Modernize the rules.

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NOS.:RULE TITLES:

69O-136.013Advisory Organizations

69O-136.014Rating Organizations

PURPOSE AND EFFECT: Modernize the rules.

SUMMARY: The applications for rating organizations and advisory organizations are updated.

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) FS.

LAW IMPLEMENTED: 624.307(1), 627.221, 627.301 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., Chief Legal Counsel, Office of Insurance Regulation, [e-mail], [phone].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69O-136.013 Advisory Organizations.

Substantial rewording of Rule 69O-136.013, F.A.C. follows.  See Florida Administrative Code for present text.

(1) Any advisory organization seeking to conduct operations in this state shall submit Form OIR-B1-PCR3, “Filing requirements Advisory Organization,” effective 7/23, hereby incorporated by reference and available at www.flrules.org/XXXXX, electronically at https://www.floir.com/iportal.

(2) After receipt by the Office of Form OIR-B1-PCR3 and any accompanying documents, the Office shall review the material for compliance with the requirements of Section 627.301, F.S. On meeting the requirements, the Office shall notify the advisory organization by letter that it is in compliance with Section 627.301, F.S., and therefore may operate in this state.

(3) Any advisory organization seeking to notify the Office of any change in information as required by s. 627.301(2), F.S., shall submit Form OIR-B1-PCR3 electronically at https://www.floir.com/iportal.

Rulemaking Authority 624.308(1) FS. Law Implemented 624.307(1), 627.301 FS. History–New 5-20-90, Formerly 4-104.003, Amended 6-9-93, Formerly 4-170.022. Amended, ______. 

 

69O-136.014 Rating Organizations.

Substantial rewording of Rule 69O-136.014, F.A.C. follows.  See Florida Administrative Code for present text.

(1) An application for a person applying for a license as a rating organization consists of the following:

(a) Form OIR-C1-PCR1, incorporated by reference in Rule 69O-136.100, F.A.C.;

(b) Form OIR-C1-905, incorporated by reference in Rule 69O-136.100, F.A.C.;

(c) Form OIR-C1-938, incorporated by reference in Rule 69O-136.100, F.A.C.;

(d) Form OIR-C1-1416, incorporated by reference in Rule 69O-136.100, F.A.C.;

(e) Form OIR-C1-1423, incorporated by reference in Rule 69O-136.100, F.A.C.;

(f) Form OIR-C1-0500, incorporated by reference in Rule 69O-136.100, F.A.C.;

(g) Form OIR-C1-0501, incorporated by reference in Rule 69O-136.100, F.A.C.;

(h) Form OIR-C1-0502, incorporated by reference in Rule 69O-136.100, F.A.C.;

(i) Form OIR-C1-0503, incorporated by reference in Rule 69O-136.100, F.A.C.;

(j) Form OIR-C1-0504, incorporated by reference in Rule 69O-136.100, F.A.C.;

(k) Form OIR-C1-0505, incorporated by reference in Rule 69O-136.100, F.A.C.;

(l) Form OIR-C1-0506, incorporated by reference in Rule 69O-136.100, F.A.C.;

(m) Form OIR-C1-0507, incorporated by reference in Rule 69O-136.100, F.A.C.;

(n) Form OIR-C1-0509, incorporated by reference in Rule 69O-136.100, F.A.C.; and

(o) Form OIR-C1-2221, incorporated by reference in Rule 69O-136.100, F.A.C.

(2) A person applying for a license as a rating organization shall submit forms in subsection (1) as directed by the Office electronically at https://www.floir.com/iportal.

(3) Annual License Renewal

(a)1. All rating organization licenses shall expire on September 30.

2. Failure to submit the application for continuance by September 30 shall result in expiration of the license and will require the filing of a new application for licensure.

(b) A licensee seeking to continue operating as a rating organization shall submit the following:

1. Form OIR-C1-PCR2, incorporated by reference in Rule 69O-136.100, F.A.C.;

2. Form OIR-C1-1416, incorporated by reference in Rule 69O-136.100, F.A.C.; and

3. A fee of $25.00 filed annually in conjunction with the license renewal.

(c) Any licensee who fails to renew a rating organization license shall immediately cease and desist from engaging in the rating organization business in the state of Florida.

Rulemaking Authority 624.308(1) FS. Law Implemented 624.307(1), 624.501(18), 627.221 FS. History–New 5-20-90, Formerly 4-104.002, Formerly 4-170.021.  Amended ______.

 

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: September 18, 2023

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: July 27, 2023