19ER09-1: Reimbursement Contract
SPECIFIC REASONS FOR FINDING AN IMMEDIATE DANGER TO THE PUBLIC HEALTH, SAFETY OR WELFARE: The hurricane season, the effective date of the Florida Hurricane Catastrophe Fund Reimbursement Contract for the 2009-2010 Contract Year and the effective date of CS/CS/CS/HB 1495, passed by the 2009 Legislature is June 1, 2009. Therefore, time is of the essence in incorporating those changes made by CS/CS/CS/HB 1495, which impact the Reimbursement Contract. Key changes to the law which must be reflected in the Reimbursement Contract is the Legislature’s extension of the $10 million optional FHCF coverage program to the current Contract Year and the reduction in the amount of Temporary Increase in Coverage Level (TICL) optional coverage. This Emergency Rule is the only way to implement the changes made to the optional coverage s in a timely manner.
REASON FOR CONCLUDING THAT THE PROCEDURE IS FAIR UNDER THE CIRCUMSTANCES: Hurricane Season begins on June 1st and there is no way to get the new legislative changes in place by that time unless an emergency rule is utilized. The emergency rule was authorized at a published meeting open to the public and is posted to the State Board of Administration’s web-site.
SUMMARY: Rule 19ER09-1 (19-8.010, Reimbursement Contract.) Current subsection (15) has been amended to reflect that the contract and addenda have been revised.
THE PERSON TO BE CONTACTED REGARDING THE EMERGENCY RULE IS: Jack E. Nicholson, Chief Operating Officer, Florida Hurricane Catastrophe Fund, State Board of Administration of Florida
THE FULL TEXT OF THE EMERGENCY RULE IS:
19ER09-1 (19-8.010) Reimbursement Contract.
(1) through (14) No change.
(15) The reimbursement contract for the 2009-2010 contract year, including all Addenda, required by Section 215.555(4), F.S., which is called Form FHCF-2009K-“Reimbursement Contract” or “Contract” between (name of insurer) (the “Company”)/NAIC #( ) and The State Board of Administration of the State of Florida (“SBA”) which administers the Florida Hurricane Catastrophe Fund (“FHCF”), rev. 05/09, as amended, is hereby adopted and incorporated by reference into this rule. This contract is effective from June 1, 2009 through May 31, 2010.
(16) No change.
Rulemaking Authority 215.555(3) FS. Law Implemented 215.555 FS. History–New 5-31-94, Amended 8-29-95, 5-19-96, 6-19-97, 5-28-98, 5-17-99, 9-13-99, 6-19-00, 6-3-01, 6-2-02, 11-12-02, 5-13-03, 5-19-04, 8-29-04, 5-29-05, 11-13-05, 5-10-06, 9-5-06, 5-8-07, 8-13-07, 6-8-08, 9-2-08, 3-30-09, 5-28-09.