22015816, 19-8.029 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 22015816

Notice of Proposed Rule

Department:

STATE BOARD OF ADMINISTRATION

Chapter:

ADMINISTRATION OF THE FLORIDA HURRICANE CATASTROPHE FUND

Overview

RULE:

19-8.029

Insurer Reporting Requirements and Responsibilities

PURPOSE:

The State Board of Administration, Florida Hurricane Catastrophe Fund, seeks to amend Rule 19-8.029, F.A.C., Insurer Reporting Requirements and Responsibilities, to implement changes to Section 215.555, Florida Statutes, as enacted by the Legislature in 2019.

SUMMARY:

In general, Rule 19-8.029, F.A.C., Insurer Reporting Requirements and Responsibilities, addresses reporting and examination requirements. The proposed revision to Rule 19-8.029, F.A.C., Insurer Reporting Requirements and Responsibilities, adopts a revised loss reporting form to reflect an increase in loss adjustment expense allowance from 5% to 10% of reimbursed losses, beginning with the 2019-2020 Reimbursement Contract.

RULEMAKING AUTHORITY:

215.555(3), F.S.

LAW:

215.555(2), (3), (4), (5), (6), (7), (10), F.S.

PRINT PUBLISH DATE:

7/26/2019 Vol. 45/145

COMMENTS:

From 7/26/2019 To 8/16/2019 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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