651663, 19-16.001 - Florida Administrative Rules, Law, Code, Register

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Notice: 651663

Notice of Proposed Rule

Department:

STATE BOARD OF ADMINISTRATION

Chapter:

FLORIDA COMMISSION ON HURRICANE LOSS PROJECTION METHODOLOGY

Overview

RULE:

19-16.001

Florida Commission on Hurricane Loss Projection Methodology Procedures for adopting findings regarding the accuracy or reliability of hurricane loss projections.

PURPOSE:

The Florida Commission on Hurricane Loss Projection Methodology is proposing the following rule in order to implement Section 627.0628, F.S. SUMMARY: Proposed Rule 19-16.001, F.A.C., addresses the composition and duties of the Florida Commission on Hurricane Loss Projection Methodology (Commission), provides definitions and adopts the 2006 standards and procedures for submission and review of hurricane loss projection models.

SUMMARY:

Beginning on March 1, 2007, the Public Model is required by law to come before the Commission. Since it has never come before the Commission, the costs to prepare the Public Model for Commission review is unclear. Other modelers are not required to bring their models to the Commission for review. These modelers have indicated in Commission meetings that it can cost in excess of $500,000 to prepare a model for review by the Commission. Any person who wishes to provide information regarding the statement of estimated regulatory costs or to provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY:

627.0628 FS.

LAW:

627.0628(1)(a), (c), (d), (2)(a), (b), (c), (d), (f), (3)(a), (d) FS.

PRINT PUBLISH DATE:

9/1/2006 Vol. 32/35

COMMENTS:

From 9/1/2006 To 9/22/2006 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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