10048441, 19ER11-2 - Florida Administrative Rules, Law, Code, Register

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Notice: 10048441

Notice of Emergency Rule

Department:

STATE BOARD OF ADMINISTRATION

Overview

RULE:

19ER11-2

19-8.010, Reimbursement Contract

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

Emergency Rule 19ER11-2 (19-8.010), Reimbursement Contract, implements statutory changes made by CS/CS/CS/SB 408. Specifically, this legislation changes the definition of “losses” which are reimbursable by the Florida Hurricane Catastrophe Fund (FHCF) and makes these changes effective for the 2011/2012 Contract Year which began on June 1, 2011. Therefore, time is of the essence in getting the incorporated forms amended and in effect as soon as possible.

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

Hurricane Season began on June 1st and using the emergency rule process is the only way to implement the new legislation immediately. The emergency rule was authorized at a published meeting open to the public and is posted to the FHCF’s website.

SUMMARY:

The legislation changes the definition of “losses”, effective for the 2011/2012 Contract Year. Losses now covered by the FHCF are “all incurred losses under covered policies….” New language specifically includes “amounts paid as fees on behalf of or inuring to the benefit of a policyholder.” New language specifically excludes losses under liability coverages, property losses that are proximately caused by any peril other than a covered event, amounts paid as the result of a voluntary expansion of coverage by the insurer, amounts paid to reimburse a policyholder for condominium association or homeowners’ association loss assessments, bad faith awards, punitive damage awards, other court-imposed fines, sanctions, or penalties, amounts in excess of the coverage limits under the covered policy and allocated or unallocated loss adjustment expenses.

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:

7/1/2011 Vol. 37/26

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://www.flrules.org/gateway/ruleno.asp?id=19ER11-2&PDate=7/1/2011&Section=4

REFERENCE MATERIALS:

No reference(s).

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