Purpose
Rules 69O-138.004 “Risk-Based Selection Methodology for Scheduling Financial Examinations” and 69O-138.003 “Market Conduct Exam Methodology” are being created to enact the provisions of Sections 4 and 5 of Chapter 2023-172, L.O.F.
Section 4 of the chapter law creates Section 624.316(3), F.S., which requires that the Office create by rule “a risk-based selection methodology for scheduling examinations of insurers subject to this section.” Rule 69O-138.004, outlines the selection method for financial examinations.
Section 5 of the chapter law creates Section 624.3161(8), F.S., which requires that the Office create by rule “a selection methodology for scheduling and conducting examinations of insurers and other entities regulated by the office.” Rule 69O-138.003 outlines the selection method for market conduct examinations.