This is the Final Public Hearing on the adoption of proposed amendments to Rule 69O-170.013, Florida Administrative Code, published on April 2, 2004 in Vol. 30, No. 14, of the Florida Administrative Weekly. A notice of change was published on ...

 

DEPARTMENT OF FINANCIAL SERVICES
OIR Insurance Regulation

The Financial Services Commission announces a public hearing to which all persons are invited.

DATE AND TIME: August 1, 2006, 9:00 a.m., during a regular meeting of the Financial Services Commission.

PLACE: Cabinet Meeting Room, Lower Level, The Capitol, Tallahassee, Florida

GENERAL SUBJECT MATTER TO BE CONSIDERED: This is the Final Public Hearing on the adoption of proposed amendments to Rule 69O-170.013, Florida Administrative Code, published on April 2, 2004 in Vol. 30, No. 14, of the Florida Administrative Weekly. A notice of change was published on February 18, 2005 in Vol. 31, No. 7, of the Weekly.

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this program, please advise the contact person at least 5 calendar days before the program by contacting Michael Milnes at E-mail: [e-mail].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

69O-170.013 Filing Procedures for Property and Casualty Insurance Rates, Rules, Underwriting Guidelines, and Forms.

(1) through (6) No change.

(7) This rule applies to that portion of a rate filing relating to terrorism coverage required under the Terrorism Risk Insurance Act of 2002. The Office recognizes the difficulty facing an individual insurer in demonstrating that its rates related to terrorism are not excessive, inadequate, or unfairly discriminatory. An insurer is free to use any methodology the insurer believes demonstrates that the rates requested or implemented are in compliance with Section 627.062, Florida Statutes. If an insurer is unable to demonstrate through its own methodology that the rate requested or implemented complies with Section 627.062, Florida Statutes, then the insurer may, at its option, adopt the methodology, data, and/or rates or loss costs of another insurer or rating or advisory organization that have been previously approved by the Office for similar risks.

Specific Authority 624.308 FS. Law Implemented 624.307(1), 624.604, 624.605, 627.062, 627.0645, 627.0651, 627.314, FS. History–New 3-30-92, Amended 3-9-93, 8-23-93, 10-3-94, 8-3-95, 10-2-96, 6-19-03, Formerly 4-170.013, Amended __________.