: (1)
- 69O-171.011. Property Claims Litigation Data Call