69O-149.003: Rate Filing Procedures
PURPOSE AND EFFECT: This rule change is being made to accommodate the rate filing collection system which is currently being developed for Medicare Supplement products. The rule revision is needed to require issuers to submit their rate information using the rate collection system rather than the format of their choice. This is in response to the Legislature in 2007 allocating funds to establish a system to collect Medicare Supplement rates and publish a premium search and comparison tool on the consumer website.
SUMMARY: The Legislature in 2007 allocated funds for the Office to establish a system to collect Medicare Supplement rates and publish a premium search and comparison tool on the Office’s consumer website. This tool would allow consumers to shop and compare, online, Medicare Supplemental products from the different insurers. This rule change is being made to adopt the new rate filing collection system which allows this search and comparison tool to work.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
SPECIFIC AUTHORITY: 624.308(1), 624,424(1)(c), 627.410(6)(b), (e) FS.
LAW IMPLEMENTED: 119.07(1)(b), 624.307(1), 626.9541(1), 627.410 FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE DATE,TIME AND PLACE SHOWN BELOW(IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):
DATE AND TIME: July 1, 2008, 2:00 p.m.
PLACE: 142 Larson Building, 200 East Gaines Street, Tallahassee, Florida
Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Gerry Smith, L&H Product Review, Office of Insurance Regulation, E-mail: gerry.smith@fldfs.com. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Gerry Smith, L&H Product Review, Office of Insurance Regulation, E-mail: gerry.smith@fldfs.com
THE FULL TEXT OF THE PROPOSED RULE IS:
69O-149.003 Rate Filing Procedures.
(1) No change.
(2) Filing Format for Individual Policies and Group Policies and Certificates.
(a)1. All filings shall be made in accordance with paragraph (b) below.
2. No change.
(b) A health insurance rate filing shall consist of the following items:
1. A brief letter explaining the type and nature of the filing. The letter shall indicate if the filing is for a new policy form, a benefit revision, a rate revision, justification of existing rates, or a resubmission. If the filing is a resubmission, the letter shall indicate the Florida filing number of the prior filing.
2. Form OIR-B2-1507, “Office of Insurance Regulation Life and Health Forms and Rates Universal Standardized Data Letter” as adopted in Rule 69O-149.022, F.A.C., completely filled out in accordance with Form OIR-B2-1507A, “Office of Insurance Regulation Life and Health Forms and Rates Universal Standardized Data Letter Instruction Sheet” as adopted in Rule 69O-149.022, F.A.C.
3. The actuarial memorandum, completed as required by Rule 69O-149.006, F.A.C.
4. Rate pages that define all proposed rates, rating factors and methodologies for determining rates applicable in the state.
a. For companies that have a complete rate manual on file with the Office, only the pages that are being changed need to be filed, unless requested by the Office.
b. For Medicare Supplement filings, rates must be submitted through the on-line Medicare Supplement Rate Collection System which is part of the i-file system.
(3) Filings shall be submitted electronically to https://iportal.fldfs.com/.
(4) through (6) No change.
Specific Authority 624.308(1), 624,424(1)(c), 627.410(6)(b), (e) FS. Law Implemented 119.07(1)(b), 624.307(1), 626.9541(1), 627.410 FS. History–New 7-1-85, Formerly 4-58.03, 4-58.003, Amended 8-23-93, 4-18-94, 8-22-95, 4-4-02, 10-27-02, 6-19-03, Formerly 4-149.003, Amended 5-18-04, 12-22-05,_________.