The Office of Insurance Regulation is amending this rule to update forms previously adopted.

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NO.:RULE TITLE:

69O-143.046Registration of Insurers

PURPOSE AND EFFECT: The Office of Insurance Regulation is amending this rule to update forms previously adopted.

SUMMARY: The amendments update three forms previously adopted.

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, 628.801 FS.

LAW IMPLEMENTED: 624.307(1), 624.317, 624.424, 628.251, 628.461, 628.801 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: Michael Lawrence, Jr., Assistant General Counsel, Office of Insurance Regulation, [e-mail], [phone].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69O-143.046 Registration of Insurers.

(1) through (2) No change.

(3) Every insurer subject to registration shall file a registration statement on a Form OIR-D0-516, incorporated by reference in paragraph 69O-143.046(15)(a), F.A.C. http://www.flrules.org/Gateway/reference.asp?No=Ref-08291, “Form B ‒ Insurance Company Holding System Registration Statement,” rev. 5/16. The form shall provide current information about:

(a) through (g) No change.

(4) All registration statements shall contain a summary outlining all items in the current registration statement representing changes from the prior registration statement filed on a Form OIR-A1-2116, incorporated by reference in paragraph 69O-143.046(15)(b), F.A.C. “Form C – Summary of Changes to Registration Statement,” new 5/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-06550.

(6) Each registered insurer shall keep current the information required to be disclosed in its registration statement by reporting all material changes or additions on an amended Form OIR-D0-516, incorporated by reference in paragraph 69O-143.046(15)(a), F.A.C., within fifteen calendar days after the end of the month in which it learns of each such change or addition. The amended Form OIR-D0-516 should only address those items which are being amended, and should include at the top of the cover page “Amendment No. [insert number] to Form B for [insert year].” Notwithstanding the provisions of this paragraph, dividends and other distributions to shareholders are to be reported to the Office pursuant to section 628.371, F.S.

(7) In addition to the registration statement required in subsection (3), each registered insurer, except foreign insurers subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in this rule and rule 69O-143.047, F.A.C., shall also provide on Form OIR-A1-2118, incorporated by reference in paragraph 69O-143.046(15)(c), F.A.C., “Form F – Enterprise Risk Report, ”new 5/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-06552, the information required under section 628.801(2), F.S.

(8) through (14) No change.

(15) The following forms are hereby adopted and incorporated by reference: and are available at www.floir.com:

(a) Form OIR-D0-516, “Form B ‒ Insurance Company Holding System Registration Statement,” effective 09/18, available at www.flrules.org/XXXXX; rev. 5/16; http://www.flrules.org/Gateway/reference.asp?No=Ref-06549;

(b) Form OIR-A1-2116, “Form C ‒ Summary of Changes to Registration Statement,” effective 09/18, available at www.flrules.org/XXXXX; new 5/16; http://www.flrules.org/Gateway/reference.asp?No=Ref-06550; and,

(c) Form OIR-A1-2118, “Form F ‒ Enterprise Risk Report,” effective 09/18, available at www.flrules.org/XXXXX. new 5/16; http://www.flrules.org/Gateway/reference.asp?No=Ref-06552.

Rulemaking Authority 624.308, 628.801 FS. Law Implemented 624.307(1), 624.317, 624.424, 628.251, 628.461, 628.801 FS. History–New 12-16-70, Formerly 4-26.02, Amended 6-7-90, 1-30-91, Formerly 4-26.002, 4-143.046, Amended 5-31-16, 7-30-17, _____.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Michael Lawrence, Jr., Assistant General Counsel, Office of Insurance Regulation, [e-mail], [phone].

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: July 25, 2019

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: February 8, 2019