Current through Reg. 50, No. 187; September 24, 2024
(1) Life
Expectancy Provider Registration Forms.
(a)
The following forms are incorporated by reference to be used in conjunction
with an application for registration as a life expectancy provider to implement
the provisions of section
626.99175, F.S.:
|
Form #
|
Title
|
|
OIR-C1-1663, (01/06)
|
Application for Registration Life Expectancy
Provider
|
|
OIR-C1-1298, REV 10/05
|
Management Information Form
|
|
OIR-C1-1423, (January 27, 2005)
|
Biographical Affidavit
|
(b)
During the pendency of the application if any of the information submitted in
the application for registration changes, the applicant must immediately notify
the Office in writing of the change and submit documentation to evidence such
change.
(c) If any of the
information submitted in the application for registration changes subsequent to
registration, the registrant shall notify the Office in writing and provide
documentation evidencing such changes within 45 days. Changes in the
registrant's name, residence address, principal business address, or mailing
address requires at least 30 days advance notice.
(d) All forms may be obtained from and shall
be submitted to Company Admissions, Office of Insurance Regulation, 200 East
Gaines Street, Tallahassee, FL 32399-0326.
(2) Definitions. "Person performing life
expectancies" as used in section
626.99175(4)(d),
F.S., and "individuals who determine life expectancies" as used in section
626.99175(4)(g)2., F.S., means a person or individual with the decisionmaking
authority to sign or authorize the issuance of a life expectancy or mortality
ratings used to determine a life expectancy.
(3) Life Expectancy Provider Triennial Audit
of Life Expectancies.
(a) The audit required
by section 626.99175(5),
F.S., must be certified by an actuary who is a member of the American Academy
of Actuaries and qualified in the area of determination of life expectancies
used in connection with life insurance, pension funding, or other similar
enterprises. The actuary's certification must include a statement that in his
or her opinion the techniques and assumptions used to conduct the audit are
reasonable and meet the requirements of section
626.99175(5),
F.S. Any exceptions to the statutory requirements shall be fully explained in
detail in the certification.
(b)
Should the actuary conducting the audit of the life expectancies find that in
his or her professional judgment that the number of predicted deaths associated
with such life expectancies would be too small to be actuarially credible
and/or if the lag in reporting deaths to the Social Security Administration
would result in an actuarially significant underreporting of deaths for those
life expectancies, such events shall be detailed in the audit report and
certified by the actuary.
Rulemaking Authority 624.308(1), 626.99175, 626.9925 FS.
Law Implemented 624.307(1), 626.99175
FS.
New 7-6-06.
