reglab/statecodes huggingface dataset:
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-136 - APPLICATION PROCEDURES FOR COMPANIES SEEKING TO DO BUSINESS IN FLORIDA › Section 69O-136.054 - Legal Expense Insurance Corporations

Current through Reg. 50, No. 138; July 16, 2024
(1) Application for Certificate of Authority
				as a Legal Expense Insurance Corporation.
(a)
				An application for a person applying for a certificate of authority as a legal
				expense insurance corporation consists of the following:
1. Form OIR-C1-480, "Application for
				Certificate of Authority Legal Expense Insurance," effective 07/23, available
				at
http://www.flrules.org/Gateway/reference.asp?No=Ref-16224
;
2. Form OIR-A3-478, "Legal Expense Insurance
				Corporation Surety Bond," effective 07/23, available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-16220
;
3. Form OIR-C1-144, incorporated by reference
				in Rule 69O-136.100, F.A.C.;
4. Form OIR-C1-905, incorporated by reference
				in Rule 69O-136.100, F.A.C.;
5. Form OIR-C1-938, incorporated by reference
				in Rule 69O-136.100, F.A.C.;
6. Form OIR-C1-1423, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
7. Form OIR-C1-0500, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
8. Form OIR-C1-0501, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
9. Form OIR-C1-0502, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
10. Form OIR-C1-0503, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
11. Form OIR-C1-0504, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
12. Form OIR-C1-0505, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
13. Form OIR-C1-0506, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
14. Form OIR-C1-0507, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
				and
15. Form OIR-C1-2221
				incorporated by reference in Rule
				69O-136.100, F.A.C.;
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-136 - APPLICATION PROCEDURES FOR COMPANIES SEEKING TO DO BUSINESS IN FLORIDA › Section 69O-136.080 - Mergers and Acquisition of Controlling Stock of a Florida Domestic Insurer

Current through Reg. 50, No. 138; July 16, 2024
(1) Any person
				acquiring a Florida domestic insurer pursuant to Section
				628.461, F.S., shall comply with
				the instructions contained on Form OIR-C1-918, incorporated by reference in
				Rule 69O-136.100, F.A.C., and shall
				also comply with directions, or otherwise submit, the following applicable
				forms:
(a) Form OIR-C1-918, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(b) Form OIR-C1-905, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(c) Form OIR-C1-938, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(d) Form OIR-C1-1416, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(e) Form OIR-C1-1423, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(f) Form OIR-C1-0500, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(g) Form OIR-C1-0501, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(h) Form OIR-C1-0502, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(i) Form OIR-C1-0503, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(j) Form OIR-C1-0504, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(k) Form OIR-C1-0505, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(l) Form OIR-C1-0506, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(m) Form OIR-C1-0507, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(n) Form OIR-C1-0509, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(o) Form OIR-C1-1524, incorporated by
				reference in Rule 69O-136.100, F.A.C., if required as per the instructions in
				Form OIR-C1-918;
(p) Form
				OIR-C1-2069, incorporated by reference in Rule 69O-136.100, F.A.C.;
(q) Form OIR-C1-2221, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(r) Form OIR-D0-896, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(s) Form OIR-D0-904, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(t) Form OIR-D0-2119, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(u) Form OIR-D0-2165, incorporated by
				reference in Rule 69O-136.100, F.A.C.; and
(v) Prior to a final decision on whether to
				approve the proposed acquisition, the Office shall request such other
				information as is necessary, depending on the facts and circumstances of the
				specific persons and entities involved, pursuant to Section
				628.461(3),
				F.S., to determine the character, experience, ability, and other qualifications
				required by statute, of the person or affiliated person of such person for the
				protection of the policyholders and shareholders of the insurer and the public.
				The Office shall make no final decision on any proposed acquisition without
				complete information, as required by Section
				628.461,
				F.S.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-136 - APPLICATION PROCEDURES FOR COMPANIES SEEKING TO DO BUSINESS IN FLORIDA › Section 69O-136.090 - Merger, Consolidation, or Acquisition of Controlling Stock, Ownership Interests, Assets, or Control of a Specialty Insurer

Current through Reg. 50, No. 138; July 16, 2024
(1) Any person acquiring a specialty insurer
				pursuant to Section 628.4615, F.S., shall comply
				with the instructions contained on Form OIR-C1-448, incorporated by reference
				in Rule 69O-136.100, F.A.C., and shall
				also comply with directions, or otherwise submit, the following applicable
				forms:
(a) Form OIR-C1-144, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(b) Form OIR-C1-448, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(c) Form OIR-C1-905, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(d) Form OIR-C1-938, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(e) Form OIR-C1-1423, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(f) Form OIR-C1-0500, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(g) Form OIR-C1-0501, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(h) Form OIR-C1-0502, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(i) Form OIR-C1-0503, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(j) Form OIR-C1-0504, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(k) Form OIR-C1-0505, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(l) Form OIR-C1-0506, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(m) Form OIR-C1-0507, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(n) Form OIR-C1-0509, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(o) Form OIR-C1-2069, incorporated by
				reference in Rule 69O-136.100, F.A.C.;
(p) Form OIR-C1-2221, incorporated by
				reference in Rule 69O-136.100, F.A.C.; and,
(q) In addition, prior to a final decision on
				whether to approve the proposed acquisition, the Office shall request such
				other information as is necessary, depending on the facts and circumstances of
				the specific persons and entities involved, pursuant to Section
				628.4615(4),
				F.S., to determine the character, experience, ability, and other qualifications
				required by statute, of the person or affiliated person of such person for the
				protection of the policyholders and shareholders of the insurer and the public.
				The Office shall make no final decision on any proposed acquisition without
				complete information, as required by Section
				628.4615,
				F.S.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-137 - INSURER REPORTING REQUIREMENTS › Section 69O-137.001 - Annual and Quarterly Reporting Requirements

Current through Reg. 50, No. 138; July 16, 2024
(1) The purpose of this rule is to establish
				uniform requirements reporting of annual and quarterly statement information
				for all authorized insurers as defined in Section
				624.09, F.S.
(2) Each authorized insurer shall file with
				the Office a full and true statement of its financial condition, transactions,
				and affairs.
(a) An annual statement covering
				the preceding calendar year shall be filed on or before March 1, and quarterly
				statements covering the periods ending on March 31, June 30, and September 30
				shall be filed within 45 calendar days after each such date.
(b) The Office shall grant an extension of
				time for filing an annual or quarterly statement if there exist conditions
				beyond the control of the authorized insurer, such as rehabilitation pursuant
				to Chapter 631, F.S., or the laws of the state of domicile; severe damage to
				the insurer's physical premises by a natural or man-made disaster; or some
				other reason of similar gravity and severity. The extension shall be for the
				amount of time reasonable to file under the conditions which justified the
				extension.
(c) For purposes of this
				rule, the requirement that statements be filed with the Office means that the
				statement has been transmitted electronically to the National Association of
				Insurance Commissioners and that the executed Jurat page of said statement has
				been transmitted electronically to the Office via the Regulatory Electronic
				Filing System, "REFS." The date affixed by the Office's electronic data
				processing system shall serve as evidence of the timeliness of the statement.
				Annual and quarterly statements in any other format shall not be submitted to
				the Office.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-137 - INSURER REPORTING REQUIREMENTS › Section 69O-137.002 - Annual Audited Financial Reports

Current through Reg. 50, No. 138; July 16, 2024
(1) The
				purpose of this rule is to improve the Office's surveillance of the financial
				condition of insurers by requiring an annual audit of financial statements
				reporting the financial position and the results of operations of insurers by:
(a) Independent certified public
				accountants;
(b) Communication of
				Internal Control Related Matters Noted in an audit; and,
(c) Management's Report of Internal Control
				over Financial Reporting.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-137 - INSURER REPORTING REQUIREMENTS › Section 69O-137.003 - Premium Growth Reporting

Current through Reg. 50, No. 138; July 16, 2024
Section 624. 4243(3), F.S., requires that a form for
				  reporting premium growth be adopted by rule for each insurer that has been
				  authorized to transact property and casualty insurance in Florida for less than
				  three years. Form OIR-A1-1229,
http://www.flrules.org/Gateway/reference.asp?No=Ref-08298
(rev. 9/06), entitled "Office of Insurance Regulation Premium Growth Reporting
				  Form," is hereby incorporated by reference to be the form specified in Section
				  624.4243(3),
				  F.S., for reporting premium growth. Forms are available at
				  http://www.floir.com/iportal. All forms may be reproduced at
				  will.
Rulemaking Authority 624.4243(3) FS. Law Implemented
					 624.4243 FS.
New 3-26-98, Amended 3-27-02, Formerly 4-137.003, Amended
					 7-30-17.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-137 - INSURER REPORTING REQUIREMENTS › Section 69O-137.004 - Reports of Information by Health Insurers Required

Current through Reg. 50, No. 138; July 16, 2024
(1) Any insurer authorized to write a policy
				or certificate of health insurance in the state shall, on or before April 1 for
				the preceding year ending December 31, report the information required by;
(a) Form OIR-B2-1094, "Report of Gross Annual
				Premiums and Enrollment Data for Health Benefit Plans Issued to Florida
				Residents", providing information on health benefit plans written in this state
				and
(b) Form OIR-B2-575,
				"Implemented Health Insurance Measures", providing information on measures
				implemented or proposed to contain health insurance costs or cost
				increases.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-137 - INSURER REPORTING REQUIREMENTS › Section 69O-137.008 - Filing of Statistical and Quarterly Reports for Individually Rated Risks and Excess Rates

Current through Reg. 50, No. 138; July 16, 2024
(1) Purpose and
				Scope. The purpose of this rule is to provide procedures for filing statistical
				reports for individually rated risks pursuant to Section
				627.062(3)(a),
				F.S., and for excess rates pursuant to Section
				627.171, F.S., since they are
				not rated in accordance with the insurer's rates, rating schedules, rating
				manuals, and underwriting rules which have been filed with the Office. Every
				insurer in this state which is authorized to transact any of the lines of
				insurance subject to Part II of Chapter 627, F.S., and which rates risks on an
				individual or excess basis shall be subject to this rule. Reports for
				individually rated risks and excess rates shall be received by the Office on a
				quarterly basis for each company. The information shall be reported within 45
				days of the close of each quarter on Form OIR-B1-588,
http://www.flrules.org/Gateway/reference.asp?No=Ref-08272
,
				"Office of Insurance Regulation/Property & Casualty - Quarterly
				Report/Individually Rated Risks and Excess Rates," rev. 7/03, which is hereby
				adopted and incorporated by reference. A quarterly report need not be filed if
				no individually rated risks or risks subject to excess rates have been written
				during the quarter for which the report would otherwise be due. However, if an
				insurer does not file Form OIR-B1-588 because of not having written such
				business for four consecutive quarters, then for the quarter after the fourth
				consecutive quarter for which no business was written, the insurer shall file
				Form OIR-B1-588 and check the box thereon indicating that the insurer has not
				been subject to filing for the past four consecutive quarters. The form may be
				obtained from http://www.floir.com/iportal. A separate report must be completed
				for each quarter. The reports are due 45 days after the close of each
				quarter.
(2) Submitting the Report.
				Forms shall be filed electronically at
https://www.floir.com/iportal
.
Rulemaking Authority 624.308(1), 627.331(1) FS. Law
					 Implemented 624.307(1), 624.418, 624.4211, 624.424(6), 627.062, 627.171,
					 627.331 FS.
New 6-9-93, Amended 9-19-94, Formerly 4-137.008, Amended
					 7-30-17, 1-3-21.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-137 - INSURER REPORTING REQUIREMENTS › Section 69O-137.009 - Filing Procedures for Commercial and Personal Residential Property Supplemental Quarterly Report

Current through Reg. 50, No. 138; July 16, 2024
(1) The
				procedures in this rule apply to all commercial and residential property
				policies as defined below. Each insurer or insurer group doing business in
				Florida shall file with the office a supplemental report with information,
				listed by company, on personal lines and commercial lines residential property
				insurance policies written in this state. The data submitted shall be
				calculated from the end of the last business day of each month. Non-renewal
				information shall be determined by the policy expiration dates.
(2) For purpose of this rule the following
				definitions are provided:
(a) "Homeowners"
				excludes condominium unit owners, tenants, and farm owners.
(b) "Mobile Homeowners" include coverage on
				mobile homes regardless of the type of policy used to cover the mobile
				homes.
(c) "Other Personal"
				includes all other personal residential policies not included under other
				coverage.
(d) "Other Commercial'
				includes all other commercial residential property policies not insured under
				any other coverage.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-137 - INSURER REPORTING REQUIREMENTS › Section 69O-137.010 - Holocaust Victims Insurance Report and Standards of Proof (Transferred)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 624.308(1), 624.424(1)(c),
					 626.9543(11) FS. Law Implemented
					 624.307(1),
					 626.9543
					 FS.
New 5-12-99, Formerly 4-137.010, Transferred to
					 69J-137.010.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-137 - INSURER REPORTING REQUIREMENTS › Section 69O-137.011 - Reinsurance Summary Statement

Current through Reg. 50, No. 138; July 16, 2024
Section
				  624.610(11),
				  F.S., requires each domestic or commercially domiciled insurer ceding directly
				  written risks of loss to file with the office one copy of a summary statement
				  containing information about each treaty. The required information shall be
				  filed on Form OIR-D0-1433 (rev. 07/01), entitled "Reinsurance Summary
				  Statement," which is hereby incorporated by reference. Form OIR-D0-1433 shall
				  be filed within 30 days after receipt of a cover note or similar confirmation
				  of coverage, or, without exception, no later than 6 months after the effective
				  date of the reinsurance treaty. Forms are available and shall be filed
				  electronically at http://www.floir.com/iportal. All forms may be reproduced at
				  will.
Rulemaking Authority 624.308(1) FS. Law Implemented
					 624.424, 624.610(11) FS.
New 3-27-02, Formerly
					 4-137.011.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-137 - INSURER REPORTING REQUIREMENTS › Section 69O-137.014 - Notice of Temporary Discontinuance of Writing New Residential Property Insurance Policies

Current through Reg. 50, No. 138; July 16, 2024
(1) In addition to
				meeting all other requirements of law, each authorized insurer intending to
				temporarily suspend writing new residential property insurance policies must
				submit the required notification to the Office the earlier of:
(a) 20 business days before the effective
				date of the temporary suspension of writing, or
(b) 5 business days before notifying its
				agents of the temporary suspension of writing.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-138 - FINANCIAL EXAMINATIONS AND REQUIREMENTS › Section 69O-138.001 - NAIC Financial Condition Examiners Handbook Adopted

Current through Reg. 50, No. 138; July 16, 2024
(1)
(a) The
				National Association of Insurance Commissioners Financial Condition Examiners
				Handbook 2023, is hereby adopted and incorporated by reference.
(b) The National Association of Insurance
				Commissioners Financial Condition Examiners Handbook 2022, is hereby adopted
				and incorporated by reference.
(c)
				The agency has determined that posting these incorporated materials would be a
				violation of federal copyright law. The materials are available for public
				inspection at the Office of Insurance Regulation, Larson Building, 200 East
				Gaines Street, Tallahassee, Florida 32399-0300, or at the Department of State,
				R.A. Gray Building, 500 South Bronough Street, Tallahassee, Florida 32399-0250.
				A copy of the handbooks may also be obtained from the National Association of
				Insurance Commissioners 1100 Walnut Street, Suite 1500, Kansas City, MO
				64106-2197, Telephone (816) 783-8500, website:
http://www.naic.org
.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-138 - FINANCIAL EXAMINATIONS AND REQUIREMENTS › Section 69O-138.002 - Financial, Rate, and Market Conduct Examination Reimbursement Expenses

Current through Reg. 50, No. 138; July 16, 2024
(1) This rule establishes rates and
				procedures for reimbursement to the Office for examination and per diem
				expenses for examinations conducted by Office employees pursuant to the
				provisions of Sections
				624.316 and
				624.3161, F.S.
(2) Examination and per diem charges will be
				computed beginning at the start of the examination of the insurer to be
				examined and the examiner's active participation in the examination planning,
				and ending at the completion of the examination and the end of the examiner's
				active participation in the examination. Where the examiner does not spend a
				full eight hour day in conducting the examination or planning, the insurer will
				only be charged for the time actually spent on planning or examination on a pro
				rata basis. If the examiner begins planning the examination more than a week
				prior to the actual on-site work, the Office will give written notice to the
				company being examined. No charges will be made for clerical or research work
				done by support staff to facilitate the examination or examiner's report.
				Charges will also be assessed for actual travel days as certified by the
				Office.
(3) The daily examination
				fee for each financial examination employee or dual financial and market
				conduct examination employee shall be at the rates as published in the National
				Association of Insurance Commissioners Financial Condition Examiners Handbook
				Attachment B which is adopted in Rule
				69O-138.001, F.A.C. The rates as
				published are applied as follows:
(a) The
				Insurance Company Examiner rate is applied to our Financial Examiner/Analyst I
				positions and any other positions not specifically identified.
(b) The Senior Insurance Examiner rate is
				applied to our Financial Examiner/Analyst II and Financial Specialist positions
				when such examiners are not in an examiner-in-charge role.
(c) The Insurance Examiner-In-Charge rate is
				applied to any of our positions when such examiner is in the
				examiner-in-charge.
(d) The
				Administrative Examiner rate is applied to our Financial Examiner/Analyst
				Supervisor and any other positions that are in a supervisory capacity. In
				addition, the daily examination fee shall be $232 for each market conduct
				examination employee and $461 for each actuarial employee. The daily rates are
				applicable to each day the employees are participating in the
				examination.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-138 - FINANCIAL EXAMINATIONS AND REQUIREMENTS › Section 69O-138.003 - Market Conduct Exam Methodology

Current through Reg. 50, No. 138; July 16, 2024
The Office will prioritize scheduling and conducting market
				  conduct examinations of insurers and other entities regulated by the Office
				  based on the following selection methodology.
(1) Priority 1 - Statutorily Required
				Examinations:
(a) Pharmacy Benefit Managers,
				pursuant to s. 626.8828, F.S.,
(b) Citizens Property Insurance Corporation,
				pursuant to s. 627.351(6)(l),
				F.S., and
(c) Premium Finance
				Companies, pursuant to s.
				627.834,
				F.S.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-138 - FINANCIAL EXAMINATIONS AND REQUIREMENTS › Section 69O-138.004 - Risk-Based Selection Methodology for Scheduling Financial Examinations

Current through Reg. 50, No. 138; July 16, 2024
(1) This rule established a risk-based
				selection methodology for scheduling examinations of insurers subject to the
				provisions of Section
				624.316, F.S.
(2) Section
				624.316, F.S. permits the Office
				to examine each insurer holding a certificate of authority for three years or
				longer as often as may be warranted for the protection of the policyholders and
				in the public interest, but must, at a minimum, examine:
(a) High-risk insurers at least once every 3
				years.
(b) Average- and low-risk
				insurers at least once every 5 years.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-138 - FINANCIAL EXAMINATIONS AND REQUIREMENTS › Section 69O-138.020 - Requirements for Maintaining Cash and Certificates of Deposit Outside the State of Florida

Current through Reg. 50, No. 138; July 16, 2024
(1) This rule
				applies to all domestic insurers subject to Part I of Chapter 628,
				F.S.
(2) Definitions.
(a) "Coin and currency of the United States,"
				as used in Section 625.306, F.S., shall include
				demand certificates of deposit as long as the certificates are non-negotiable,
				can be redeemed prior to maturity, and are issued by a solvent national bank,
				savings and loan association, or trust company which is a member of the Federal
				Reserve System.
(b) "National bank,
				savings and loan association, or trust company" is defined as a banking
				institution which is a member of the Federal Reserve
				System.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-138 - FINANCIAL EXAMINATIONS AND REQUIREMENTS › Section 69O-138.021 - Special Consent Investments

Current through Reg. 50, No. 138; July 16, 2024
(1) This
				rule implements the provisions of Section
				625.331, F.S., and applies to
				all authorized insurers as defined in Section
				624.09, F.S.
(2) Automatic Revocation and Renewal
				Procedure.
(a) Each special consent investment
				currently on an insurer's statutory balance sheet, which has been approved or
				granted by the Office, either expressly or by implication, prior to December
				31, 1991, is revoked 90 days after the effective date of this rule. Each
				insurer that currently has a special consent investment on its statutory
				balance sheet approved or granted by the Office, either expressly or by
				implication, on or before December 31, 1991, shall resubmit the investment to
				the Office for renewal pursuant to provisions of paragraph (2)(c) of this
				subsection.
(b) On or after January
				1, 1992, all special consent investments approved or granted by the Office
				shall have an effective duration of one year or less, but may be for a period
				in excess of 1 year if the approval contains a specific expiration date for
				that special consent. Unless otherwise specified, all special consents shall
				expire at midnight on March 15, of the year following the date the special
				consent was granted.
(c) All
				requests for special consent investments shall be clearly labeled as such and
				shall contain the following information: name and NAIC code number of the
				insurer requesting the special consent; nature and amount of the proposed
				investment; requested dates of approval and expiration; reason for the special
				consent request; date of submission for approval; and information regarding any
				previous special consents granted to the insurer for the same or nearly the
				same investments. All filings shall be submitted electronically to
				http://www.floir.com/iportal.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-138 - FINANCIAL EXAMINATIONS AND REQUIREMENTS › Section 69O-138.024 - Agents'Balances in the Course of Collection; Calculation of 90 Days Past Due

Current through Reg. 50, No. 138; July 16, 2024
(1) This rule implements the provisions of
				Section 625.012(5),
				F.S., and applies to all authorized insurers as defined in section
				624.09, F.S.
(2) All agents' balances shall be aged on a
				separate policy by policy basis.
(3) For purposes of determining the
				admissibility as an asset of agents' balances, the policy inception date,
				defined as the time when the insurance thereunder takes effect, is the first
				day of the 90 days in which the agents' balances must be collected or be
				considered past due.
(4) Any
				agents' balance in excess of 90 days shall not be reflected as an admitted
				asset on the company's financial statement.
Rulemaking Authority 624.308 FS. Law Implemented
					 624.307(1), 625.012(5) FS.
New 6-15-92, Formerly
					 4-138.024.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-138 - FINANCIAL EXAMINATIONS AND REQUIREMENTS › Section 69O-138.031 - Financial Requirements for Assessable Mutual Insurers

Current through Reg. 50, No. 138; July 16, 2024
(1) Purpose and Scope. This rule sets forth
				office policy and legal interpretation concerning applicants for licensure as
				an assessable mutual insurer and licensed assessable mutual insurers operating
				under Part II of Chapter 628, F.S.
(2) Definitions.
(a) "Office" means the Office of Insurance
				Regulation.
(b) "Applicant" and
				"application" refer to the application of an entity applying for a certificate
				of authority as an assessable mutual insurer.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-138 - FINANCIAL EXAMINATIONS AND REQUIREMENTS › Section 69O-138.040 - Purpose

Current through Reg. 50, No. 138; July 16, 2024
The purpose of this part is to prescribe:
(1) Requirements for statements of actuarial
				opinion that are to be submitted in accordance with subsection (3) of the
				Standard Valuation Law, and for supporting memoranda;
(2) Rules applicable to the appointment of an
				appointed actuary; and,
(3)
				Guidance as to the meaning of "adequacy of reserves."
Rulemaking Authority 624.308(1), 625.121(3)(a) FS. Law
					 Implemented 624.307(1), 625.121(3), 632.627
					 FS.
New 5-18-93, Amended 1-23-03, Formerly
					 4-138.040.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-138 - FINANCIAL EXAMINATIONS AND REQUIREMENTS › Section 69O-138.041 - Scope

Current through Reg. 50, No. 138; July 16, 2024
(1) This part shall apply to all life and
				health insurance companies and fraternal benefit societies doing business in
				this state, and to all life insurance companies and fraternal benefit societies
				that are authorized to reinsure life insurance, annuities, or accident and
				health insurance business in this state. This part shall be applied in a manner
				that allows the appointed actuary to utilize his or her professional judgment
				in performing the asset analysis and developing the actuarial opinion and
				supporting memoranda, consistent with relevant actuarial standards of practice.
				However, the Office shall have the authority to specify specific methods of
				actuarial analysis and actuarial assumptions when these specifications are
				necessary for an acceptable opinion to be rendered relative to the adequacy of
				reserves and related items.
(2)
				This rule shall be applicable to all annual statements filed with the Office. A
				statement of opinion on the adequacy of the reserves and related actuarial
				items based on an asset adequacy analysis in accordance with Rule
				69O-138.046, F.A.C., of this
				part, and a memorandum in support thereof in accordance with Rule
				69O-138.047, F.A.C., of this
				part, shall be required each year. All filings shall be submitted
				electronically to http://www.floir.com/iportal.
Rulemaking Authority 624.308(1), 625.121(3)(a) FS. Law
					 Implemented 624.307(1), 624.316(1)(c), 624.424(1), 625.121(3)
					 FS.
New 5-18-93, Amended 2-16-94, 1-23-03, Formerly 4-138.041,
					 Amended 7-30-17.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-138 - FINANCIAL EXAMINATIONS AND REQUIREMENTS › Section 69O-138.042 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
(1) "Actuarial Opinion" means the opinion of
				an appointed actuary regarding the adequacy of the reserves and related
				actuarial items based on an asset adequacy analysis in accordance with Rule
				69O-138.046, F.A.C., and with
				applicable actuarial standards of practice.
(2) "Actuarial Standards Board" means the
				board established by the American Academy of Actuaries to develop and
				promulgate standards of actuarial practice.
(3) "Annual Statement" means that statement
				required by Section 624.424, F.S., to be filed by
				the company with the Office annually.
(4) An "Appointed Actuary" is a qualified
				actuary who is appointed or retained, either directly by or by the authority of
				the board of directors through an executive officer of the company other than
				an officer who is the qualified actuary, to prepare the statement of actuarial
				opinion as required by subsection (3), of the Standard Valuation Law.
(5) "Asset Adequacy Analysis" means an
				analysis that meets the standards and other requirements referred to in
				subsection 69O-138.043(3),
				F.A.C., of this part.
(6) "Company"
				means a life insurance company, fraternal benefit society or reinsurer subject
				to the provisions of this part.
(7)
				"Office" means the Office of Insurance Regulation.
(8) "NAIC" means the National Association of
				Insurance Commissioners.
(9) "NAIC
				Actuarial Opinion and Memorandum Regulation" means this part.
(10) "Qualified Actuary" means any individual
				who meets the criteria specified in paragraph
				69O-138.043(2)(b),
				F.A.C.
(11) "Standard Valuation
				Law" means that defined in Section
				625.121,
				F.S.
Rulemaking Authority 625.121(3)(a) FS. Law Implemented
					 625.121(3) FS.
New 5-18-93, Amended 1-23-03, Formerly
					 4-138.042.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-138 - FINANCIAL EXAMINATIONS AND REQUIREMENTS › Section 69O-138.043 - General Requirements

Current through Reg. 50, No. 138; July 16, 2024
(1) Submission of
				Statement of Actuarial Opinion.
(a) Included
				on or attached to Page 1 of the annual statement for each year, shall be the
				statement of an appointed actuary, entitled "Statement of Actuarial Opinion,"
				setting forth an opinion relating to reserves and related actuarial items held
				in support of policies and contracts, in accordance with Rule
				69O-138.046, F.A.C.
(b) Upon written request by the company, the
				Office will, for good cause, grant an extension of the date for submission of
				the statement of actuarial opinion. Good cause includes the occurrence of an
				event or circumstance beyond the control of the company, which prevents
				compliance and could not be reasonably remedied or foreseen by the
				company.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-138 - FINANCIAL EXAMINATIONS AND REQUIREMENTS › Section 69O-138.046 - Statement of Actuarial Opinion Based on an Asset Adequacy Analysis

Current through Reg. 50, No. 138; July 16, 2024
(1) General Description. The statement of
				actuarial opinion submitted in accordance with this section shall consist of:
(a) A paragraph identifying the appointed
				actuary and his or her qualifications (see paragraph (2)(a), below);
(b) A scope paragraph identifying the
				subjects on which an opinion is to be expressed and describing the scope of the
				appointed actuary's work, including a tabulation delineating the reserves and
				related actuarial items which have been analyzed for asset adequacy and the
				method of analysis (see paragraph (2)(b), below), and identifying the reserves
				and related actuarial items covered by the opinion which have not been so
				analyzed;
(c) A reliance paragraph
				describing those areas, if any, where the appointed actuary has deferred to
				other experts in developing data, procedures or assumptions, (e.g., anticipated
				cash flows from currently owned assets, including variation in cash flows
				according to economic scenarios (see paragraph (2)(c), below), supported by a
				statement of each such expert in the form prescribed by subsection
				69O-138.046(5),
				F.A.C.; and,
(d) An opinion
				paragraph expressing the appointed actuary's opinion with respect to the
				adequacy of the supporting assets to mature the liabilities (see paragraph
				(2)(d), below).
(e) One or more
				additional paragraphs will be needed in individual company cases as follows:
1. If the appointed actuary considers it
				necessary to state a qualification of his or her opinion;
2. If the appointed actuary must disclose an
				inconsistency in the method of analysis or basis of asset allocation used at
				the prior opinion date with that used for this opinion;
3. If the appointed actuary must disclose
				whether additional reserves of the prior opinion date are released as of this
				opinion date, and the extent of the release;
4. If the appointed actuary chooses to add a
				paragraph briefly describing the assumptions which form the basis for the
				actuarial opinion.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-138 - FINANCIAL EXAMINATIONS AND REQUIREMENTS › Section 69O-138.047 - Description of Actuarial Memorandum Including an Asset Adequacy Analysis and Regulatory Asset Adequacy Issues Summary

Current through Reg. 50, No. 138; July 16, 2024
(1) General.
(a)
1. In
				accordance with subsection (3), of the Standard Valuation Law, the appointed
				actuary shall prepare a memorandum to the company describing the analysis done
				in support of his or her opinion regarding the reserves.
2. The memorandum shall be made available for
				examination by the Office upon its request. Any memorandum in support of the
				opinion, and any other material provided by the company to the Office in
				connection therewith, is confidential and exempt from the provisions of Section
				119.07(1),
				F.S., as provided in Section
				625.121(3)
				(a)10., F.S.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-141 - ADMINISTRATIVE SUPERVISION AND WITHDRAWAL FROM THE STATE › Section 69O-141.001 - Purpose

Current through Reg. 50, No. 138; July 16, 2024
The purpose of this rule chapter is to establish standards
				  and procedures for administrative supervision of insurers in unsound condition
				  or which are engaging in methods or practices which render the continuance of
				  business hazardous to the public or insureds.
Rulemaking Authority 624.308(1) FS. Law Implemented
					 624.307(1), 624.80 - 624.87 FS.
New 1-30-91, Formerly 4-93.001, Amended 5-5-92, Formerly
					 4-141.001.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-141 - ADMINISTRATIVE SUPERVISION AND WITHDRAWAL FROM THE STATE › Section 69O-141.003 - Plan of Correction

Current through Reg. 50, No. 138; July 16, 2024
(1) The plan
				referred to in section
				624.81(4),
				F.S., shall where applicable include the actions specified in subsection (2),
				below.
(2) The Office shall if
				applicable, and upon consent of the supervised insurer:
(a) Disregard any credit or amount receivable
				resulting from transactions with a reinsurer which is insolvent, impaired or
				otherwise subject to a delinquency proceeding;
(b) Make appropriate adjustments to asset
				values attributable to investments in or transactions with parents,
				subsidiaries, or affiliates;
(c)
				Refuse to recognize the stated value of accounts receivable if the ability to
				collect receivables is highly speculative in view of the age of the account or
				the financial condition of the debtor;
(d) Increase the insurer's liability in an
				amount equal to any contingent liability, pledge, or guarantee not otherwise
				included if there is a substantial risk that the insurer will be called upon to
				meet the obligation undertaken within the next twelve-month period;
(e) Reduce the total amount of an insurer's
				present and potential liability for policy benefits by reinsurance;
(f) Reduce, suspend or limit an insurer's
				volume of business being accepted or renewed;
(g) Reduce an insurer's general insurance and
				commission expenses by specified methods;
(h) Increase an insurer's capital and
				surplus;
(i) Suspend or limit the
				declaration and payment of dividends by an insurer to its stockholders or to
				its policyholders;
(j) Require an
				insurer to file reports clearly and accurately reflecting the market value of
				the insurer's assets;
(k) Require
				an insurer to limit or withdraw from certain investments or to discontinue
				certain investment practices;
(l)
				Require an insurer to document the adequacy of premium rates in relation to the
				risks insured;
(m) Require an
				insurer to file, in addition to regular annual statements, interim financial
				reports;
(n) Impose restricted
				activities pursuant to section
				624.83, F.S.; or
(o) Appoint a deputy supervisor to oversee
				and monitor the operations of the insurer.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-141 - ADMINISTRATIVE SUPERVISION AND WITHDRAWAL FROM THE STATE › Section 69O-141.004 - Period of Supervision

Current through Reg. 50, No. 138; July 16, 2024
The 120-day limit imposed on extensions of the period of
				  administrative supervision in section
				  624.81(7),
				  F.S., shall refer to any one extension, not the sum of the
				  extensions.
Rulemaking Authority 624.308 FS. Law Implemented 624.81(7),
					 624.307(1) FS.
New 5-5-92, Formerly
					 4-141.004.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-141 - ADMINISTRATIVE SUPERVISION AND WITHDRAWAL FROM THE STATE › Section 69O-141.005 - Appointment of Deputy Supervisors

Current through Reg. 50, No. 138; July 16, 2024
(1) A
				contract for services of a deputy supervisor pursuant to section
				624.87, F.S., may be executed by
				the deputy supervisor directly with the insurer at rates of compensation
				negotiated by the Office. In such situations, the deputy supervisor will be
				compensated directly by the insurer.
(2) All deputy supervisors will be under the
				direction and control of the Office regardless of compensation method, and will
				be operating as agents of state.
(3) Industry working groups formed by the
				Office and outside consultants may be appointed as deputy supervisors to assist
				with identifying alternative solutions to the troubled
				situations.
Rulemaking Authority 624.308 FS. Law Implemented 624.87,
					 624.307(1) FS.
New 5-5-92, Formerly
					 4-141.005.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-141 - ADMINISTRATIVE SUPERVISION AND WITHDRAWAL FROM THE STATE › Section 69O-141.006 - Costs of Administrative Supervision

Current through Reg. 50, No. 138; July 16, 2024
In addition to the cost of travel and related expenses which
				  is to be paid to the Office by the insurer subject to administrative
				  supervision, such insurer shall pay to the Office an amount equal to the fee
				  for examination of insurers as specified in subsection
				  69O-138.002(3),
				  F.A.C., plus fifty percent (50%) for attendant administrative
				  expenses.
Rulemaking Authority 624.308 FS. Law Implemented 624.87,
					 624.307(1) FS.
New 6-10-92, Formerly
					 4-141.006.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-141 - ADMINISTRATIVE SUPERVISION AND WITHDRAWAL FROM THE STATE › Section 69O-141.020 - Procedures for Withdrawal, Surrender of Certificate of Authority, or Discontinuance of Writing Insurance in this State Pursuant to Section 624.430, Florida Statutes

Current through Reg. 50, No. 138; July 16, 2024
(1) Scope and
				Purpose. This rule provides implementation procedures and Office policy
				regarding section 624.430, F.S.
(2) Definitions.
(a) "Office" refers to the Office of
				Insurance Regulation.
(b) "Reduce
				presence in Florida," "Reduce," and "Reduction," as used in this rule, are
				inclusive terms meant to collectively refer to any and all of the following
				actions as may be desired or taken by an insurer: to surrender its Florida
				certificate of authority; to withdraw from Florida; or to discontinue the
				writing of any one or multiple lines or kinds of insurance in
				Florida.
(c) "Kinds" of insurance,
				as used in section 624.430, F.S., and this rule,
				includes the kinds set out in section
				624.6011, F.S., which kinds of
				insurance are as follows: Life; Health; Property; Casualty; Surety; Marine; and
				Title.
(d) "Lines of insurance," as
				used in section 624.430, F.S., and this rule, is
				as defined in section
				624.6012, F.S. Pursuant to the
				express rulemaking authority given the Office in section
				624.6012, F.S., for the purpose
				of implementation of section
				624.430, F.S., the Office
				determines each of the following to be a line of insurance (in addition to
				lines of insurance as may be elsewhere established by rule of the Office):
				Homeowners property insurance; mobile homeowners property insurance; condo unit
				owners contents insurance; renter's/dwellers contents insurance; and
				residential condominium association property coverages.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-141 - ADMINISTRATIVE SUPERVISION AND WITHDRAWAL FROM THE STATE › Section 69O-141.021 - Procedures Implementing the Moratorium Phaseout in Section 627.7013, Florida Statutes (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 624.308(1), 627.7013(2)(b) FS. Law
					 Implemented 624.307(1), (2), (3), (4), 624.315, 624.408, 624.424(6),
					 626.9541(1)(x), 627.062(2)(d), 627.4133, 627.7013
					 FS.
New 6-7-95, Formerly 4-141.021, Repealed
					 11-2-06.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-142 - INSURER CONDUCT › Section 69O-142.011 - Insurer Conduct Penalty Guidelines

Current through Reg. 50, No. 138; July 16, 2024
(1) Purpose. The purpose of this rule is to
				establish uniform guidelines for the assessment of administrative fines imposed
				upon entities, concerning certain violations of the Florida Insurance Code and
				applicable Office Rules.
(2) Scope.
(a) This rule applies to all entities issuing
				life, health, property, casualty, liability, surety, marine, mortgage guaranty,
				or title insurance. This rule shall apply to all such entities regardless of
				whether they are organized as a stock company, mutual, assessable mutual,
				reciprocal, fraternal benefit society, risk retention group, self-insurance
				fund, or other legal form. This rule applies to all violations discovered or
				investigated through financial examinations, market conduct examinations, or
				office investigations. This rule shall not be construed as creating any
				substantive violations not otherwise proscribed by statute or rule.
(b) Specialty Insurers Excluded. This rule
				does not apply to entities issuing only one or several of the following
				products:
1. Warranties under Chapter 634,
				F.S.
2. Professional service plans
				under Chapter 637, F.S.
3.
				Ambulance service contracts under Chapter 638, F.S.
4. Legal expense insurance under Chapter 642,
				F.S.
5. Continuing care contracts
				under Chapter 651, F.S.
6. Bail
				bonds under Chapter 648, F.S.
7.
				Health care service programs under Chapter 641, F.S., (including HMOs and
				Prepaid Health Clinics).
(c) Certain Chapter 626, F.S., Licensees
				Excluded. This rule does not apply to any licensees under Chapter 626, F.S.,
				other than general agents, third party administrators, and service
				companies.
(d) Late filing
				penalties. Penalties for late filing of routine financial reports is dealt with
				by separate rule.