OIR eases informational filing of P&C policy forms

Florida's Office of Insurance Regulation (OIR) has further simplified the use of P&C policy forms without prior review and approval by the OIR. Under an order issued December 3, 2012 and clarified this week and last, P&C forms may be used if the insurer makes an informational filing with OIR 30 days prior to use and has an authorized employee certify that the form complies with applicable Florida statutes and rules.

OIR's recent memos clarify that the OIR has eliminated the prior requirements for informational filings (in effect since June 24, 2012) that the insurer certify compliance with case law and that the certification be made by an executive officer of the insurer.

The December 3, 2012 order supersedes an OIR order issued in June 2012 that first authorized the use of informational filings for P&C policy forms (without prior approval). The December order is in effect until June 24, 2013 (the same expiration date as the superseded order). The order applies to all P&C forms excluding workers compensation.

To review the December order and clarifying memos, go to this link: OIR memos and December 3, 2012 order.

This summary was prepared by Perry Cone and posted at TallyInsLaw.com.

Legal Notice and Disclaimer

Florida graded "F" in P&C regulatory environment

The Heartland Institute has handed Florida a grade of "F" for its property and casualty insurance regulatory environment.  See Article: Property & Casualty Insurance Report Card, 2011 Edition.  Joining Florida in the "F" category were Texas, California, and Hawaii.

In grading the 50 states for their P&C environments, The Heartland had two focuses:  (1) How free are consumers to choose the property and casualty insurance products they want?  And (2) how free are insurers to provide the property and casualty insurance products consumers say they want?

Insurance Regulations Not Covered by Governor's Freeze, Yet

There are not many of them, but most insurance regulations pending approval are not covered by Governor Rick Scott's executive order that freezes rulemaking.  Still, these regulations could be put on hold by the Governor and Cabinet.

DFS Withdraws Unlawful Inducement Rules

The Florida Department of Financial Services, Division of Agent & Agency Services, announced today that it is withdrawing both proposed unlawful inducement rules (amendments to rules 69B-210.005 and 69B-210.010).