28448371, 69O-170.0135 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 28448371

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

PROPERTY AND CASUALTY INSURANCE RATING

Overview

RULE:

69O-170.0135

ACTUARIAL MEMORANDUM

PURPOSE:

Amends Rule 69O-170.0135, F.A.C., to enact changes made by Chapter 2024-182, L.O.F., to Section 627.062(2)(j)2., F.S., by requiring additional information to be included in the actuarial memorandum of a company that is averaging hurricane models.

SUMMARY:

Rule 69O-170.0135, F.A.C., “Actuarial Memorandum” is amended to require that, if the insurer is using an averaged hurricane model, a statement be included stating that the same average is being used statewide and to indicate if the model is a weighted averaged. If a weighted averaged model is being used, the actuarial memorandum must also include an actuarial justification showing the averaged model results in a rate that is reasonable, adequate, and fair.

RULEMAKING AUTHORITY:

624.308(1), F.S.

LAW:

624.307, 627.062, 627.0651, F.S.

PRINT PUBLISH DATE:

6/13/2024 Vol. 50/116

COMMENTS:

From 6/13/2024 To 7/4/2024 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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