OIR Advances Proposed Administrative Rules
The Florida Office of Insurance Regulation (OIR) has taken the next step toward adopting administrative rules implementing recent legislation. The Financial Services Commission (FSC) recently authorized the OIR to formally publish drafts of the rules as proposed rules.
The FSC consists of Florida’s Governor, Chief Financial Officer and Attorney General. These elected officials comprise a collegial body that oversees OIR. OIR previously held workshops during the development of the proposed rules and recently sought the FSC’s approval to move forward with proposing the rules. The FSC granted this approval.
The OIR’s publishing the rules as proposed rules creates a 21-day period in which an interested party may request a public hearing. If no hearing is requested, the OIR will proceed to adopt the rules as final. If an interested party does request a hearing, the OIR will schedule a public hearing to accept input.
Rules subject to the OIR’s current process include:
- 69O-137.001 adopting reporting formats for annual and quarterly reports;
- 69O-137.014 related to notices to be filed by residential property insurers seeking to temporarily suspend writing policies;
- 69O-138.001 describing factors OIR will consider in scheduling market conduct examinations;
- 69O-171.012 providing for the annual certification and periodic submission of insurers’ claims manuals;
- 69O-197.001 and additional rules related to insurance administrator licensing and oversight; and
- 69O-238.001 implementing new requirements for pharmacy benefit managers.