12916149, 19-8.028 - Florida Administrative Rules, Law, Code, Register

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Notice: 12916149

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 2013-2014 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 2013-2014 reimbursement premium formula and the 2013-2014 reimbursement premium rates for the Florida Hurricane Catastrophe Fund. In addition, the proposed amended Rule specifies exposure reporting requirements and provisional premiums for specified new participants, revises exemptions from coverage for policies predominantly covering specialized fine arts risks or scheduled personal property meeting specified criteria, and deletes obsolete or unnecessary language. The proposed amendments to Rule 19-8.028, F.A.C., Reimbursement Premium Formula, 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 need to provide additional clarification, and by the Governor’s initiative to reduce duplicative, obsolete, or unnecessary rule provisions.
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:

5/1/2013 Vol. 39/85

COMMENTS:

From 5/1/2013 To 5/22/2013 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

Ref-00275 Florida Hurricane Catastrophe Fund: 2011 Premium Formula Report Presented to the State Board of Administration of Florida, March 17, 2011
Ref-00276 Florida Hurricane Catastrophe Fund Proposed 2011 Rates Presented to the State Board of Administration of Florida, March 17, 2011
Ref-00277 Florida Hurricane Catastrophe Fund Proposed 2011 Rates Presented to the State Board of Administration of Florida, March 17, 2011
Ref-01175 Florida Hurricane Catastrophe Fund 2012 Ratemaking Formula Report Presented to the State Board of Administration of Florida March 22, 2012
Ref-01176 Florida Hurricane Catastrophe Fund Proposed 2012 Rates Presented to the State Board of Administration March 22, 2012

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