Rules 69O-196.007, and .015, F.A.C., are being amended to update forms OIR-A3-107 “Annual Report,” OIR-C1-958, “Application for License Premium Finance Company,” OIR-A3-453, “Premium Finance Company Surety Bond,” OIR-C1-454, ....

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NOS.:RULE TITLES:

69O-196.007Annual Reports

69O-196.015Application for and Issuance of License and License Continuance

PURPOSE AND EFFECT: Rules 69O-196.007, and .015, F.A.C., are being amended to update forms OIR-A3-107 “Annual Report,” OIR-C1-958, “Application for License Premium Finance Company,” OIR-A3-453, “Premium Finance Company Surety Bond,” OIR-C1-454, “Personal Financial Statement,” OIR-A3-1563, “Application for Renewal of License Premium Finance Company.” The changes remove the invoices from these forms which are no longer needed due to changes in payment processing, improves formatting, and updates addresses.

In addition, a reference to Form OIR-C1-144, “Service of Process Consent & Agreement,” is being removed because that form is not required for this application. The names of Forms OIR-C1-1423, “Uniform Certificate of Authority Application (UCAA) Biographical Affidavit,” and OIR-C1-957, “Instructions for Statutory Compliance of Forms: Premium Finance Companies,” are being corrected to match the names on the adopted forms.

Finally, cross references to Rule 69O-136.100, F.A.C. are being added to show where forms OIR-C1-905, OIR-C1-938, OIR-C1-1423, and OIR-C1-221 are incorporated by reference.

SUMMARY: Rules 69O-196.007, and .015, F.A.C., are being amended to update forms OIR-A3-107 “Annual Report,” OIR-C1-958, “Application for License Premium Finance Company,” OIR-A3-453, “Premium Finance Company Surety Bond,” OIR-C1-454, “Personal Financial Statement,” OIR-A3-1563, “Application for Renewal of License Premium Finance Company.” The changes remove the invoices from these forms which are no longer needed due to changes in payment processing, improves formatting, and updates addresses.

In addition, a reference to Form OIR-C1-144, “Service of Process Consent & Agreement,” is being removed because that form is not required for this application. The names of Forms OIR-C1-1423, “Uniform Certificate of Authority Application (UCAA) Biographical Affidavit,” and OIR-C1-957, “Instructions for Statutory Compliance of Forms: Premium Finance Companies,” are being corrected to match the names on the adopted forms.

Finally, cross references to Rule 69O-136.100, F.A.C. are being added to show where forms OIR-C1-905, OIR-C1-938, OIR-C1-1423, and OIR-C1-221 are incorporated by reference.

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.

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). 627.828(2), 627.836(2), F.S.

LAW IMPLEMENTED: 624.321(1)(a), 624.424, 627.828, 627.829, 627.836, F.S.

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: Kama Monroe, Assistant General Counsel, Office of Insurance Regulation, [e-mail], [phone].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69O-196.007 Annual Reports.

(1) The annual report shall be filed on or before March 1 of each year.

(2) An Annual Report shall be filed with the Office, on or before March 1 of each year, on Form OIR-A3-107 “Annual Report” effective 07/23 6/20, hereby incorporated by reference and available at www.flrules.org/XXXXX http://www.flrules.org/Gateway/reference.asp?No=Ref-13026. Each page of the form shall be completed and prepared according to the instructions. An incomplete form shall be returned and considered not filed by the Office. Failure to file a complete annual report by the due date shall subject a licensee to fines as set forth in Rule 69O-207.001, F.A.C., and discipline as provided in Sections 627.832 and 627.833, F.S. The filings shall be submitted electronically via the Office’s system at https://www.floir.com/iportal.

Rulemaking Authority 624.308(1), 627.836(2) FS. Law Implemented 624.424, 627.836 FS. History–New 10-20-73, Repromulgated 12-24-74, Formerly 4-18.07, 4-18.007, Amended 7-27-95, 8-29-99, Formerly 4-196.007, Amended 7-30-17, 5-24-21, ______.

 

69O-196.015 Application for and Issuance of License and License Continuance.

(1) Application for License as a Premium Finance Company.

(a) A person applying for a license as a premium finance company shall submit the following:

1. Form OIR-C1-958, “Application for License Premium Finance Company,” effective 07/23 3/21, hereby incorporated by reference and available at http://www.flrules.org/Gateway/____. http://www.flrules.org/Gateway/reference.asp?No=Ref-13035;

2. Form OIR-A3-453, “Premium Finance Company Surety Bond,” effective 07/23 6/20, hereby incorporated by reference and available at http://www.flrules.org/Gateway/____ http://www.flrules.org/Gateway/reference.asp?No=Ref-13027;

3. Form OIR-C1-144, “Service of Process Consent & Agreement,” effective 6/04, hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-13030;

4. Form OIR-C1-454, “Personal Financial Statement,” effective 07/23 6/20, hereby incorporated by reference and available at http://www.flrules.org/Gateway/____ http://www.flrules.org/Gateway/reference.asp?No=Ref-13031;

4.5. Form OIR-C1-905, “Instructions for Furnishing Background Investigative Reports,” effective 6/20, hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-13032;

5.6. Form OIR-C1-938, incorporated by reference in Rule 69O-136.100, F.A.C.; “Fingerprint Payment and Submission Procedure,” effective 6/20, hereby incorporated by reference   and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-13033;

6.7. Form OIR-C1-957, “Instructions for Statutory Compliance of Forms: Premium Finance Companies,” effective 3/21, hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-13034;

7.8. Form OIR-C1-1423, incorporated by reference in Rule 69O-136.100, F.A.C.; “Uniform Certificate of Authority Application (UCAA) Biographical Affidavit,” effective 6/20, hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-13036; and

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

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

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

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

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

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

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

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

16. Form OIR-C1-0509, incorporated by reference in Rule 69O-136.100, F.A.C.;

17.9. Form OIR-C1-2221, incorporated by reference in Rule 69O-136.100, F.A.C. “Management Information Form,” effective 6/20, hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-13037.; and

(b) The applicant shall submit the forms listed in paragraph (1)(a) electronically at https://www.floir.com/iportal.

(2) Annual License Renewal

(a)1. All premium finance company licenses shall expire on October 1.

2. Failure to submit the application for renewal before October 1 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 premium finance company shall submit Form OIR-A3-1563, “Application for Renewal of License Premium Finance Company,” effective 07/23 7/03, hereby incorporated by reference and available at http://www.flrules.org/Gateway/____ http://www.flrules.org/Gateway/reference.asp?No=Ref-13029 filed electronically at https://www.floir.com/iportal.

Rulemaking Authority 624.308(1), 627.828(2) FS. Law Implemented 624.321(1)(a), 624.424, 627.828, 627.829 FS. History–New 5-28-90, Formerly 4-18.015, Amended 7-27-95, 8-29-99, Formerly 4-196.015, Amended 7-30-17, 5-24-21, ______.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Kama Monroe, Assistant General 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 24, 2023