Current through Reg. 50, No. 187; September 24, 2024
(1)
(a) The procedures in this rule apply to all
insurance rate, rule or form filings for property and casualty insurance as
defined in Sections 624.604,
624.605,
634.011(8),
634.301(4),
634.401(14),
642.015(3),
648.25(1),
635.011(1) and
627.826(1),
F.S.
(b) Underwriting guidelines
for private passenger automobile, homeowners' and mobile homeowners' insurance,
for both new and renewal business shall be filed pursuant to this
rule.
(2) A "rate filing"
contains all the information submitted in the filing made by the insurer, plus
any supplemental information received during the course of the Office's review,
for all purposes of the filing made under Section
627.062(2)(a)
or 627.0651, F.S.
(3) Filing Submittal Requirements.
(a) Complete rate, rule, underwriting
guidelines for both new and renewal business, and form filings shall be
submitted with the following information:
1.
Form OIR-B1-582, "Universal Standardized Data Letter," as adopted in Rule
69O-170.015, F.A.C.
2. Cover letter
that shall include, at a minimum:
a. The
purpose of the filing;
b. For rate
and rule filings, an identification as to whether the filing is made under
"file and use" or "use and file", including the proposed effective date of the
rates or the date the rates were implemented;
c. If this is a resubmission of a previous
file, a brief explanation of the prior filing, including reference to the
corresponding Florida filing log number shall be provided;
d. For a rate filing for which a form is also
being filed, identification of the corresponding filing log number for the form
or when the form will be submitted;
3. Explanatory memorandum which shall:
a. Explain the organization of the components
of the filing;
b. Identify and
highlight the changes from the current situation;
c. Include any explanation required by Rule
69O-170.006, F.A.C.;
d. If there is no rate effect, a detailed
explanation of how it was so determined or why it is believed that there is no
rate effect.
4. For
filings with a rate effect, an actuarial opinion and supporting memorandum
prepared pursuant to Rule
69O-170.0135, F.A.C.
5. Filing procedures and content required for
specific lines of business as delineated in the following rules:
a. Rule
69O-170.014, F.A.C. (Homeowners
and Mobile Homes);
b. Rule
69O-175.003, F.A.C. (Private
Passenger Auto);
c. Rule
69O-170.0141, F.A.C.
(Dwelling);
d. Rule
69O-170.0142, F.A.C. (Commercial
Residential/All Other Property & Casualty);
e. Rule
69O-170.0143, F.A.C.
(Professional Liability for Medical Malpractice); and
6. Manual pages formatted in compliance with
Rule 69O-170.006(2)
F.A.C. Subsequent to the initial filing, the insurer may defer submitting final
amended manual pages until the Office concludes its analysis. Final approval
will not occur until final manual pages have been
submitted.
(b) All
filings shall:
1. Be separated into either
rate/rule only or form only filings; and
2. Be separated by line of business in
accordance with Rule 69O-170.006,
F.A.C.
(c) Group Filings.
Insurers may submit a filing on behalf of any combination of insurers within
the insurers' group, provided the effective dates are identical for every
insurer and the program is identified in the filing.
(4)
(a) All
filings shall be submitted electronically to http://www.floir.com/iportal, the
industry portal to the Office's I-File System, as adopted in Rule
69O-170.0155, F.A.C.
(b) A filing shall be considered received by
the Office on business days between the hours of 8:00 a.m. and 5:00 p.m.
eastern time. Filings received after 5:00 p.m. shall be considered to be
received the next business day.
(5)
(a) A
rate filing shall contain documentation demonstrating that the proposed rates
meet the standards and conditions of Section
627.062 or
627.0651, F.S., as
applicable.
(b) It is the
responsibility of the insurer to ensure that the filing contains all the
information and documentation the insurer wants considered that supports the
rate requested.
(c) A rate filing
shall contain information and documentation sufficient for an actuary
practicing in the same field to evaluate the work.
(d) Any submission that does not contain the
information and documentation required by subsection (3) above, or for which
required filing forms have not been completed in their entirety, will result in
the Office's issuance of a Notice of Intent to disapprove.
(6)
(a) The
Office may request additional information or clarification to evaluate the
filing for compliance with applicable statutory provisions.
(b) To allow the Office sufficient time to
perform a proper review, the insurer shall submit by a date certain stated in a
clarification letter any required additional information, explanation of data,
or justification of assumptions.
(c) Unless the date is extended by the
Office, failure to adequately address the issues by the date stated in the
clarification letter will result in a notice of intent to disapprove the filing
by the Office.
(7) This
rule applies to that portion of a rate filing relating to terrorism coverage
required under the Terrorism Risk Insurance Act of 2002. The Office recognizes
the difficulty facing an individual insurer in demonstrating that its rates
related to terrorism are not excessive, inadequate, or unfairly discriminatory.
An insurer is free to use any methodology the insurer believes demonstrates
that the rates requested or implemented are in compliance with Section
627.062, F.S. If an insurer is
unable to demonstrate through its own methodology that the rate requested or
implemented complies with Section
627.062, F.S., then the insurer
may, at its option, adopt the methodology, data, and/or rates or loss costs of
another insurer or rating or advisory organization that have been previously
approved by the Office for similar risks.
Rulemaking Authority 624.308, 624.424(1)(c) FS. Law
Implemented 624.307, 624.424(1)(c), 624.604, 624.605, 627.062, 627.0645,
627.0651 FS.
New 3-30-92, Amended 3-9-93, 8-23-93, 10-3-94, 8-3-95,
10-2-96, 6-19-03, Formerly 4-170.013, Amended 9-14-06,
9-5-07.
