Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69O - OIR - Insurance Regulation
Chapter 69O-170 - PROPERTY AND CASUALTY INSURANCE RATING
Section 69O-170.017 - Windstorm Mitigation Discounts
Current through Reg. 50, No. 187; September 24, 2024
(1) This rule applies to all residential property insurance rate filings filed on or after January 1, 2007. All residential property insurers must make new filings by March 1, 2007, to reflect the requirements in this rule.
(2) Section
627.0629, F.S., states that
discounts on an actuarially reasonable basis or appropriate reductions in
deductibles must be provided in the rates for residential property insurance
for fixtures or construction techniques, including minimum provisions of the
Florida Building Code which have been demonstrated to reduce windstorm loss.
The discounts must reflect the discounts as set forth in Form OIR-B1-1700,
"Windstorm Mitigation Discounts; Non-Single Family Residences" (10-06) and Form
OIR-B1-1699 "Windstorm Mitigation Discounts; Single Family Residences" (10-06),
which are incorporated by reference, and which are based upon the studies
Development of Loss Relativities for Wind Resistive Features of
Residential Structures and Development of Loss Relativities
for Wind-Resistive Features of Residential Structures of Five or More
Units. These discounts must be used without any modification unless
they are supported by detail alternate studies where all assumptions are
available to the Office for review. These public domain studies providing data
and information on estimated loss reduction for wind resistive building
features in residences are incorporated by reference, and are available for
downloading at the Office's website at
(3) Filings can modify other rating factors to reflect revenue impact on current business only if they have actual information on policies receiving the discounts currently to support the modification.
Rulemaking Authority 624.308(1) FS. Law Implemented 624.307(1), 627.062(1), (2)(b), (e), (f), (g), 627.0629(1) FS.
New 4-1-98, Formerly 4-170.017, Amended 12-17-06.
