6737443, 19-8.010 - Florida Administrative Rules, Law, Code, Register

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Notice: 6737443

Notice of Proposed Rule

Department:

STATE BOARD OF ADMINISTRATION

Chapter:

ADMINISTRATION OF THE FLORIDA HURRICANE CATASTROPHE FUND

Overview

RULE:

19-8.010	Reimbursement Contract
19-8.012	Procedures to Determine Ineligibility for Participation in the Florida Hurricane Catastrophe Fund and to Determine Exemption from Participation in the Florida Hurricane Catastrophe Fund due to Limited Exposure
19-8.013	Revenue Bonds Issued Pursuant to Section 215.555(6), F.S
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19-8.030	Insurer Responsibilities (Repealed)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 2008.

SUMMARY:

Rule 19-8.010, F.A.C., Reimbursement Contract.: The proposed amendments to 19-8.010, F.A.C., adopt the Reimbursement Contract for the Contract Year 2009-2010, including the three addenda. Addendum No. 1: 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. 2: 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.
Addendum No. 3: This addendum gives effect to the extension of FHCF coverage to policies of liquidated insurers taken over by Citizens Property Insurance Corporation.
Rule 19-8.012, F.A.C., Procedures to Determine Ineligibility for Participation in the Florida Hurricane Catastrophe Fund and to Determine Exemption from Participation in the Florida Hurricane Catastrophe Fund due to Limited Exposure.: The proposed amendments to Rule 19-8.012, F.A.C., update and adopt forms for ineligibility and exemption from the FHCF and also provide an insurer seeking the exemption for limited exposure with additional time in which to petition for such exemption and provide an explanation of covered policy exposure.
Rule 19-8.013, F.A.C., Revenue Bonds Issued Pursuant to Section 215.555(6), F.S.: The proposed amendments to this rule reflect changes in the Exhibit of Premiums and Losses in the property and casualty annual statement of the National Association of Insurance Commissioners required to be filed by authorized insurers pursuant to Section 624.424, F.S.
Rule 19-8.029, F.A.C., Insurer Reporting Requirements: The proposed amendments to Rule 19-8.029, F.A.C., update and adopt the forms for insurer exposure and loss reporting to the Florida Hurricane Catastrophe Fund for the 2009-2010 Contract Year and adds a requirement that insurers with covered losses below their retention must file an annual proof of loss report. Also, Year Built, Florida Building Code Indicator, Structure Opening Protection, Roof Shape and Roof-Deck Attachment, all previously existing fields for reporting, will, beginning with the 2009 Data Call, be rating factors.
Rule 19-8.030, F.A.C., Insurer Responsibilities: The proposed amendments to Rule 19-8.030, F.A.C., remove all references to the Section 215.555(4)(b)4, F.S., $10 million optional coverage as this coverage will expire on May 31, 2009. The incorporated forms have also been updated to reflect this change.

RULEMAKING AUTHORITY:

215.555(3) FS.

LAW:

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

PRINT PUBLISH DATE:

2/6/2009 Vol. 35/05

COMMENTS:

From 2/6/2009 To 2/27/2009 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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