FHCF to Discuss Insurer Reporting and Responsibility Rules
The Florida Hurricane Catastrophe Fund (FHCF) has scheduled a rule development workshop for January 5 to discuss potential revisions to rule 19-8.029 relating to insurer reporting and 19-8.030 governing insurer responsibilities. These are longstanding rules that govern topics such as insurers’ reporting of exposures and losses to the FHCF. The FHCF reviews and updates these rules annually in light of law changes and other considerations.
A revision to these rules last year did not attract much attention early but became a point of contention later in the year after the rules were adopted. The FHCF revised the rules and the associated exposure data call to require insurers to report street addresses for their exposures, which was more detailed than the ZIP code data required in prior data calls. Although no insurer challenged the FHCF’s proposed rule changes at the time they were being adopted, several insurers became concerned with the expanded scope of the data call at the time they were preparing their responses. This ultimately led to a challenge determining that the request for street address data went beyond the statutory requirement.
The text of any proposed revisions for 2016 was not available when notice of the rule workshop was proposed. Nonetheless, we will continue to monitor the FHCF’s rulemaking process.