reglab/statecodes huggingface dataset:
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-143 - DOMESTIC INSURERS › Section 69O-143.036 - Information to Be Filed in Proxy Statements

Current through Reg. 50, No. 138; July 16, 2024
(1) Revocability of Proxy. State whether or
				not the person giving the proxy has the power to revoke it. If the right of
				revocation before the proxy is exercised, is limited or is subject to
				compliance with any formal procedure, briefly describe such limitation or
				procedure.
(2) Dissenters' Rights
				of Appraisal. Outline briefly the rights of appraisal or similar rights of
				dissenting stockholders with respect to any matter to be acted upon and
				indicate any statutory procedure required to be followed by such stockholders
				in order to protect their rights. Where such rights may be exercised only
				within a limited time after the date of the adoption of a proposal, the filing
				of a charter amendment, or other similar act, state whether the person
				solicited will be notified of such date.
(3) Persons Making Solicitations not Subject
				to rule 69O-143.035, F.A.C.
(a) If the solicitation is made by the
				management of the insurer, so state. Give the name of any director of the
				insurer who has informed the management in writing that he intends to oppose
				any action intended to be taken by the management and indicate the action which
				he intends to oppose.
(b) If the
				solicitation is made otherwise than by the management of the insurer, state the
				names and addresses of the persons by whom and on whose behalf it is made and
				the names and addresses of the persons by whom the cost of solicitation has
				been or will be borne, directly or indirectly.
(c) If the solicitation is to be made by
				specially engaged employees or paid solicitors, state:
1. The material features of any contract or
				arrangement for such solicitation and identify the parties; and,
2. The cost or anticipated cost
				thereof.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-143 - DOMESTIC INSURERS › Section 69O-143.037 - Information to Be Filed by or on Behalf of a Participant (Other Than the Insurer) in a Proxy Solicitation in an Election Contest

Current through Reg. 50, No. 138; July 16, 2024
(1) Insurer. State the name and address of
				the insurer.
(2) Identity and
				Background.
(a) State the following:
1. Your name and business address.
2. Your present principal occupation or
				employment and the name, principal business and address of any corporation or
				other organization in which such employment is carried on.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-143 - DOMESTIC INSURERS › Section 69O-143.041 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
For the purpose of this chapter, the following definitions
				  shall apply (for any terms defined in section
				  628.511(2),
				  F.S., these definitions are supplementary):
(1) "Agent" shall mean a national bank, state
				bank, trust company or broker/dealer which maintains an account in its name in
				a clearing corporation or which is a member of the Federal Reserve System and
				through which a custodian participates in a clearing corporation, including the
				Treasury/Reserve Automated Debt Entry Securities System (TRADES) or Treasury
				Direct System, except that with respect to securities issued by institutions
				organized or existing under the laws of any foreign country or securities used
				to meet the deposit requirements pursuant to the laws of a foreign country as a
				condition of doing business therein, "agent" may include a corporation which is
				organized or existing under the laws of any foreign country and which is
				legally qualified under such laws to accept custody of securities.
(2) "Custodian" shall mean:
(a) A national bank, state bank, or trust
				company which shall at all times during which it acts as a custodian pursuant
				to this chapter be no less than adequately capitalized as determined by the
				standards adopted by United States banking regulators and that is regulated by
				either state banking laws or is a member of the Federal Reserve System and
				which is legally qualified to accept custody of securities in accordance with
				the standards set forth below;
(b)
				With respect to securities issued by institutions organized or existing under
				the laws of any foreign country, or securities used to meet the deposit
				requirements pursuant to the laws of a foreign country as a condition of doing
				business therein, "custodian" may include a bank or trust company incorporated
				or organized under the laws of a country other than the United States that is
				regulated as such by that country's government or an agency thereof that at all
				times during which it acts as a custodian pursuant to this chapter be no less
				than adequately capitalized as determined by the standards adopted by
				international banking authorities and that is legally qualified to accept
				custody of securities; or
(c) A
				broker/dealer that is registered with and subject to jurisdiction of the
				Securities and Exchange Commission, maintains membership in the Securities
				Investor Protection Corporation, and has a tangible net worth equal to or
				greater than two hundred fifty million dollars
				($250,000,000).
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-143 - DOMESTIC INSURERS › Section 69O-143.045 - Definitions (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 624.308 FS. Law Implemented
					 624.307(1), 624.317, 624.318, 624.424(6), 628.251, 628.461, 628.801
					 FS.
New 12-16-70, Formerly 4-26.01, 4-26.001, 4-143.045,
					 Repealed 1-28-13.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-143 - DOMESTIC INSURERS › Section 69O-143.0465 - Groupwide Supervision of Internationally Active Insurance Groups

Current through Reg. 50, No. 138; July 16, 2024
(1) For the purposes of this rule,
				"internationally active insurance group" means an insurance holding company
				system that:
(a) Includes an insurer
				registered under Rule
				69O-143.046, F.A.C.;
				and
(b) Meets the following
				criteria:
1. Premiums written in at least
				three countries;
2. The percentage
				of gross premiums written outside the United States is at least ten percent
				(10%) of the insurance holding company system's total gross written premiums;
				and
3. Based on a three-year
				rolling average, the total assets of the insurance holding company system are
				at least fifty billion dollars ($50,000,000,000) or the total gross written
				premiums of the insurance holding company system are at least ten billion
				dollars ($10,000,000,000).
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-143 - DOMESTIC INSURERS › Section 69O-143.0466 - Contents of Corporate Governance Annual Disclosure

Current through Reg. 50, No. 138; July 16, 2024
The corporate governance annual disclosure filed in
				  accordance with Section
				  628.8015, F.S., must
				  describe:
(1) The insurer's or
				insurance group's corporate governance framework and structure including
				consideration of the following:
(a) The Board
				of Directors ("Board") and various committees thereof ultimately responsible
				for overseeing the insurer or insurance group and the level(s) at which that
				oversight occurs, including ultimate control level, intermediate holding
				company, and legal entity. The insurer or insurance group shall describe and
				discuss the rationale for the current Board size and structure; and
(b) The duties of the Board and each of its
				significant committees and how they are governed, including the bylaws,
				charters, and informal mandates, as well as how the Board's leadership is
				structured, including a discussion of the roles of Chief Executive Officer and
				Chairman of the Board within the organization.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-143 - DOMESTIC INSURERS › Section 69O-143.048 - Incorporation by Reference

Current through Reg. 50, No. 138; July 16, 2024
Except as otherwise provided in these rules, a person making
				  a report, request, or filing required by this rule chapter may incorporate
				  therein by reference any required then current information already on file with
				  the Director, or any diagram or chart previously filed. In such event the
				  person filing shall cause the paper filed to identify the report, statement,
				  document, instrument, diagram, chart or other paper to which reference is made,
				  the approximate date it was filed with the Director, and the page or pages
				  thereof wherein is shown the information incorporated by
				  reference.
Rulemaking Authority 624.308 FS. Law Implemented
					 624.307(1), 624.317, 624.424(6) FS.
New 12-16-70, Formerly 4-26.05. 4-26.005,
					 4-143.048.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-143 - DOMESTIC INSURERS › Section 69O-143.049 - Investments

Current through Reg. 50, No. 138; July 16, 2024
Whether any investment pursuant to section
				  625.325(2),
				  F.S., meets the applicable requirements thereof is to be determined before such
				  investment is made, by calculating the applicable investment limitations as
				  though the investment had already been made, taking into account the then
				  outstanding principal balance on all previous investments in debt obligations,
				  and the value of all previous investments in equity securities as of the day
				  they were made, net of any return of capital invested, not including
				  dividends.
Rulemaking Authority 624.308 FS. Law Implemented
					 624.307(1), 625.325(2) FS.
New 1-30-91, Formerly 4-26.006,
					 4-143.049.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-143 - DOMESTIC INSURERS › Section 69O-143.050 - Voting of Securities

Current through Reg. 50, No. 138; July 16, 2024
No security which is the subject of any agreement or
				  arrangement regarding acquisition, or which is acquired or to be acquired, in
				  contravention of any statute or rule adopted thereunder, may be voted at any
				  shareholder's meeting, or may be counted for quorum purposes, and any action of
				  shareholders requiring the affirmative vote of a percentage of shares may be
				  taken as though such securities were not issued and outstanding; but no action
				  taken at any such meeting shall be invalidated by the voting of such
				  securities, unless the action would materially affect the control of the
				  insurer or unless a court of competent jurisdiction has so ordered. If the
				  Office has reason to believe that any security of the insurer has been or is
				  about to be acquired in contravention of the provisions of part II of chapter
				  628, F.S., or this rule chapter, the Office may pursue its remedies pursuant to
				  sections 628.802 and
				  628.803, F.S.
Rulemaking Authority 624.308 FS. Law Implemented
					 624.307(1), 628.801, 628.802, 628.803
					 FS.
New 1-30-91, Formerly 4-26.007,
					 4-143.050.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-143 - DOMESTIC INSURERS › Section 69O-143.055 - Purpose

Current through Reg. 50, No. 138; July 16, 2024
The purpose of this Part is to implement the requirements of
				  the Florida Insurance Code in regard to the acquisition of controlling stock of
				  domestic insurers.
Rulemaking Authority 624.308, 628.461(13) FS. Law
					 Implemented Chapters 624-628 FS.
New 6-7-90, Formerly 4-109.001, Amended 5-12-94, Formerly
					 4-143.055.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-143 - DOMESTIC INSURERS › Section 69O-143.056 - Acquisition of Controlling Stock (Transferred)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 624.308, 628.461(13) FS. Law
					 Implemented 624.307(1), 624.307(3), 624.317, 624.321, 624.34, 624.404, 624.413,
					 624.424(6), 624.501, 624.5091, 628.051, 628.061, 628.461
					 FS.
New 6-7-90, Formerly 4-109.002, Amended 5-12-94, 11-7-00,
					 Formerly 4-143.056, Amended 5-31-16, Transferred to
					 69O-136.080.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-143 - DOMESTIC INSURERS › Section 69O-143.060 - Purpose

Current through Reg. 50, No. 138; July 16, 2024
The purpose of this part is to establish procedures for
				  redomestication of insurers pursuant to the provisions of chapters 624 and 628,
				  F.S.
Rulemaking Authority 624.308, 624.4135, 628.535 FS. Law
					 Implemented 624.307(1), (3), (5), 624.316, 624.317, 624.318, 624.321, 624.324,
					 624.34, 624.401, 624.404, 624.413, 624.424(6), 624.501(1)(a), 628.051, 628.061,
					 628.520 FS.
New 6-7-90, Formerly 4-106.001, Amended 5-12-94, Formerly
					 4-143.060.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-143 - DOMESTIC INSURERS › Section 69O-143.061 - Redomestication Procedure (Transferred)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 624.308, 628.535 FS. Law Implemented
					 624.307(1), (2), (3), (5), 624.316, 624.317, 624.318, 624.321, 624.324, 624.34,
					 624.401, 624.404, 624.413, 624.424(6), 624.501(1)(a), 628.051, 628.061,
					 628.520, 628.801 FS.
New 6-7-90, Formerly 4-106.002, Amended 5-12-94, Formerly
					 4-143.061, Transferred to
					 69O-136.007.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-144 - REINSURANCE › Section 69O-144.001 - Purpose (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 624.308 FS. Law Implemented
					 624.307(1), 624.610 FS.
New 1-30-91, Formerly 4-108.001, Amended 5-12-94, Formerly
					 4-144-001, Repealed 9-13-22.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-144 - REINSURANCE › Section 69O-144.002 - Reinsurance Application Procedures

Current through Reg. 50, No. 138; July 16, 2024
(1)
				Filing requirements and costs.
(a) Insurers
				making the required filings under the provisions of Section
				624.610, F.S., and the rules of
				this chapter shall submit such filings electronically to the Office at
www.floir.com/iportal
.
1. Application filings shall be submitted to
				the Office's Company Admissions System, "iApply."
2. Other annual, quarterly, or requested
				filings shall be submitted to the Office's Regulatory Electronic Filing System,
				"REFS."
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-144 - REINSURANCE › Section 69O-144.005 - Credit for Reinsurance; Accredited Reinsurers

Current through Reg. 50, No. 138; July 16, 2024
(1) Credit for reinsurance by a domestic
				insurer shall be allowed when the reinsurance is ceded to an assuming insurer
				that is accredited as a reinsurer in this state pursuant to Section
				624.610(3)(b),
				F.S., and the rules of this chapter, as of any date on which statutory
				financial statement credit for reinsurance is claimed.
(2) Application and documentation
				requirements. An assuming insurer seeking accredited reinsurer status in this
				state pursuant to Section
				624.610(3)(b),
				F.S., must file an application with the Office in accordance with paragraph
				69O-144.002(2)(a),
				F.A.C. The application must include documentation that the assuming insurer:
(a) Submits to this state's jurisdiction and
				to this state's authority to examine its books and records, via a properly
				executed Form OIR-C1-1464, "Florida Certificate of Assuming Insurer," which is
				incorporated by reference in subparagraph 144.002(2)(a)5., F.A.C.;
(b) Is licensed or authorized to transact
				insurance or reinsurance in at least one state; or in the case of a U.S. branch
				of an alien assuming insurer, is entered through at least one state, or is
				licensed or authorized to transact insurance or reinsurance in at least one
				state; and,
(c) Maintains a surplus
				as regards policyholders in an amount not less than $20
				million.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-144 - REINSURANCE › Section 69O-144.006 - Credit for Reinsurance: Reinsurers Maintaining Trust Funds

Current through Reg. 50, No. 138; July 16, 2024
(1) Trusteed Reinsurers. Pursuant to Section
				624.610(3)(c)1., F.S., the Office shall allow credit for reinsurance ceded by a
				domestic insurer to an assuming insurer which, as of any date on which
				statutory financial statement credit for reinsurance is claimed, and thereafter
				for so long as credit for reinsurance is claimed, maintains a trust fund in an
				amount prescribed below in a qualified financial institution as defined in
				Section 624.610(6)(b),
				F.S., for the payment of the valid claims of its U.S. domiciled ceding
				insurers, their assigns and successors in interest. Such reinsurers shall be
				referred to as "trusteed reinsurers" if approved by the Office.
(a)
1. An
				assuming insurer seeking trusteed reinsurer status in this state, pursuant to
				Section 624.610(3)(c),
				F.S., and this rule, shall file an application under the standards provided in
				paragraph 69O-144.002(3)(a),
				F.A.C., and in this rule.
2. An
				assuming insurer seeking to maintain its trusteed reinsurer status in this
				state shall make the additional filings required by paragraph
				69O-144.002(3)(b),
				F.A.C., and shall continue to meet the applicable requirements of this
				rule.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-144 - REINSURANCE › Section 69O-144.007 - Credit for Reinsurance from Certified Reinsurers

Current through Reg. 50, No. 138; July 16, 2024
(1) Purpose. Section
				624.610(3)(e),
				F.S., gives the Office the option to allow credit for reinsurance without full
				collateral for transactions involving assuming insurers not meeting the
				requirements of section
				624.610(3)(a), (b), (c), or
				(d), F.S. This rule does not apply to
				assuming insurers that meet the requirements of section
				624.610(3)(a), (b), (c), or
				(d), F.S. This rule is not an attempt to
				assert extra-territorial jurisdiction. Insurers that write in states other than
				Florida will need to comply with the laws of those states.
(2) Definitions. As used in this rule the
				following terms have the following meanings:
(a) "Certified reinsurer" means an assuming
				insurer that may not meet the requirements of section
				624.610(3)(a), (b), (c), or
				(d), F.S., and that has been determined by
				the Office to have met the requirements set forth in subsections (7) and (8) of
				this rule.
(b) "Qualified
				jurisdiction" means a jurisdiction which has met the requirements set forth in
				subsection (9) of this rule.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-144 - REINSURANCE › Section 69O-144.009 - Credit for Reinsurance: Other Requirements and Provisions

Current through Reg. 50, No. 138; July 16, 2024
(1) Credit shall be allowed for foreign and
				alien insurers when the reinsurance is ceded to an assuming insurer which is
				domiciled or licensed in, or, in the case of a U.S. branch of an alien assuming
				insurer, which is entered through, a state which employs standards regarding
				credit for reinsurance substantially similar to those applicable under this
				chapter, provided the Office verifies that the assuming insurer and reinsurance
				agreement meet the requirements established by this chapter and Section
				624.610, F.S. Verification by
				the Office under this subsection may be made via direct review of the
				information that the assuming insurer has filed with the state in which it is
				domiciled, licensed, or entered through.
(2) Concentration risk requirements for
				domestic ceding insurers. The following requirements apply to all domestic
				ceding insurers in this state that seek to claim credit for reinsurance from
				assuming insurers under Sections
				624.610(2) through
				(4), F.S., or the respective rules of this
				chapter.
(a) A ceding insurer shall notify the
				Office within thirty (30) days after reinsurance recoverables from any single
				assuming insurer, or group of assuming insurers, exceeds fifty percent (50%) of
				the ceding insurer's last reported surplus to policyholders, or after it is
				determined that reinsurance recoverables from any single assuming insurer, or
				group of assuming insurers, is likely to exceed this limit. The notification
				shall demonstrate that the exposure is safely managed by the domestic ceding
				insurer.
(b) A ceding insurer shall
				notify the Office within thirty (30) days after ceding to any single assuming
				insurer, or group of assuming insurers, more than twenty percent (20%) of the
				ceding insurer's gross written premium in the prior calendar year, or after it
				is determined that the reinsurance ceded to any single assuming insurer, or
				group of assuming insurers, is likely to exceed this limit. The notification
				shall demonstrate that the exposure is safely managed by the ceding
				insurer.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-144 - REINSURANCE › Section 69O-144.011 - Credit for Reinsurance from Reinsurers Domiciled in Reciprocal Jurisdictions

Current through Reg. 50, No. 138; July 16, 2024
(1) Pursuant to
				Section 624.610(4),
				F.S., the Office shall allow credit for reinsurance ceded by a domestic insurer
				to an assuming insurer that is licensed to write reinsurance by, and has its
				head office or is domiciled in, a reciprocal jurisdiction, and which meets the
				other requirements of the statute and this rule.
(2) As used in this chapter, a "reciprocal
				jurisdiction" is a jurisdiction, as designated by the Office pursuant to
				subsection (4) of this rule, that is one of the following:
(a) A non-United States jurisdiction that is
				subject to an in-force covered agreement with the United States, each within
				its legal authority; or, in the case of a covered agreement between the United
				States and the European Union, a jurisdiction that is a member state of the
				European Union. As used in this rule, the term "covered agreement" has the same
				definition as that within Section 624.610(4)(a)1., F.S.
(b) A United States jurisdiction that meets
				the requirements for accreditation under the Financial Regulation Standards and
				Accreditation Program of the National Association of Insurance
				Commissioners.
(c) A qualified
				jurisdiction, as defined in subsection
				69O-144.007(9),
				F.A.C., which meets the additional requirements present in Section
				624.610(4)(a)3., F.S.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-144 - REINSURANCE › Section 69O-144.012 - Term and Universal Life Insurance Reserve Financing

Current through Reg. 50, No. 138; July 16, 2024
(1) The purpose and intent of this rule is to
				implement the national standards governing reserve financing arrangements
				pertaining to life insurance policies containing guaranteed nonlevel gross
				premiums, guaranteed nonlevel benefits and universal life insurance policies
				with secondary guarantees; and to ensure that, with respect to each such
				financing arrangement, funds consisting of primary security and other security,
				as defined in subsection (3) of this rule, are held by or on behalf of ceding
				insurers in the forms and amounts required herein. In general, reinsurance
				ceded for reserve financing purposes has one or more of the following
				characteristics: some or all of the assets used to secure the reinsurance
				treaty or to capitalize the reinsurer:
(a)
				Are issued by the ceding insurer or its affiliates; or
(b) Are not unconditionally available to
				satisfy the general account obligations of the ceding insurer; or
(c) Create a reimbursement, indemnification
				or other similar obligation on the part of the ceding insurer or any if its
				affiliates (other than a payment obligation under a derivative contract
				acquired in the normal course and used to support and hedge liabilities
				pertaining to the actual risks in the policies ceded pursuant to the
				reinsurance treaty).
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-148 - FUNDING OF PRENEED CONTRACTS WITH LIFE INSURANCE OR ANNUITIES › Section 69O-148.001 - Funding of Preneed Contracts With Life Insurance or Annuities

Current through Reg. 50, No. 138; July 16, 2024
(1) Background and Purpose. The provisions of
				section 626.785, F.S., provide for
				insurance agents to sell life insurance and annuities on a limited basis to
				fund preneed services and merchandise. The statute provides that if a funeral
				establishment contracts with a life insurance agent to sell a preneed contract
				pursuant to chapter 497, F.S., the benefits payable under the insurance
				contract are limited to the approximate retail price of the funeral service and
				merchandise. The purpose of this rule is to clarify the statutory limitations
				to ensure that consumers are protected.
(2) General Limitation. For purposes of
				section 626.785, F.S., and this rule
				only, and pursuant to section
				624.602, F.S., the transaction
				of life insurance shall include the sale of nonvariable type
				annuities.
(3) Limitation of
				License. An agent licensed pursuant to section
				626.785(3),
				F.S., is limited to selling life insurance and nonvariable type annuity
				contracts for the purpose of providing funds to pay for funeral services and
				merchandise selected under the terms of a preneed funeral contract.
(4) "Face Amount" Defined. For purposes of
				section 626.785, F.S., and this rule,
				the term face amount shall, provided that any subsequent increase in the
				benefit payable under the life insurance policy or annuity does not exceed the
				reasonably expected increase in the retail price of the services and
				merchandise specified in the preneed funeral contract, mean:
(a) The total consideration for an annuity
				contract; or
(b) As to a life
				insurance policy with full first day coverage, the death benefit payable at the
				time the policy is issued; or
(c)
				As to a life insurance policy which has a limited death benefit in the early
				years, the death benefit designated at the time the policy is issued which is
				payable when the limited benefits are inapplicable.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-149 - FILING OF FORMS AND RATES FOR LIFE/HEALTH INSURANCE › Section 69O-149.002 - Scope and Applicability

Current through Reg. 50, No. 138; July 16, 2024
(1)
(a)
1.
				Every policy, rider or endorsement form affecting benefits which is submitted
				for approval shall be submitted in accordance with the provisions of Part II of
				this rule chapter and shall be accompanied by a rate filing or an actuarial
				certification that such policy, rider, or endorsement form does not require a
				change in rates.
2. Any subsequent
				addition to or change in rates applicable to such policy, rider, or endorsement
				form shall also be filed.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-149 - FILING OF FORMS AND RATES FOR LIFE/HEALTH INSURANCE › Section 69O-149.0025 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
(1)
(a)
				Actual-to-Expected (A/E) ratio: The ratio of actual incurred claims under the
				policy form divided by expected claims. This is equivalent to the actual annual
				loss ratio divided by the applicable durational loss ratios of the approved
				durational loss ratio table.
(b)
				For projected periods, the A/E ratio is the ratio of the projected claims
				divided by the expected claims.
(c)
				Both the year-by-year pattern of the A/E ratios and the aggregate past, future,
				and lifetime ratios shall be presented.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-149 - FILING OF FORMS AND RATES FOR LIFE/HEALTH INSURANCE › Section 69O-149.003 - Rate Filing Procedures

Current through Reg. 50, No. 138; July 16, 2024
(1)
(a) Pooling. For purposes of submitting a
				rate filing under this part for individual policy forms and for group Medicare
				supplement and long-term care group policy forms, in order to encourage
				adequate risk sharing for all generations of policyholders, the experience of
				all policy forms providing similar benefits, whether open or closed, shall be
				combined.
1. Separate rating pools may be used
				for policy forms defined in subsections
				69O-149.005(5) and
				(6), F.A.C., and for stop-loss insurance
				policy forms.
2. Once policy forms
				have been combined, they remain so for all rating purposes, unless otherwise
				approved by the Office. This combining of the experience of policy forms is
				referred to as pooling. All policy forms within a pool are reviewed based on
				the analysis of the aggregate experience.
3. The same percentage rate adjustment shall
				be applicable to all policy forms within the pool.
4. In lieu of subparagraph (1)(a)3., above,
				percentage rate adjustments that are not the same for all policy forms within
				the pool shall be permitted subject to the following:
a. Resulting premium rate schedules are
				actuarially equivalent based on benefit differences or different regulatory
				standards, such as margins or retentions, between the policy forms within the
				pool;
b. Assumptions used to
				determine future experience and actuarial equivalence shall be based on the
				same set of common morbidity assumptions for all policy forms within the
				pool;
c. Policy forms with existing
				premium rate schedules not meeting the standards of sub-subparagraphs a. and b.
				above shall not be required to reduce rates to bring the policy forms into
				compliance, but any proposed rate adjustment shall be required to improve the
				relationship of the policy forms' premium rate schedules to bring them closer
				to compliance with sub-subparagraphs a. and b., above; and
d. Non-uniform rate increases shall be
				subject to the implementation provisions of sub-sub-subparagraph
				69O-149.006(3)(b)
				20.b.(V), F.A.C., on a revenue neutral basis as though a level percentage
				adjustment had been applied.
5. The experience of policies and policy
				forms where the rate schedule is not subject to change, such as non-cancellable
				policy forms and paid up policies, shall not be pooled with policy forms where
				the rates are subject to change.
6.
				The rate increase for a Medicare supplement form may be adjusted, on a revenue
				neutral basis, to mitigate the impact on the refund credit calculation required
				for the form pursuant to Rule
				69O-156.011, F.A.C., where the
				company can demonstrate that without such adjustment, the rate increase will
				result in refunds being required.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-149 - FILING OF FORMS AND RATES FOR LIFE/HEALTH INSURANCE › Section 69O-149.004 - Experience Records

Current through Reg. 50, No. 138; July 16, 2024
(1) The level of
				detail and the degree of integrity incorporated in the experience records of
				the insurer are vital factors in the presentation and review of rate filings.
				Benefits to policyholders and insurer viability and profitability are
				significantly impaired with less than excellent record-keeping. The detail
				necessary to complete the experience on the form, as defined in subparagraph
				69O-149.006(3)(b)
				23., F.A.C., is sufficient for rate filing and review purposes. Any requests
				for additional information shall be only for such information as is required by
				sound actuarial principles.
(2) The
				data required shall be available on a nationwide and on a Florida-only
				basis.
(3)
(a) If an insurer does not have all necessary
				data, and is unable to reconstruct the data at a reasonable expense, the
				insurer shall consult with the Office to address the issue of determining
				compliance with the required loss ratio standards.
(b) If the insurer is able to demonstrate
				that the missing data will not materially affect the analysis, the missing data
				shall not be required.
(c) If the
				missing data would affect the analysis, the missing data shall either be
				reconstructed, or a conservative estimate that minimizes the current rate
				increase request shall be used.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-149 - FILING OF FORMS AND RATES FOR LIFE/HEALTH INSURANCE › Section 69O-149.005 - Reasonableness of Benefits in Relation to Premiums

Current through Reg. 50, No. 138; July 16, 2024
(1) Benefits will be determined to be
				reasonable in relation to the premium rates charged if the premium schedule is
				not excessive, not inadequate and not unfairly discriminatory. In determining
				whether a premium schedule satisfies these requirements, the Office will
				consider all items presented in the filing with special emphasis placed on the
				information included in the actuarial memorandum.
(2) A premium schedule is not excessive if
				the following are true:
(a) For a new policy
				form, group or individual, the anticipated loss ratio is not less than the
				indicated adjusted entry in the loss ratio tables, in subsection (4),
				below.
(b)
1. For individual forms, and group policy
				forms other than annually rated group policy forms, approved on or after 2/1/94
				or issued on or after 6/1/94, the Premium Schedule satisfies the following:
a. An Anticipated Loss Ratio test such that
				the present value of projected claims is not less than the present value of
				expected claims over the entire future lifetime of the form. This is equivalent
				to the present value of the future A/E ratio not being less than 1.0;
				and,
b. The current lifetime loss
				ratio, as defined in subparagraph
				69O-149.006(3)(b)
				24., F.A.C., is not less than the initial filed target loss ratio for the form
				as may be subsequently amended and approved pursuant to this rule
				chapter.
2. For annually
				rated group policy forms, the target loss ratio is not less than the loss ratio
				anticipated in the current premium schedule, as may be subsequently amended and
				approved pursuant to this rule chapter.
(c) For an existing Individual Policy Form
				issued up to 6/1/94 for forms approved prior to 2/1/94, the Premium Schedule
				satisfies subparagraphs 1. and 2., below:
1.
				The anticipated Loss Ratio is not less than the initial filed loss ratio;
				and,
2. The current lifetime Loss
				Ratio is not less than the initial filed loss ratio.
(d) For an existing group policy form issued
				up to 6/1/94 for forms approved prior to 2/1/94, the anticipated loss ratio is
				not less than the appropriate adjusted entry in the loss ratio tables in
				subsection (3), below.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-149 - FILING OF FORMS AND RATES FOR LIFE/HEALTH INSURANCE › Section 69O-149.0055 - Healthy Lifestyle Rebate

Current through Reg. 50, No. 138; July 16, 2024
(1) Group
				Coverage.
(a) All insurers and HMOs subject to
				the provisions of Section
				627.65626 or
				641.31(40),
				F.S., shall provide for a healthy lifestyle rebate.
(b)
1. All
				insurers and HMOs providing a healthy lifestyle rebate shall file for approval
				the standards it will use for determining the level of rebate, i.e., between 0%
				and 10%, for different health status indicators, which shall include reduction
				in weight, body mass index, and smoking cessation.
2. The filed standards shall provide that the
				rebate is available and attainable by all policy or contract holders on a
				nondiscriminatory basis and be without regard to the health or claim status of
				the member or subscriber.
3. The
				filing of the standards shall address the method and timing of the
				determination and application of the rebate.
(c)
1. For
				purposes of rate filings, the rebate made shall be accounted as a reduction to
				the earned premium and clearly identified in the filing.
2. Rate filings shall include the number of
				members or subscribers participating in the rebate program and the distribution
				of the policies or contracts by size of rebate earned.
(d) The insurer or HMO shall provide an
				appropriate rebate for maintenance or improvement of health status for any
				program offered by a policy or contract holder as determined by agreed upon
				health status indicators.
(e) This
				rule shall be effective for all policies issued or renewed on or after July 1,
				2005 with the first rebate available in 2006.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-149 - FILING OF FORMS AND RATES FOR LIFE/HEALTH INSURANCE › Section 69O-149.007 - Annual Rate Certification (ARC) Filing Procedures

Current through Reg. 50, No. 138; July 16, 2024
(1) This rule applies to filings made
				pursuant to Section 627.410(7)(b)2., F.S., in which no rate change is
				proposed.
(2) The filings required
				by this rule shall be on an individual company basis.
(3) This rule is not applicable for Medicare
				supplement coverage. Medicare supplement forms are subject to Rule 69O149.003,
				F.A.C.
(4) Non-cancellable
				coverages which are no longer available for sale and which have not been sold
				or marketed for at least 5 years and are in compliance with the reasonableness
				standards of Rule 69O-149.005, F.A.C., shall be
				exempt from the filing requirements of this rule. If a company is subsequently
				discovered not to have met the standards, they shall, in addition to other
				administrative remedies, be required to enhance benefits and make premium
				refunds to bring the form into full compliance with the loss ratio standards of
				Rule 69O-149.005, F.A.C.
(5) An ARC filing shall consist of:
(a) A cover letter indicating the nature of
				the filing;
(b) Form OIR-B2-1507,
				as adopted in Rule 69O-149.022, F.A.C.;
				and,
(c) A certification by an
				actuary, in accordance with subparagraph
				69O-149.006(3)(b)
				28., F.A.C. For policies subject to the provisions of Part II of Chapter
				69O-157, F.A.C., the certification in accordance with paragraph
				69O-157.108(1)(c),
				F.A.C., is required.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-149 - FILING OF FORMS AND RATES FOR LIFE/HEALTH INSURANCE › Section 69O-149.010 - Refusal to Insure Based on Geographical Location

Current through Reg. 50, No. 138; July 16, 2024
No insurer authorized to engage in the business of insurance
				  in the State of Florida shall refuse to insure, or continue to insure, an
				  individual risk or a group for accident and health insurance coverage because
				  of the residence of the individual or location of the group within the State
				  unless the insurer performs a written analysis which establishes that there is
				  a reasonable relationship between the residence of the individual or location
				  of the group and the coverage refused. Every analysis shall be retained in the
				  records of the insurer for a period of three years.
Rulemaking Authority 624.308(1) FS. Law Implemented
					 626.9541(24) FS.
New 1-31-84, Formerly 4-43.05, 4-43.005,
					 4-149.010.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-149 - FILING OF FORMS AND RATES FOR LIFE/HEALTH INSURANCE › Section 69O-149.020 - Purpose and Scope

Current through Reg. 50, No. 138; July 16, 2024
The purpose of this part is to establish filing procedures to
				  assist insurers and the Office in preparing and processing life, annuity,
				  accident, and health insurance form filings. This part shall apply to all form
				  filings of policies and applications for accident and health insurance,
				  including outlines of coverage, and of all form filings for life insurance and
				  annuities submitted to the Office for review. Except for subparagraphs
				  69O-149.021(1)(b)
				  1., 2., and 6.-8., F.A.C., this part shall not apply to any filings of
				  amendments, endorsements, or riders, or to any medicare supplement
				  filings.
Rulemaking Authority 624.308 FS. Law Implemented 627.410
					 FS.
New 10-29-91, Amended 4-18-94, 5-15-96, Formerly
					 4-149.020.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-149 - FILING OF FORMS AND RATES FOR LIFE/HEALTH INSURANCE › Section 69O-149.021 - Form Filing Procedures

Current through Reg. 50, No. 138; July 16, 2024
(1)
(a)
1. All
				filings shall be made in accordance with paragraph (1)(b), below.
2.
a. For
				purposes of the rules in this part and the time periods in Section
				627.410, F.S., a filing is
				considered "filed" with the Office upon the receipt of the material required by
				paragraph (1)(b), on business days between the hours of 8:00 a.m. and 5:00 p.m.
				eastern time. Filings received after 5:00 p.m. shall be considered to be
				received the following business day.
b. For purposes of the rules in this part,
				the term "filed" does not mean "approved." The term "filed" refers to the date
				on which the filing is filed with the Office and is the date on which the
				approval process of Section
				627.410, F.S.,
				commences.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-149 - FILING OF FORMS AND RATES FOR LIFE/HEALTH INSURANCE › Section 69O-149.023 - Review

Current through Reg. 50, No. 138; July 16, 2024
(1) Filings will be reviewed for compliance
				with applicable statutes and rules as stated on the forms adopted in Rule
				69O-149.022, F.A.C., and will be
				disapproved for failure to comply. Filings will be disapproved for
				inconsistencies or ambiguities which are misleading.
(2) The policy may not reserve the right to
				change contractual provisions without the written consent of the policyholder
				unless the nature and parameters of such changes are clearly expressed in the
				contract.
(3) A group life or
				annuity policy may not reserve the right to change contractual provisions which
				will adversely affect the annuitization benefit for a certificateholder which
				is attributable to premiums or contributions already made to the
				contract.
(4) The insurer shall
				submit a description of distribution systems (e.g. direct marketing, marketing
				through agents, marketing through financial or other institutions, etc.), and
				the intended target population for all product filings.
Rulemaking Authority 624.308, 627.805, 626.9611 FS. Law
					 Implemented 624.307, 625.121, 626.9541, 626.9641, 626.99, 627.410, 627.411,
					 627.474, 627.476 FS.
New 5-15-96, Formerly 4-149.023, Amended
					 5-18-04.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-149 - FILING OF FORMS AND RATES FOR LIFE/HEALTH INSURANCE › Section 69O-149.024 - Prohibited Policies

Current through Reg. 50, No. 138; July 16, 2024
(1) Purpose. The
				purpose of this rule is to implement Section
				627.479, F.S., which prohibits
				the issuance of certain policies in the State of Florida.
(2) Scope. This rule applies to all insurers
				and to any prohibited policy defined in this rule.
(3) Definitions. For purposes of this rule
				and Section 627.479, F.S., the following
				terms are defined:
(a) "Tontine policy or
				contract" refers to a financial arrangement in which a group of participants
				share advantages on such terms that upon the default or death of any
				participant, his advantages are distributed among the remaining participants
				until only one remains, whereupon the whole goes to him; or on the expiration
				of an agreed period, the whole goes to those participants remaining at that
				time. Under the "tontine" plan of insurance, no accumulation or earnings are
				credited to the policy unless it remains in force for the tontine period of a
				specified number of years. Thus those who survive the period and keep their
				policies in force share in the accumulated funds and those who die or permit
				their policies to lapse during period do not; neither do their beneficiaries
				participate in such accumulation.
(b) "Contingent endowment policy or contract"
				means a tontine type policy which provides a cash payment or other benefit
				convertible to cash, payable to the last surviving insured contingent upon the
				prior death of all other insureds who have been grouped together.
(c) "Coupon policy or contract" or "annual
				endowment policy or contract" refers to a specialty-type of life insurance with
				coupons or annual endowments attached to the policy. Each coupon or endowment
				is redeemable in cash at the end of the policy year. Generally premiums on
				these types of policies are higher than on standard life insurance policies in
				order to pay for the coupons. This definition does not include traditional
				annuity or life insurance contracts which pay benefits annually.
(d) "Pure endowment policy or contract"
				refers to an specialty-type policy which only pays a benefit if the designated
				person is living at the end of the specified period.
(e) "Joint and last survivorship option" is a
				policy option which provides for payment of the policy proceeds to two people.
				If either person dies, the same income payments continue to the survivor for
				life. When that survivor dies no further payments are made to
				anyone.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-149 - FILING OF FORMS AND RATES FOR LIFE/HEALTH INSURANCE › Section 69O-149.030 - Purpose

Current through Reg. 50, No. 138; July 16, 2024
The purpose of these rules is to implement Section
				  627.6699, F.S., pertaining to
				  requirements of small employer group insurance, to promote the public interest,
				  to promote the availability of small employer group insurance policies, to
				  protect applicants for small employer group insurance from unfair or deceptive
				  sales or enrollment practices, to establish standards for small employer group
				  insurance, to facilitate public understanding and comparison of small employer
				  group insurance policies.
Rulemaking Authority 624.308(1), 626.9641, 627.6699(16) FS.
					 Law Implemented 626.9541,
					 627.401,
					 627.410,
					 627.411,
					 627.6699
					 FS.
New 3-1-93, Amended 11-7-93, 8-4-02, Formerly
					 4-149.030.