8648731, 19ER10-1 - Florida Administrative Rules, Law, Code, Register

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Notice: 8648731

Notice of Emergency Rule

Department:

STATE BOARD OF ADMINISTRATION

Overview

RULE:

19ER10-1	19-8.010, Reimbursement Contract
19ER10-2	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
19ER10-3	19-8.013, Revenue Bonds Issued Pursuant to Section 215.555(6), F.S.
19ER10-4	19-8.029, Insurer Reporting Requirements
19ER10-5	19-8.030, Insurer Responsibilities

SPECIFIC REASONS FOR FINDING AN IMMEDIATE DANGER TO THE PUBLIC HEALTH, SAFETY OR WELFARE:

The 2010 Legislature has passed CS/SB 1460, effective April 15, 2010, which changes the contract year for the Florida Hurricane Catastrophe Fund (“Fund”), makes changes to the Fund’s capacity and Insurers’ retentions as well as providing additional Fund reporting requirements. This legislation impacts all of the rules listed above and also impacts some of the forms incorporated into these rules. The 2010 hurricane season begins on June 1, 2010; therefore, time is of the essence in getting the rules and incorporated forms amended and in effect as soon as possible. Emergency Rules are the only way to implement the legislative changes in time for the 2010 hurricane season.

REASON FOR CONCLUDING THAT THE PROCEDURE IS FAIR UNDER THE CIRCUMSTANCES:

Hurricane Season begins on June 1st and using the Emergency Rule process is the only way to implement the new legislation by June 1st. 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:

During the 2009 Legislative session the Fund’s Contract Year was changed as follows: The 2010 Contract Year would begin on June 1 and end on December 31st and all years thereafter would begin on January 1 and end on December 31. CS/SB 1460, passed by the 2010 Legislature, changes the Contract Year back to June 1 through May 31st but also adds a new requirement that the annual Reimbursement Contract be adopted each year by February 1st and be executed by the Insurers by March 1st. In addition, CS/SB 1460 freezes the Fund’s capacity and the retention and requires the Fund to publish the Fund’s maximum statutory adjusted capacity for the mandatory coverage for each contract year, the maximum statutory coverage for any optional coverage and the aggregate retention used to calculate an individual insurer’s retention multiples by January 1st of the immediately preceding contract year.

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

PRINT PUBLISH DATE:

5/21/2010 Vol. 36/20

OVERSIGHT COMMITTEE:

Joint Administrative Procedures Committee
Florida Administrative Law Central Online Network (F.A.L.C.O.N.)

RELATED COURT CASES:

Division of Administrative Hearings

FEDERAL eRULEMAKING
WEB PORTAL:

Regulations.gov

HOW TO LINK TO
THIS NOTICE:

http://flrules.org/gateway/ruleno.asp?id=19ER10-1&PDate=5/21/2010&Section=4

REFERENCE MATERIALS:

No reference(s).

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