Section 624.424(8)(d), F.S., was amended to require that CPAs preparing annual reports for insurance companies must have four hours of insurance related continuing education every 2 years. This amends Rule 69O-137.002 to ....

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NOS.:RULE TITLES:

69O-137.002Annual Audited Financial Reports

69O-137.009Filing Procedures for Commercial and Personal Residential Property Supplemental Quarterly Report

69O-137.011Reinsurance Summary Statement

69O-137.015Notice of Nonrenewal of Residential Property Insurance Policies

PURPOSE AND EFFECT: Section 624.424(8)(d), F.S., was amended to require that CPAs preparing annual reports for insurance companies must have four hours of insurance related continuing education every 2 years. This amends Rule 69O-137.002 to add that continuing education requirement to the qualifications for a CPA preparing the annual report.

Rule 69O-137.009, F.A.C., and Form OIR-D0-1185 are being amended to implement changes to Section 624.424(10) F.S. Those changes require that data collected from personal and commercial residential property insurance companies will be reported by zip code, not county, and those reports will be submitted on a monthly, rather than quarterly, basis. The changes to Form OIR-D0-1185 will allow insurers to submit that data as required beginning with the January 2025 data which is due on February 15, 2025.

Rule 69O-137.011 is amended to update Form OIR-D0-1433 to conform with current law and industry practice, and update the laws implemented.

Creates Rule 69O-137.015 and Form OIR-A1-1680 to provide a standard format for data being provided by insurers who are planning to nonrenew 10,000 or more residential property insurance policies within a 12-month period. This report is required by section 624.4305, F.S.

SUBJECT AREA TO BE ADDRESSED: Insurer Reporting Requirements

RULEMAKING AUTHORITY: 624.308(1), 624.4085, 624.424, 624.4305, 624.610,

LAW IMPLEMENTED: 624.307(1), 624.324, 624.424, 624.4305, 624.610

IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:

DATE AND TIME: Thursday, May 30, 2024, 9:00 a.m.

PLACE: 116 Larson Building, 200 East Gaines Street, Tallahassee, Florida. To join by telephone, call [phone] and enter conference ID# 767-797-004#.

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: Kama Monroe at [phone] or [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 DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Kama Monroe, Assistant General Counsel, [e-mail], [phone]

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS AVAILABLE AT NO CHARGE FROM THE CONTACT PERSON LISTED ABOVE.