Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69O - OIR - Insurance Regulation
Chapter 69O-167 - PROPERTY AND CASUALTY INSURANCE CONTRACTS
Section 69O-167.012 - Certificates of Security for Hurricane Deductibles
Universal Citation: FL Admin Code R 69O-167.012
Current through Reg. 50, No. 187; September 24, 2024
(1) The purpose of this rule is to specify the form for a Certificate of Security to be used pursuant to Section 627.701(5), F.S.
(2)
(a) An insurer that elects to offer a policy
with a secured hurricane deductible on a personal lines property insurance
policy shall require the insured to provide a Certificate of Security or a
verification that the insured has a 100% equity interest in the property to be
insured.
(b) An insurer may not
directly or indirectly require a secured hurricane deductible as a condition of
issuing or renewing a policy.
(3) An insurer shall accept a Certificate of Security only when it uses form OIR-A1-1203 (8/96), Certificate of Security, which is hereby adopted and incorporated by reference. Form OIR-A1-1203 may be obtained from the Office's website at http://www.floir.com/iportal.
Rulemaking Authority 627.701(6) FS. Law Implemented 624.424, 627.701(6) FS.
New 4-29-97, Formerly 4-167.012.
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