The Office of Insurance Regulation is updating Chapter 69O-124.

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NOS.:RULE TITLES:

69O-124.001Definitions

69O-124.002Rights of Borrower

69O-124.010Substitution of Policies

69O-124.011Renewals; Selection and Approval

69O-124.013Statement of Anti-coercion; Form

69O-124.014Continuous or Prepaid Policies

69O-124.015Lender, Insurance Information

69O-124.016Title Insurance

69O-124.021Purpose

69O-124.022Scope

PURPOSE AND EFFECT: The Office of Insurance Regulation is updating Chapter 69O-124.

SUMMARY: 69O-124.001, 69O-124.002, 69O-124.010, 69O-124.011, 69O-124.013, 69O-124.014, 69O-124.015 69O-124.016, 69O-124.021, and 69O-124.022 are repealed.

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, 636.9611 FS.

LAW IMPLEMENTED: 624.307(1), 626.9541(1), 626.9551(1) 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-124.001 Definitions.

Rulemaking Authority 624.308, 626.9611 FS. Law Implemented 624.307(1), 626.9551(1) FS. History–New 12-24-74, Formerly 4-3.01, 4-3.001, 4-124.001, Repealed______________.

 

69O-124.002 Rights of Borrower.

Rulemaking Authority 624.308, 626.9611 FS. Law Implemented 624.307(1), 626.9551(1) FS. History–New 12-24-74, Formerly 4-3.02, 4-3.002, 4-124.002, Repealed______________.

 

69O-124.010 Substitution of Policies.

Rulemaking Authority 624.308, 626.9611 FS. Law Implemented 624.307(1), 626.9551(1) FS. History–New 5-20-64, Repromulgated 12-24-74, Formerly 4-3.10, 4-3.010, 4-124.010, Repealed______________.

 

69O-124.011 Renewals; Selection and Approval.

Rulemaking Authority 624.308, 626.9611 FS. Law Implemented 624.307(1), 626.9551(1) FS. History–New 12-24-74, Formerly 4-3.11, 4-3.011, Formerly 4-124.011, Repealed______________.

 

69O-124.013 Statement of Anti-coercion; Form.

Rulemaking Authority 624.308, 626.9611 FS. Law Implemented 624.307(1), 626.9551(1) FS. History–New 12-24-74, Formerly 4-3.13, 4-3.013, 4-124.013, Repealed______________.

 

69O-124.014 Continuous or Prepaid Policies.

Rulemaking Authority 624.308, 626.9611 FS. Law Implemented 624.307(1), 626.9551(1) FS. History–New 5-20-64, Repromulgated 12-24-74, Formerly 4-3.14, 4-3.014, 4-124.014, Repealed______________.

 

69O-124.015 Lender, Insurance Information.

Rulemaking Authority 624.308, 626.9611 FS. Law Implemented 624.307(1), 626.9551(1), 626.9951(1)(d) FS. History–New 5-20-64, Repromulgated 12-24-74, Formerly 4-3.15, 4-3.015, 4-124.015, Repealed______________.

 

69O-124.016 Title Insurance.

Rulemaking Authority 624.308, 626.9611 FS. Law Implemented 624.307(1), 626.9551(1) FS. History–New 5-20-64, Repromulgated 12-24-74, Formerly 4-3.16, 4-3.016, 4-124.016, Repealed______________.

 

69O-124.021 Purpose.

Rulemaking Authority 624.308(1) FS. Law Implemented 626.9541(1)(a), 624.307(1), 626.9551(1)(a) FS. History–New 11-24-85, Formerly 4-64.01, 4-64.001, 4-124.021, Repealed______________.

 

69O-124.022 Scope.

Rulemaking Authority 624.308(1) FS. Law Implemented 624.307(1), 626.9541(1)(a), 626.9551(1)(a) FS. History–New 11-24-85, Formerly 4-64.02, 4-64.002, 4-124.022, Repealed______________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Michael Lawrence, Jr., Assistant General Counsel

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: December 3, 2019