Chapter 2024-140, L.O.F., amended section 634.3077, F.S., and created an exception for home warranty associations. If they adhere to strict requirements, they do not have to meet certain financial responsibility requirements, ....

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NO.:RULE TITLE:

69O-199.005Financial Requirements Regarding the Funded, Unearned Premium Reserve Account

PURPOSE AND EFFECT: Chapter 2024-140, L.O.F., amended section 634.3077, F.S., and created an exception for home warranty associations. If they adhere to strict requirements, they do not have to meet certain financial responsibility requirements, including establish an unearned premium reserve. Rule 69O-199.005, F.A.C., is amended to adopt Form OIR-A3-1000 “Home Warranty Association Exception,” which will collect the relevant information from home warranty associations so the Office can appropriately apply the exception.

SUBJECT AREA TO BE ADDRESSED: The financial solvency requirements for home warranty associations.

RULEMAKING AUTHORITY: 634.302, F.S.

LAW IMPLEMENTED: 634.3077, 634.3135, F.S.

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.