28448662, 69O-199.005 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 28448662

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

HOME WARRANTY ASSOCIATIONS

Overview

RULE:

69O-199.005

Financial Requirements Regarding the Funded, Unearned Premium Reserve Account

PURPOSE:

Chapter 2024-140, L.O.F., amended section 634.3077, F.S., and created an exception for home warranty associations. Rule 69O-199.005, F.A.C., is amended to adopt Form OIR-A3-1000 “Home Warranty Association Exception,” which will collect the relevant information from home warranty associations so the Office can appropriately apply the exception.

SUMMARY:

Chapter 2024-140, L.O.F., amended section 634.3077, F.S., and created an exception for home warranty associations. If they adhere to strict requirements, they do not have to meet certain financial responsibility requirements, including establish an unearned premium reserve. Rule 69O-199.005, F.A.C., is amended to adopt Form OIR-A3-1000 “Home Warranty Association Exception,” which will collect the relevant information from home warranty associations so the Office can appropriately apply the exception.

RULEMAKING AUTHORITY:

634.302, F.S.

LAW:

634.3077, 634.3135, F.S.

PRINT PUBLISH DATE:

6/13/2024 Vol. 50/116

COMMENTS:

From 6/13/2024 To 7/4/2024 (21 Days)

REFERENCE MATERIALS:

No reference(s).

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