14341564, 69O-144.005 - Florida Administrative Rules, Law, Code, Register

Home

Florida Department of State and Division of Library and Information Services

Notice: 14341564

Notice of Development of Rulemaking

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

REINSURANCE

Overview

RULE:

69O-144.005	Credit for Reinsurance; Accredited Reinsurers
69O-144.007	Credit for Reinsurance from Certified Reinsurers

PURPOSE:

To amend the rules in order to conform to the National Association of Insurance Commissioners (NAIC) model laws for accreditation purposes and to provide consistency among regulatory jurisdictions as to the manner in which reinsurers are granted the status of “certified reinsurer” (currently termed “eligible reinsurer” in the rule) and the manner in which Florida domestic insurance companies can apply credit for reinsurance from these entities. The amendments pertain to a requirement that ceding insurers notify the Office in the event that reinsurance recoverables or reinsurance ceded exceeds a certain amount; the filing requirements for certified reinsurers; the factors to be considered in the evaluation and rating of certified reinsurers; the method by which a jurisdiction is determined to be qualified; the circumstances under which the Commissioner may suspend, revoke, or otherwise revoke a certified reinsurer’s certification; and the effect of a rating downgrade, rating upgrade, or revocation of the certification of a certified reinsurer.

SUBJECT:

Regulation of credit for reinsurance.

RULEMAKING AUTHORITY:

624.308, 624.610(14), FS.

LAW:

624.307(1), 624.610, FS.

PRINT PUBLISH DATE:

3/18/2014 Vol. 40/53

RELATED STATUTES
AND LAWS:

624.308, 624.610(14), FS., 624.307(1), 624.610, FS.

OVERSIGHT COMMITTEE:

Joint Administrative Procedures Committee
Florida Administrative Law Central Online Network (F.A.L.C.O.N.)

RELATED COURT CASES:

Division of Administrative Hearings

FEDERAL eRULEMAKING
WEB PORTAL:

Regulations.gov

HOW TO LINK TO
THIS NOTICE:

http://flrules.org/gateway/ruleno.asp?id=69O-144.005&PDate=3/18/2014&Section=1

REFERENCE MATERIALS:

No reference(s).

Under Florida law, E-mail addresses are public records. If you do not want your E-mail address released in response to a public records request, do not send electronic mail to this entity. Instead, contact this office by phone or in writing.