69O-167.024: Rate Filings for Inland Marine Insurance
PURPOSE AND EFFECT: To make the rule comply with statutory changes to Section 627.021, F.A.C.
SUMMARY: The rule, like the statutory change, makes no substantive change.
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) FS.
LAW IMPLEMENTED: 627.607, 627.062, 627.0651 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 13, 2010, 9:30 a.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: Richard Koon, Office of Insurance Regulation, E-mail: Richard.Koon@floir.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: Richard Koon, Office of Insurance Regulation, E-mail: Richard.Koon@floir.com
THE FULL TEXT OF THE PROPOSED RULE IS:
69O-167.024 Rate Filings for Inland Marine Insurance.
(1) This rule applies to marine insurance that is subject to Chapter 627, Florida Statutes.
(2) Section 627.021(2)(c), Florida Statutes, states that Chapter 627, Florida Statutes, does not apply to ocean marine insurance as distinguished from inland marine insurance.
(a) Section 627.021(2)(d) 627.0651(13)(c), Florida Statutes, states that rates and rules are not required to be filed for commercial inland marine risks.
(b) The specific exclusion of commercial inland marine risks indicates that rates and rules for personal inland marine risks must continue to be filed with the Office.
(c) For purposes of this rule, personal inland marine is defined as insurance covering non-business property of a portable or movable nature that would typically be included in or with a homeowner’s policy or a separate policy insuring one or more articles of property, including, but not limited to, jewelry, furs, art objects, silverware, glassware, small boats, sports equipment.
(d) For purposes of this rule, commercial inland marine is defined as commercial or industrial property, often but not always of a portable or movable nature or instrumentalities of transportation or communication, that would typically be included in or with a commercial lines policy or written in a separate policy insuring one or more such items of property, including, but not limited to, commercial goods in transit, traffic signals, bridges, tunnels.
Rulemaking Specific Authority 624.308(1) FS. Law Implemented 624.607, 627.021, 627.062, 627.0651 FS. History–New 1-27-92, Formerly 4-167.024, Amended________.