28523352, 69OER24-1 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 28523352

Notice of Emergency Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Overview

RULE:

69OER24-1

Premium Tax Discounts

SPECIFIC REASONS FOR FINDING AN IMMEDIATE DANGER TO THE PUBLIC HEALTH, SAFETY OR WELFARE:

1.	Section 627.5108(2), F.S., requires that insurers list the deductions provided for in this statute on the declarations page of certain policies with an effective date between October 1, 2024, and September 30, 2025.
	2. 	These policies are sent to the insured 90 days before the effective date of the policy. 
	3.	Regular rulemaking would not result in the rule governing how these deductions should be listed on the declarations page being promulgated in time for insurers to meet this requirement.
	4. 	Section 627.5108(8), F.S., requires each insurer to file specified information to the Office regarding these deductions on a quarterly basis.
 	5.	Regular rulemaking would not result in the form for filing this information being promulgated in time for insurers to meet this requirement.
	6.	Emergency rulemaking authority for this rule is granted in section 624.5108(12), F.S.

REASON FOR CONCLUDING THAT THE PROCEDURE IS FAIR UNDER THE CIRCUMSTANCES:

The Office of Insurance Regulation believes that adopting an emergency rule is the fairest method to protect the public because section 624.5108., F.S., requires that insurers list the deductions provided for in this statute on the declarations page of certain policies with an effective date between October 1, 2024, and September 30, 2025, which are sent to the insured 90 days before the effective date of the policy. In addition, section 627.5108(8), F.S., requires each insurer to file specified information to the Office regarding these deductions on a quarterly basis. Regular rulemaking would not result in the rule governing how these deductions should be listed or the form for submitting the required information being promulgated in time for insurers to meet these requirements, and emergency rulemaking authority for this rule is granted in section 624.5108(12), F.S.

SUMMARY:

Section 627.5108(2), F.S., requires that insurers list the deductions provided for in this statute on the declarations page of certain policies with an effective date between October 1, 2024, and September 30, 2025. Section 627.5108(8), F.S., requires each insurer to file specified information to the Office regarding these deductions on a quarterly basis.  The emergency rule specifies now these deduction are to be listed on the declarations page, the format of the required reports,  and provides guidance regarding the application of these deductions.

THE PERSON TO BE CONTACTED REGARDING THE EMERGENCY RULE IS:

Kama Monroe, Assistant General Counsel, Office of Insurance Regulation, Kama.Monroe@floir.com, (850)413-4121.

PRINT PUBLISH DATE:

7/5/2024 Vol. 50/131

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=69OER24-1&PDate=7/5/2024&Section=4

REFERENCE MATERIALS:

No reference(s).

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