26010276, 69O-171.011 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 26010276

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

PROPERTY AND CASUALTY INSURER REPORTING REQUIREMENTS

Overview

RULE:

69O-171.011

Property Claims Litigation Data Call

PURPOSE:

Chapter 2021-77, Laws of Florida, created amended 624.424, F.S., and added subsection (11), which requires the Financial Services Commission to create a form and requires each authorized insurer or insurer group issuing personal lines or commercial lines residential property insurance policies in this state to file with the office on an annual basis a supplemental property claims litigation report on an individual and group basis for closed claims.

SUMMARY:

As a result of the passage of SB 76 during the 2021 Legislative Session, codified as section 624.424(11), F. S., each authorized insurer issuing personal lines or commercial lines residential property insurance policies shall report to the Office of Insurance Regulation, for specified lines of insurance, an annual Florida Property Claims Litigation data call on a form prescribed by the Financial Services Commission detailing closed claim experience.  Rule 69O-171.011, F.A.C., is created to implement section 627.7152, F.S.  Form OIR-B1-2221 is incorporated by reference and contains information insurers must report to the Office pursuant to the statute.

RULEMAKING AUTHORITY:

624.308(1), 624.424(11) FS

LAW:

627.307(1), 624.424 FS

PRINT PUBLISH DATE:

6/27/2022 Vol. 48/124

COMMENTS:

From 6/27/2022 To 7/18/2022 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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