The State Board of Administration, Florida Hurricane Catastrophe Fund, seeks to amend the rules listed above to implement Section 215.555, Florida Statutes.  

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    STATE BOARD OF ADMINISTRATION

    RULE NOS.:RULE TITLES:

    19-8.029Insurer Reporting Requirements

    19-8.030Insurer Responsibilities

    PURPOSE AND EFFECT: The State Board of Administration, Florida Hurricane Catastrophe Fund, seeks to amend the rules listed above to implement Section 215.555, Florida Statutes.

    SUMMARY: Rule 19-8.029, F.A.C., relates to insurer reporting requirements. The proposed amendments adopt the Data Call and other applicable reporting requirements for the 2016-2017 contract year. Rule 19-8.030, F.A.C., specifies insurer loss reporting, exposure reporting, and examination requirements. The proposed amendments provide clarification, delete obsolete material, and adopt the examination instruction forms applicable to the 2016-2017 contract year.

    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: Upon review of the proposed changes to these two rules and the incorporated forms, the State Board of Administration of Florida has determined that neither rule meets the requirements for ratification by the legislature. The changes to these rules do not have an adverse impact on small business and do not directly or indirectly increase regulatory costs in excess of $200,000 in the aggregate within 1 year of implementation. The changes to these rules also do not directly or indirectly have an adverse impact on economic growth, private sector job creation or employment, or private sector investment, business competitiveness or innovation or increase regulatory costs, including any transactional costs, in excess of $1 million in the aggregate within 5 years after the implementation of either rule.

    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: 215.555(3) FS.

    LAW IMPLEMENTED: 215.555(2), (3), (4), (5), (6), (7), (10) 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: February 15, 2016, 9:00 a.m. ‒ 11:00 a.m. (ET)

    PLACE: Room 116 (Hermitage Conference Room), 1801 Hermitage Blvd., Tallahassee, Florida 32308

    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 7 days before the workshop/meeting by contacting: Donna Sirmons, Florida Hurricane Catastrophe Fund, 1801 Hermitage Boulevard, Tallahassee, FL 32308, (850)413-1349, donna.sirmons@sbafla.com. 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: Donna Sirmons at the number or email listed above

     

    THE FULL TEXT OF THE PROPOSED RULE IS:

     

    19-8.029 Insurer Reporting Requirements.

    (1) through (3)(b), No change.

    (3)(c) Reporting Regarding Insurers Withdrawing from the State or Discontinuing the Writing of All Kinds of Insurance Prior to June 30 of Each Year. Insurers which discontinue writing insurance in Florida and have no remaining Covered Policy exposure as of June 30 of each Contract Year are required to petition for exemption from the Fund pursuant to Rule 19-8.012, F.A.C. Insurers which withdraw from the Florida insurance market prior to June 30 and have no remaining Covered Policy exposure as of that date shall not participate in the Fund. The affected insurer shall provide written evidence obtained from the Office of Insurance Regulation that it has surrendered its certificate of authority and currently has no outstanding Covered Policies in force. Nothing in this rule shall be construed to conflict with the requirements of Section 624.430(1), F.S.

    (3)(d), No change

    (4) Data Call Forms.

    (a) For the 2011/2012 Contract Year, the reporting shall be in accordance with Form FHCF-D1A, “Florida Hurricane Catastrophe Fund 2011 Data Call,” rev. 01/11, http://www.flrules.org/Gateway/reference.asp?No=Ref-00413 hereby adopted and incorporated by reference into this rule. The form may be obtained from the Fund’s Administrator at the address stated in subsection (8) below. A New Participant writing covered policies on or after June 1 but prior to December 1, shall report its actual exposure as of December 31 of the Contract Year on or before March 1 of the Contract Year, to the Administrator.

    (a)(b) For the 2012/2013 Contract Year, the reporting shall be in accordance with Form FHCF-D1A, “Florida Hurricane Catastrophe Fund 2012 Data Call,” rev. 01/12, http://www.flrules.org/gateway/reference.asp?No=Ref-01193 hereby adopted and incorporated by reference into this rule. The form may be obtained from the Fund’s Administrator at the address stated in subsection (8) below. A new participant writing covered policies on or after June 1 but prior to December 1, shall report its actual exposure as of December 31 of the Contract Year on or before March 1 of the Contract Year, to the Administrator. For the 2012/2013 Contract Year, a New Participant had the option of reporting its actual exposure as of November 30 of the Contract Year on or before February 1 of the Contract Year.

    (b)(c) For the 2013/2014 Contract Year, the reporting shall be in accordance with Form FHCF-D1A, “Florida Hurricane Catastrophe Fund 2013 Data Call,” rev. 02/13, http://www.flrules.org/Gateway/reference.asp?No=Ref-02333, hereby adopted and incorporated by reference into this rule. The form may be obtained from the Fund’s Administrator at the address stated in subsection (8) below. A New Participant writing covered policies on or after June 1 but prior to December 1, shall report its actual exposure as of November 30 of the Contract Year on or before February 1 of the Contract Year to the Administrator.

    (c)(d) For the 2014/2015 Contract Year, the reporting shall be in accordance with Form FHCF-D1A, “Florida Hurricane Catastrophe Fund 2014 Data Call,” rev. 04/14, http://www.flrules.org/Gateway/reference.asp?No=Ref-03967, hereby adopted and incorporated by reference into this rule. The form may be obtained from the Fund’s Administrator at the address stated in subsection (8) below. A New Participant writing Covered Policies on or after June 1 but prior to December 1, shall report its actual exposure as of November 30 of the Contract Year on or before February 1 of the Contract Year.

    (d)(e) For the 2015/2016 Contract Year, the reporting shall be in accordance with Form FHCF-D1A, “Florida Hurricane Catastrophe Fund 2015 Data Call,” rev. 05/15, http://www.flrules.org/Gateway/reference.asp?No=Ref-05322, hereby adopted and incorporated by reference into this rule. A New Participant writing Covered Policies on or after June 1 but prior to December 1, shall report its actual exposure as of November 30 of the Contract Year on or before February 1 of the Contract Year.

    (e) For the 2016/2017 Contract Year, the reporting shall be in accordance with Form FHCF-D1A, “Florida Hurricane Catastrophe Fund 2016 Data Call,” rev. XX/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX, hereby adopted and incorporated by reference into this rule. A New Participant writing Covered Policies on or after June 1 but prior to December 1, shall report its actual exposure as of November 30 of the Contract Year on or before February 1 of the Contract Year.

    (5) Loss Reimbursement Reporting Requirements.

    (a) As directed by the Board, after a covered event occurs, insurers shall report all their estimated ultimate net losses (as defined in the Reimbursement Contract, adopted and incorporated into Rule 19-8.010, F.A.C.) for Covered Policies on the Form FHCF-L1A, “Florida Hurricane Catastrophe Fund Interim Loss Report,” for the applicable Contract Year, as specified adopted in subsection (6) herein, in no less than fourteen days from the date of the notice from the Board that such a report is required. The Board may request subsequent Interim Loss Reports. Prompt reporting in the format requested will aid the Board in determining whether to seek additional sources of funds to pay for reimbursable losses. The losses reported on the Interim Loss Report are expected to result from a good faith effort, using best business practices for the insurance industry, on the part of the insurer to report as accurately as possible. Preliminary reports will not be binding. Reimbursements by the Fund will be made on the basis of the Proof of Loss Report, adopted in subsection (6) below.

    (b) Insurers shall report their ultimate net losses for each loss occurrence on the Form FHCF-L1B, “Florida Hurricane Catastrophe Fund Proof of Loss Report,” for the applicable Contract Year, as specified adopted in subsection (6) herein. Reimbursements by the Fund will be made on the basis of the Proof of Loss Report. While a Company may submit a Proof of Loss Report requesting reimbursement at any time following a loss occurrence, all Companies shall submit a mandatory Proof of Loss Report for each loss occurrence no earlier than December 1 and no later than December 31 of the Contract Year during which the Covered Event(s) occurs using the most current data available, regardless of the amount of Ultimate Net Loss or the amount of loss reimbursements or advances already received. After the mandatory December Proof of Loss Report, quarterly Proof of Loss Reports are required as outlined in Article X of the Reimbursement Contract below. For purposes of this rule, quarterly Proof of Loss Reports shall be those reports submitted at each quarter end date after December 31 of the Contract Year in which the loss occurrence occurs and continuing until all claims and losses resulting from loss occurrences commencing during the Contract Year are fully discharged, including any adjustments to such losses due to salvage or other recoveries, in accordance with the reporting requirements in this paragraph. “Fully Discharged” means the earlier of the date on which the insurer has paid its policyholders in full or the commutation clause, in Article X of the Reimbursement Contract takes effect. For the quarterly report due on March 31, any insurer whose losses exceed 50% of its FHCF retention for a specific loss occurrence shall submit a Proof of Loss Report for that loss occurrence. For the quarterly report due on June 30, any insurer whose losses exceed 75% of its FHCF retention for a specific loss occurrence shall submit a Proof of Loss Report for that loss occurrence. For the quarterly reports due on September 30 and thereafter, any insurer which anticipates that its losses will exceed its FHCF retention for a specific loss occurrence shall submit quarterly Proof of Loss Reports until all its losses are paid to I ts policyholders and the insurer has received reimbursement from the Fund. Annually, all Companies shall submit a mandatory year-end Proof of Loss Report for each loss occurrence, using the most current data available. This Proof of Loss Report shall be filed no earlier than December 1 and no later than December 31 of each year and shall continue until the earlier of the expiration of the Commutation Period or until all claims and losses resulting from the loss occurrence are fully discharged including any adjustments to such losses due to salvage or other recoveries.

    (5)(c), No change.

    (5)(d) When required, Companies must submit a Detailed Claims Listing to support the losses reported in the FHCF-L1A, Interim Loss Report (excluding incurred but not reported losses) and the FHCF-L1B, Proof of Loss Report. The requirements and instructions for the Detailed Claims Listing are outlined in Form FHCF-DCL, “Detailed Claims Listing Instructions,” adopted in subsection (6) herein, for the applicable Contract Year, as specified in subsection (6) herein. The Detailed Claims Listing, when required, must be uploaded through the FHCF Online Claims System (available at www.sbafla.com/fhcf under Insurer Information, Online Claims) at the same time as the Company’s Proof of Loss Report submission. A Detailed Claims Listing is required:

    1. At the same time a Company submits its first Proof of Loss Report for a specific Covered Event that qualifies the Company for reimbursement under that Covered Event;

    2. Annually with the mandatory year-end Proof of Loss Report as required in subparagraph (b) above;

    3. Upon notice from the Board of an upcoming loss reimbursement examination (to accompany an updated Proof of Loss Report);

    4. Upon request of the Board in support of any other filed Proof of Loss Report; and

    5. Upon request of the Board in support of an Interim Loss Report.

    (e) As a result of reports submitted on Form FHCF-L1B, reimbursements to insurers shall be adjusted in accordance with Section 215.555(4)(d)1., F.S., which requires the Fund to pay additional amounts to insurers and insurers to return overpayments to the Fund, based on the most recent calculation of losses.

    (6) Loss Reporting Forms.

    (a) For the 2014/2015 Contract Year, the applicable Interim Loss Report is the “Contract Year 2014 Interim Loss Report, Florida Hurricane Catastrophe Fund (FHCF),” FHCF-L1A, rev. 04/14, http://www.flrules.org/Gateway/reference.asp?No=Ref-03971, which is hereby adopted and incorporated by reference into this rule. The applicable Proof of Loss Report is the “Contract Year 2014 Proof of Loss Report, Florida Hurricane Catastrophe Fund (FHCF),” FHCF-L1B, rev. 04/14, http://www.flrules.org/Gateway/reference.asp?No=Ref-03969, which is hereby adopted and incorporated by reference into this rule. The applicable Detailed Claims Listing Instructions is the “Contract Year 2014 Detailed Claims Listing Instructions,” FHCF-DCL, 04/14, http://www.flrules.org/Gateway/reference.asp?No=Ref-03968, which is hereby adopted and incorporated by reference into this rule.

    (a)(b) For the 2015/2016 Contract Year, the applicable Interim Loss Report is the “Contract Year 2015 Interim Loss Report, Florida Hurricane Catastrophe Fund (FHCF),” FHCF-L1A, rev. 05/15, http://www.flrules.org/Gateway/reference.asp?No=Ref-05323, which is hereby adopted and incorporated by reference into this rule. The applicable Proof of Loss Report is the “Contract Year 2015 Proof of Loss Report, Florida Hurricane Catastrophe Fund (FHCF),” FHCF-L1B, rev. 05/15, http://www.flrules.org/Gateway/reference.asp?No=Ref-05329, which is hereby adopted and incorporated by reference into this rule. The applicable Detailed Claims Listing Instructions is the “Contract Year 2015 Detailed Claims Listing Instructions,” FHCF-DCL, 05/15, http://www.flrules.org/Gateway/reference.asp?No=Ref-05325, which is hereby adopted and incorporated by reference into this rule.

    (b) For the 2016/2017 Contract Year, the applicable Interim Loss Report is the “Contract Year 2016 Interim Loss Report, Florida Hurricane Catastrophe Fund (FHCF),” FHCF-L1A, rev. XX/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX, which is hereby adopted and incorporated by reference into this rule. The applicable Proof of Loss Report is the “Contract Year 2016 Proof of Loss Report, Florida Hurricane Catastrophe Fund (FHCF),” FHCF-L1B, rev. XX/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX, which is hereby adopted and incorporated by reference into this rule. The applicable Detailed Claims Listing Instructions is the “Contract Year 2016 Detailed Claims Listing Instructions,” FHCF-DCL, rev. XX/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX, which is hereby adopted and incorporated by reference into this rule.

    (7) through (8), No change.

    Rulemaking Authority 215.555(3) FS. Law Implemented 215.555(2), (3), (4), (5), (6), (7), (15), 627.351(6), FS. History–New 5-17-99, Amended 6-19-00, 6-3-01, 6-2-02, 11-12-02, 5-13-03, 5-19-04, 8-29-04, 5-29-05, 5-10-06, 5-8-07, 6-8-08, 3-30-09, 8-2-09, 3-29-10, 8-8-10, 7-20-11, 5-22-12, 3-17-13; 4-24-14, 5-12-15, X-XX-16.

     

    19-8.030 Insurer Responsibilities.

    (1) through (3)(r), No change.

    (4) Reimbursement Contract.

    (a) Current Participants: The Reimbursement Contracts are annual contracts.

    1. For the 2010/2011 Contract Year and earlier Contract Years, each Insurer required to participate in the FHCF must designate a coverage level in the annual Reimbursement Contract, make any required selections therein and execute the Reimbursement Contract and applicable Addenda so that the Contract, including the schedules and applicable Addenda, have been received by June 1 of each Contract Year.

    2. For the 2011/2012 Contract Year and subsequent Contract Years, each Insurer required to participate in the FHCF must designate a coverage level in the annual Reimbursement Contract, make any required selections therein and execute the Reimbursement Contract and applicable Addenda so that the Contract, including the schedules and applicable Addenda, have been received by March 1 prior to each Contract Year.

    (4)(b) and (4)(c), No change.

    (5) Exposure Reporting Requirements.

    (a) Quota Share Primary Insurance: Citizens and Authorized Insurers may enter into Quota Share Primary Insurance Arrangements with respect to the Coastal Account policies. The statute also provides, in Section 627.351(6)(c)2.f., F.S., that Citizens shall be responsible for the annual reporting of insured values to the FHCF for both Citizens and the Insurer participating with Citizens in the Quota Share Arrangement. Citizens shall report the insured values covered by the Quota Share Primary Insurance  Arrangements in the same manner that all other current participants, as described in paragraph (b) below, report their insured values. Please note that both Citizens and the Quota Share Primary Insurer must keep complete and accurate records, including copies of policy declaration pages and supporting claims documents, for the purpose of exposure and loss reimbursement examinations by the FHCF.

    (b) Current Participants: Each Insurer, with Covered Policies as of June 1 of a Contract Year must participate in the FHCF and must complete and submit the Data Call online using WIRE, correctly completed, no later than September 1 of the Contract Year.

    (c) New Participants: during the period of June 1 through November 30:

    1. For the 2012/2013 Contract Year and earlier Contract Years, those Insurers that first begin writing Covered Policies from June 1 through November 30 of a Contract Year must complete and submit the Data Call, correctly completed, by March 1 of the Contract Year. For the 2012/2013 Contract Year, such an Insurer had the option of reporting its actual exposure as of November 30 of the Contract Year on or before February 1 of the Contract Year.

    2. For the 2013/2014 Contract Year and subsequent Contract Years, Insurers that first begin writing Covered Policies from June 1 through November 30 of a Contract Year must correctly complete and submit the Data Call by February 1 of the Contract Year.

    (d) Resubmissions of Data: With one exception noted below, Aany Insurer which submits a Data Call, with incorrect data, incomplete data, or improperly formatted data in the wrong format and is required to resubmit will be given 30 days from the date on the letter from the FHCF notifying the Insurer of the need to resubmit (may be less than 30 days if the Insurer has been notified by the SBA for an examination). An extension of 30 days will may be granted if  the Insurer can show that the need for the additional time is due to circumstances beyond the reasonable control of the Insurer. Exception: If the Insurer, at the time it receives notice of the need to resubmit, has already been issued a notice of examinations, the usual 30 day time limitation (measured from the date of the letter giving notice of the need to resubmit) does not apply. In this situation, the time period in which the Insurer must resubmit is measured by counting backwards 30 days from the date that the examinations are scheduled to begin as reflected on the notice of examinations letter. The FHCF needs the information prior to the examinations; thus, no extensions can be granted.

    (5)(d)1. Through (7)(a), No change.

    (7)(b) New Participants during the period of June 1 through November 30: Those Insurers that first begin writing Covered Policies from June 1 through November 30 of a Contract Year must submit a payment of $1,000 on or before the date indicated on the invoice. Once a New Participant’s Data Call has been reviewed by the Administrator and the Company’s actual Reimbursement Premium has been determined on its actual exposure, an invoice with the additional amount due, if any, will be sent to the Company by the Administrator. Payment, if any amounts are shown as due on the invoice, is due within 30 days from the date on the invoice. In no event will the Premium be less than the $1,000.

    (7)(c) through (8), No change.

    (8)(a) Advance Examination Record Requirements: Within 30 days from the date on the letter from the FHCF, Companies are required to provide the FHCF with the records indicated in the applicable Contract Year’s “Exposure Examination Advance Preparation Instructions” or in the applicable Contract Year’s “Loss Reimbursement Examination Advance Preparation Instructions.”. An extension of 30 days may be granted if the Insurer can show that the need for the additional time is due to circumstances beyond the reasonable control of the Insurer.

    1. For the 2011/2012 Contract Year, the applicable exposure examination instructions form is the “Florida Hurricane Catastrophe Fund (FHCF) Exposure Examination – Contract Year 2011 Advance Preparation Instructions,” FHCF-EAP1, rev. 01/11, http://www.flrules.org/Gateway/reference.asp?No=Ref-00416. The applicable loss examination instructions form is the “Florida Hurricane Catastrophe Fund (FHCF) Loss Reimbursement Examination – Contract Year 2011 Advance Preparation Instructions,” FHCF-LAP1, rev. 01/1, http://www.flrules.org/Gateway/reference.asp?No=Ref-00417.

    1.2. For the 2012/2013 Contract Year, the applicable exposure examination instructions form is the “Florida Hurricane Catastrophe Fund (FHCF) Exposure Examination – Contract Year 2012 Advance Preparation Instructions,” FHCF-EAP1, rev. 01/12, http://www.flrules.org/Gateway/reference.asp?No=Ref-01191. The applicable loss examination instructions form is the “Florida Hurricane Catastrophe Fund (FHCF) Loss Reimbursement Examination – Contract Year 2012 Advance Preparation Instructions,” FHCF-LAP1, rev. 01/12, http://www.flrules.org/Gateway/reference.asp?No=Ref-01192.

    2.3. For the 2013/2014 Contract Year, the applicable exposure examination instructions form is the “Florida Hurricane Catastrophe Fund (FHCF) Exposure Examination – Contract Year 2013 Advance Preparation Instructions,” FHCF-EAP1, rev. 02/13, http://www.flrules.org/Gateway/reference.asp?No=Ref-02337. The applicable loss examination instructions form is the “Florida Hurricane Catastrophe Fund (FHCF) Loss Reimbursement Examination – Contract Year 2013 Advance Preparation Instructions,” FHCF-LAP1, rev. 02/13, http://www.flrules.org/Gateway/reference.asp?No=Ref-02336.

    3.4. For the 2014/2015 Contract Year, the applicable exposure examination instructions form is the “Florida Hurricane Catastrophe Fund (FHCF) Exposure Examination – Contract Year 2014 Advance Preparation Instructions,” FHCF-EAP1, rev. 04/14, http://www.flrules.org/Gateway/reference.asp?No=Ref-03973. The applicable loss examination instructions form is the “Florida Hurricane Catastrophe Fund (FHCF) Loss Reimbursement Examination – Contract Year 2014 Advance Preparation Instructions,” FHCF-LAP1, rev. 04/14, http://www.flrules.org/Gateway/reference.asp?No=Ref-03975.

    4.5. For the 2015/2016 Contract Year, the applicable exposure examination instructions form is the “Florida Hurricane Catastrophe Fund (FHCF) Exposure Examination – Contract Year 2015 Advance Preparation Instructions,” FHCF-EAP1, rev. 05/15, http://www.flrules.org/Gateway/reference.asp?No=Ref-05326. The applicable loss examination instructions form is the “Florida Hurricane Catastrophe Fund (FHCF) Loss Reimbursement Examination – Contract Year 2015 Advance Preparation Instructions,” FHCF-LAP1, rev. 05/15, http://www.flrules.org/Gateway/reference.asp?No=Ref-05327.

    5. For the 2016/2017 Contract Year, the applicable exposure examination instructions form is the “Florida Hurricane Catastrophe Fund (FHCF) Exposure Examination – Contract Year 2016 Advance Preparation Instructions,” FHCF-EAP1, rev. XX/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX. The applicable loss examination instructions form is the “Florida Hurricane Catastrophe Fund (FHCF) Loss Reimbursement Examination – Contract Year 2016 Advance Preparation Instructions,” FHCF-LAP1, rev. XX/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX.

    (8)(a)6. through (8)(c), No change.

    (d) Resubmissions as a Result of a Completed Examination: A Company required to resubmit exposure data as a result of the examination must do so within 30 days of the date on the letter from the FHCF notifying the Company of the need to resubmit. An extension of 30 days may be granted if the Company can show that the need for additional time is due to circumstances beyond the reasonable control of the Company.

    (9) through (11), No change.

    Rulemaking Authority 215.555(3) FS. Law Implemented 215.555, 627.351(6), FS. History–New 5-13-03, Amended 5-19-04, 5-29-05, 5-10-06, 5-8-07, 8-13-07, 6-8-08, 3-30-09, 3-29-10, 8-8-10, 7-20-11, 5-22-12, 3-17-13, 4-24-14, 5-1215, X-XX-16.

     

    NAME OF PERSON ORIGINATING PROPOSED RULE: Jack E. Nicholson, FHCF Chief Operating Officer, State Board of Administration of Florida

    NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: The Trustees of the State Board of Administration of Florida

    DATE PROPOSED RULE APPROVED BY AGENCY HEAD: January 21, 2016

    DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: December 22, 2015

Document Information

Comments Open:
1/22/2016
Summary:
Rule 19-8.029, F.A.C., relates to insurer reporting requirements. The proposed amendments adopt the Data Call and other applicable reporting requirements for the 2016-2017 contract year. Rule 19-8.030, F.A.C., specifies insurer loss reporting, exposure reporting, and examination requirements. The proposed amendments provide clarification, delete obsolete material, and adopt the examination instruction forms applicable to the 2016-2017 contract year.
Purpose:
The State Board of Administration, Florida Hurricane Catastrophe Fund, seeks to amend the rules listed above to implement Section 215.555, Florida Statutes.
Rulemaking Authority:
215.555(3), F.S.
Law:
215.555(2), (3), (4), (5), (6), (7), (10), F.S.
Contact:
Donna Sirmons at the number or email listed above.
Related Rules: (2)
19-8.029. Insurer Reporting Requirements
19-8.030. Insurer Responsibilities