3812602, 19-8.010 - Florida Administrative Rules, Law, Code, Register

Home

Florida Department of State and Division of Library and Information Services

Notice: 3812602

Notice of Proposed Rule

Department:

STATE BOARD OF ADMINISTRATION

Chapter:

ADMINISTRATION OF THE FLORIDA HURRICANE CATASTROPHE FUND

Overview

RULE:

19-8.010	Reimbursement Contract
19-8.029	Insurer Reporting Requirements and Responsibilities
19-8.030	Insurer Responsibilities (Repealed)

PURPOSE:

The State Board of Administration, Florida Hurricane Catastrophe Fund, seeks to amend the rules listed above to implement Section 215.555, Florida Statutes, including the changes made to the law during the 2007 Special Legislative Session.

SUMMARY:

Rule 19-8.010, F.A.C., Reimbursement Contract.: The proposed amendments to Rule 19-8.010, F.A.C., adopt the Reimbursement Contract for the Contract Year 2007-2008, including the three addenda. As outlined below, each addenda addresses one of the three new optional FHCF coverage selections created during the 2007 Special Legislative Session.
Addendum No. 1: This addendum incorporates the additional $10 million dollar coverage option available to insurers taking advantage of a similar program in 2006, to insurers qualifying as limited apportionment companies under Section 627.351(6), Florida Statutes, which began writing property insurance in 2007 and to insurers that were approved to participate in 2006 or that are approved in 2007 to participate in the Section 215.5595, Florida Statutes, Insurance Capital Build-Up Incentive Program. This optional coverage is below the mandatory FHCF layer of coverage.
Addendum No. 2: This addendum incorporates the Temporary Emergency Options for Additional Coverage “TEACO” program. This program allows insurers to purchase its FHCF premium share of a $1 billion, $2 billion, or a $3 billion layer of coverage below the mandatory FHCF layer of coverage.
Addendum No. 3: This addendum incorporates the Temporary Increase in Coverage Limit Options “TICL” program. This program allows insurers to choose from one of twelve options for increasing their level of FHCF coverage above and beyond the mandatory FHCF coverage.
Rule 19-8.029, F.A.C., Insurer Reporting Requirements: The proposed amendments to Rule 19-8.029, F.A.C., updates and adopts the forms for insurer exposure and loss reporting to the Florida Hurricane Catastrophe Fund for the 2007-2008 Contract Year.
Rule 19-8.030, F.A.C., Insurer Responsibilities: The proposed amendments to Rule 19-8.030, F.A.C., incorporate the 2007 Special Legislative Session’s changes to the law, and update and adopt forms for insurer exposure and loss examinations and reporting to the Florida Hurricane Catastrophe Fund for the 2007-2008 Contract Year.

RULEMAKING AUTHORITY:

215.555(3) FS.

LAW:

215.555(2), (3), (4), (5), (6), (7), (10), (16), (17) FS.

PRINT PUBLISH DATE:

2/23/2007 Vol. 33/08

COMMENTS:

From 2/23/2007 To 3/16/2007 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

Under Florida law, E-mail addresses are public records. If you do not want your E-mail address released in response to a public records request, do not send electronic mail to this entity. Instead, contact this office by phone or in writing.