The rule concerns the power of attorney for an appearance bond.

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NO.:RULE TITLE:

69O-239.001Power of Attorney; Penal Sum of Bond; Not Applicable to Automobile Clubs

PURPOSE AND EFFECT: The rule concerns the power of attorney for an appearance bond.

SUMMARY: The penal sum of bond portion of the rule is repealed. References to the Office are made consistent in the rule.

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: 648.43 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-239.001 Power of Attorney; Penal Sum of Bond; Not Applicable to Automobile Clubs.

(1) Section 903.09, F.S., is interpreted to mean that every licensed limited surety agent must attach to each bond a duly executed power of attorney in an amount of at least the penal sum of the bond. This section shall not apply to any card or certificate of membership of an automobile club or association qualified under section 627.758, F.S., relating to Guaranteed Arrest Bond Certificates, Bail Bond Certificates, or Powers of Attorney for Bail Bonds sold by licensed surety companies to recognized automobile clubs or associations.

(1)(2) The Office office shall approve the power of attorney form of an insurer to accompany an appearance bond posted at the jail that includes the following:

(a) through (j) No change.

(2)(3) The Office office shall approve the qualifying power of attorney form of an insurer used to register a bail bond agent with the clerk of the court in Florida that includes the following:

(a) The full name and address of the surety company issuing the qualifying power of attorney, as shown on the records of the Office. Office of Insurance Regulation.

(b) through (f) No change.

(g) The form must be executed by an authorized company official who appears on the records of the Office. Office of Insurance Regulation.

(h) through (i) No change.

(3)(4) The Office office shall advise the insurer of approval of the power of attorney via email.

Rulemaking Authority 624.308(1), 648.26 FS. Law Implemented 648.43, 903.09 FS. History–Repromulgated 12-24-74, Formerly 4-1.08, Amended 9-10-91, Formerly 4-1.008, Formerly 4-221.075, Amended 12-29-13, Formerly 69B-221.075, Amended ____________.

 

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

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