These rule revisions update the rules to reflect electronic filing process.

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NO.:RULE TITLE:

69O-167.011Homeowner’s Policies: Offer of Replacement Cost Coverage and Law and Ordinance Coverage

PURPOSE AND EFFECT: These rule revisions update the rules to reflect electronic filing process.

SUMMARY: The various rules indicate how forms and filings are to be made to the Office. These rule revisions update the rules to reflect the electronic fling process and in some cases the forms have been updated to reflect current practice.

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), 627.4143, FS.

LAW IMPLEMENTED: 624.307(1), 627.4143, 627.701, 624.424, FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW (IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):

DATE AND TIME: April 13, 2017 at 9:30 a.m.

PLACE: 116 Larson Building, 200 East Gaines Street, Tallahassee, Florida.

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: Sandra Starnes, Office of Insurance Regulation, E-mail [e-mail]. 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: Sandra Starnes, Office of Insurance Regulation, email [e-mail].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69O-167.011 Homeowner’s Policies: Offer of Replacement Cost Coverage and Law and Ordinance Coverage.

(1) and (2) No change.

(3) Insurers shall obtain the required written statement in one of two ways. The insurer may use Form OIR-1148, “Rejection or Selection of Important Additional Coverages,” rev. 4/94, which is hereby adopted and incorporated by reference. Insurers using Form OIR-1148 must use that same form to provide the required notice of availability every three years. Copies of the form may be obtained from the Bureau of Property and Casualty Forms and Rates, Division of Insurer Services, Office of Insurance Regulation, Larson Building, Tallahassee, FL 32399-0330. The form may be reproduced at will. Alternatively, the insurer may use its own form if the form is approved by the Office. A request for approval shall be submitted to the Bureau of Property and Casualty Forms and Rates and the Office will approve the form if it contains substantially the same explanation and check-off opportunities as Form OIR-1148. If an insurer receives approval to use its own form,and the insurer must use an approved that same form for the required notification every three years. Such Whichever form is used by the insurer shall be retained by the insurer in the policyholder’s file.

(4) No change.

Rulemaking Authority 624.308(1) FS. Law Implemented 624.307(1), 624.424, 627.7011 FS. History–New 11-2-94, Formerly 4-167.011, Amended.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Sandra Starnes, Office of Insurance Regulation, E-mail [e-mail]

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: THE FINANCIAL SERVICES COMMISSION

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: March 14, 2017

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: February 22, 2017