11435832, 19-8.028 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 11435832

Notice of Proposed Rule

Department:

STATE BOARD OF ADMINISTRATION

Chapter:

ADMINISTRATION OF THE FLORIDA HURRICANE CATASTROPHE FUND

Overview

RULE:

19-8.028

Reimbursement Premium Formula

PURPOSE:

This rule is promulgated to implement Section 215.555, Florida Statutes, regarding the Florida Hurricane Catastrophe Fund, for the 2012-2013 contract year.

SUMMARY:

In accordance with Section 215.555(5), Florida Statutes, proposed amended Rule 19-8.028, F.A.C., Reimbursement Premium Formula, adopts the 2012-2013 reimbursement premium formula and 2012-2013 Reimbursement Premium Rates. In addition, obsolete or unnecessary language has been removed and in paragraph (4)(d) of the Rule, the title has been clarified and new language has been added to allow scheduled personal property with a limit equal to or exceeding $10 million dollars and which predominantly covers one or more collectible types of property to be exempt from the FHCF coverage. The proposed amendments to Rule 19-8.028, F.A.C., are necessitated by Section 215.555(5), Florida Statutes, which requires the State Board of Administration to employ an independent consultant to develop actuarially indicated premiums for the annual reimbursement contract, by the Governor’s initiative to rid rules of duplicative, obsolete or unnecessary language and by the need to add clarification to the rule. 
OTHER RULES INCORPORATING THIS RULE: There are no other rules incorporating this rule. However, there are three rules which reference this rule: Rule 19-8.012(3)(d)2., F.A.C., Rule 19-8.013(2)(q), F.A.C., and Rule 19-8.030(3)(m), F.A.C. 
EFFECT ON THOSE OTHER RULES: The proposed changes to this rule have no impact on any of the three rules referencing this rule.

RULEMAKING AUTHORITY:

215.555(3), F.S.

LAW:

215.555(2), (3), (4), (5), (6), (7), F.S.

PRINT PUBLISH DATE:

5/4/2012 Vol. 38/18

COMMENTS:

From 5/4/2012 To 5/25/2012 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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