Section 627.9407(7)(c), Florida Statutes, pertains to long-term care insurance and provides that where an insurer is not currently issuing new coverage, the new business rate shall be as published by the Office at the rate prescribed by statute. ...

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NOS.:RULE TITLES:

69O-157.302Facility Only Rates

69O-157.303Home Health Care Only Rates

69O-157.304Comprehensive Only Rates

PURPOSE AND EFFECT: Section 627.9407(7)(c), Florida Statutes, pertains to long-term care insurance and provides that where an insurer is not currently issuing new coverage, the new business rate shall be as published by the Office at the rate prescribed by statute. The statute does not require the adoption by rule of said rates.

SUMMARY: These rules are being repealed and the Long-Term Care Facility Only Rates, Home Health Care Only Rates, and Comprehensive Only Rates from the body of the rules will be published to the OIR website to facilitate a more rapid updating of the most recently published new business rates. The new business rates are determined by a statutorily prescribed formula and accordingly are not required to be adopted by 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: 627.9408(1) FS.

LAW IMPLEMENTED: 627.9407(7) 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: August 11, 2015, 9:30 a.m.

PLACE: 142 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: Rachic´ A. Wilson, 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: Rachic´ A. Wilson, Office of Insurance Regulation, E-mail: [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

690-157.302 Facility Only Rates.

Rulemaking Authority 627.9408(1) FS. Law Implemented 627.9407(7) FS. History—New 11-1-07, Amended 5-31-09, 7-19-10 Repealed            .

 

69O-157.303 Home Health Care Only Rates.

Rulemaking Authority 627.9408(1) FS. Law Implemented 627.9407(7) FS. History–New 11-1-07, Amended 5-31-09, 7-19-10 Repealed             .

 

69O-157.304 Comprehensive Only Rates.

Rulemaking Authority 627.9408(1) FS. Law Implemented 627.9407(7) FS. History–New 11-1-07, Amended 5-31-09, 7-19-10 Repealed               .

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Rachic´ A. Wilson, 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: June 23, 2015