The Office of Insurance Regulation is updating Chapter 69O-202.

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NOS.:RULE TITLES:

69O-202.001Purpose and Scope

69O-202.005Notification of Acquisition, Merger and Name Change

69O-202.008General Eligibility Requirements

69O-202.012Annual Statement

69O-202.015Forms Incorporated by Reference

PURPOSE AND EFFECT: The Office of Insurance Regulation is updating Chapter 69O-202.

SUMMARY: Rules 69O-202.001, 69O-202.005, and 69O-202.015, are repealed. Rule 69O-202.008, F.A.C., is amended to update the general eligibility requirements and how Form OIR-C1-1208 is submitted to the Office. Rule 69O-202.012, F.A.C., is amended to update the annual statement requirements and amend the notary block of Form OIR-A3-1209 to comply with notary requirement changes due to Chapter 2019-71, Laws of Florida.

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, 627.481(11) FS.

LAW IMPLEMENTED: 624.307, 624.321(1), 624.424, 627.481 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., Chief Counsel, Office of Insurance Regulation, [e-mail], [phone].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69O-202.001 Purpose and Scope.

Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 627.481 FS. History–New 7-15-90, Formerly 4-117.001, Amended 1-7-97, Formerly 4-202.001. Repealed, _________.

 

69O-202.005 Notification of Acquisition, Merger and Name Change.

Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 624.321(1), 627.481 FS. History–New 1-7-97, Formerly 4-202.005. Repealed, _________.

 

69O-202.008 General Eligibility Requirements.

(1) Any person engaging in the business of issuing donor annuity agreements must submit Form OIR-C1-1208 to the Office electronically at https://www.floir.com/iportal on the date on which the person enters into the first of these annuity agreements. Form OIR-C1-1208, “Notification to the Florida Office of Insurance Regulation as a Qualifying Issuer of Donor Annuity Agreements Pursuant to section 627.481, F.S.,” effective 6/20, is hereby incorporated by reference and available at www.flrules.org/XXXXX. notify the Office in writing in a form prescribed by the Office in Form OIR-C1-1208, Notification to the Florida Office of Insurance Regulation as a Qualifying Issuer of Donor Annuity Agreements Pursuant to section 627.481, F.S., adopted in paragraph 69O-202.015(1)(a), F.A.C. The notice must be made on the date on which the person first enters into a donor annuity agreement.

(2) No change.

Rulemaking Authority 624.308(1), 627.481(11) FS. Law Implemented 624.307(1), 627.481 FS. History–New 6-23-92, Amended 1-7-97, 12-24-03, Formerly 4-202.008. Amended _______.

 

69O-202.012 Annual Statement.

(1) Within 60 days of the end of each fiscal year, each qualifying issuer of donor annuity agreements in this state must submit a sworn statement on the form prescribed by the Office in Form OIR-A3-1209, “Sworn Statement in Lieu of Annual Statements for Issuers of Donor Annuity Agreements,” effective 6/20, which is hereby incorporated by reference and available at www.flrules.org/XXXXX adopted in paragraph 69O-202.015(1)(c), F.A.C., attesting that the issuer has met all requirements of law. Form OIR-A3-1209 shall be submitted to the Office electronically at https://www.floir.com/iportal.

(2) No change.

Rulemaking Authority 624.308(1), 627.481(11) FS. Law Implemented 624.307, 624.307(1), 627.481 FS. History–New 6-23-92, Amended 1-7-97, 12-24-03, Formerly 4-202.012. Amended _______.

 

69O-202.015 Forms Incorporated by Reference.

Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 624.424, 627.481 FS. History–New 7-15-90, Formerly 4-117.015, Amended 6-23-92, 1-7-97, 12-24-03, Formerly 4-202.015, Amended 7-30-17. Repealed, _________.

 

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

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: March 29, 2022

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: June 15, 2021