28363884, 69O-170.0135 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 28363884

Notice of Development of Rulemaking

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

PROPERTY AND CASUALTY INSURANCE RATING

Overview

RULE:

69O-170.0135

ACTUARIAL MEMORANDUM

PURPOSE:

To enact the changes to Section 627.062(2)(j)2., F.S., made during the 2024 session, Rule 69O-170.0135 is being amended to require that, if the insurer is using an averaged hurricane model, a statement be included stating that the same average is being used statewide and to indicate if the model is a weighted averaged. If a weighted averaged model is being used, the actuarial memorandum must also include an actuarial justification showing the averaged model results in a rate that is reasonable, adequate, and fair.

SUBJECT:

Actuarial Memorandum

RULEMAKING AUTHORITY:

624.308(1), FS

LAW:

624.307, 627.062, 627.0651, F.S.

PRINT PUBLISH DATE:

5/15/2024 Vol. 50/96

RELATED STATUTES
AND LAWS:

624.308(1), FS, 624.307, 627.062, 627.0651, F.S.

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=69O-170.0135&PDate=5/15/2024&Section=1

REFERENCE MATERIALS:

No reference(s).

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