This rule is promulgated to implement Section 215.5595, Florida Statutes.

 

STATE BOARD OF ADMINISTRATION

RULE NO: RULE TITLE
19-15.001: Insurance Capital Build-Up Incentive Program
PURPOSE AND EFFECT: This rule is promulgated to implement Section 215.5595, Florida Statutes.
SUMMARY: The Rule is amended to reflect a new revision date for Form SBA 15-3, Quarterly Net Written Premium Report, which is incorporated into Rule 19-15.001, F.A.C., Insurance Capital Build-Up Incentive Program. The amendment to the form requests participants to provide an explanation with their quarterly filing when surplus falls below the surplus required by Section 215.5595, F.S. This addition to the Quarterly Net Written Premium Report streamlines the processes involved in administering the program and is beneficial both to the participant and to the administrator.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: The regulatory costs 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.
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: 215.5595(6) FS.
LAW IMPLEMENTED: 215.5595(2), (3), (4), (5), (6), (7) FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN FAW.
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: Donna Sirmons, [phone]. 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: Jack E. Nicholson, Senior FHCF Officer of the Florida Hurricane Catastrophe Fund, [phone]

THE FULL TEXT OF THE PROPOSED RULE IS:

 

19-15.001 Insurance Capital Build-Up Incentive Program.

(1) through (5)(h) No change.

(i) The Insurer must commit to meeting the Minimum Writing Ratio of Net Written Premium for the term of the Surplus Note and must submit quarterly filings to the Office and the Board. The quarterly filings shall be on Form SBA 15-3, rev. 10/07 09/07, which is hereby adopted and incorporated by reference into this rule. This Form is available on the Board’s website, www.sbafla.com, under “Insurance Capital Build-Up Incentive Program”.

(j) through (9)(a)1. No change.

2. Failure to submit quarterly filings of Form SBA 15-3, rev. 10/07 09/07, to the Office.

3. through (c) No change.

Specific Authority 215.5595 FS. Law Implemented 215.5595(2), (2)(c), (d), (e), (g) FS. History–New 2-22-07, Amended 6-3-07, 8-13-07,_______.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Jack E. Nicholson, Senior FHCF Officer, Florida Hurricane Catastrophe Fund, State Board of Administration of Florida
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: September 19, 2007
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: September 7, 2007, Vol. 33, No. 36