Florida OIR Informational Memorandum – OIR-16-02M
The Office of Insurance Regulation has implemented an electronic filing system to simplify reporting rescinded policies. Section 627.728, Florida Statutes, requires private passenger automobile insurers to complete the underwriting of the policy and make a final determination of the correct premium for coverage within sixty (60) days after the effectuation of coverage unless an incorrect premium was charged due to material misrepresentation or fraud on the part of the insured in the application for insurance.