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Insurer Report Card Rule Slated for Financial Services Commission

Insurer Report Card Rule Slated for Financial Services Commission

Proposed administrative rules proving a grading system for an insurer report card are scheduled to be presented to the Financial Services Commission for adoption on August 26, 2010.  The Office of the Insurance Consumer Advocate published the rules last year and held workshops and hearings to gather input from interested parties.  Several insurer groups raised questions about the manner in which some components of the grades will be calculated.  Some of these concerns were reflected in Senate Bill 2044– in particular, that complaints against insurers that are determined to be invalid should not be used in developing the report card grades.  However, Senate Bill 2044 was the primary property insurance bill in the 2010 session, and Governor Crist ultimately vetoed it.

With no change to the underlying statute, the Office of the Insurance Consumer Advocate made a few adjustments to the rule and has filed it for adoption.  The rule currently is scheduled to be heard by the Financial Services Commission on Augusy 26, 2010.