An act relating to property insurance; amending s.
627.062, F.S.; extending the period during which an
insurer writing property insurance policies in this state
and seeking a rate greater than the rate most recently
approved by the Office of Insurance Regulation must make a
"file and use" filing; providing an effective date.
Be It Enacted by the Legislature of the State of Florida:
Section 1. Paragraph (a) of subsection (2) of section
627.062, Florida Statutes, is amended to read:
(2) As to all such classes of insurance:
(a) Insurers or rating organizations shall establish and
use rates, rating schedules, or rating manuals to allow the
insurer a reasonable rate of return on such classes of insurance
written in this state. A copy of rates, rating schedules, rating
manuals, premium credits or discount schedules, and surcharge
schedules, and changes thereto, shall be filed with the office
under one of the following procedures except as provided in
1. If the filing is made at least 90 days before the
proposed effective date and the filing is not implemented during
the office's review of the filing and any proceeding and judicial
review, then such filing shall be considered a "file and use"
filing. In such case, the office shall finalize its review by
issuance of a notice of intent to approve or a notice of intent
to disapprove within 90 days after receipt of the filing. The
notice of intent to approve and the notice of intent to
disapprove constitute agency action for purposes of the
Administrative Procedure Act. Requests for supporting
information, requests for mathematical or mechanical corrections,
or notification to the insurer by the office of its preliminary
findings shall not toll the 90-day period during any such
proceedings and subsequent judicial review. The rate shall be
deemed approved if the office does not issue a notice of intent
to approve or a notice of intent to disapprove within 90 days
after receipt of the filing.
2. If the filing is not made in accordance with the
provisions of subparagraph 1., such filing shall be made as soon
as practicable, but no later than 30 days after the effective
date, and shall be considered a "use and file" filing. An insurer
making a "use and file" filing is potentially subject to an order
by the office to return to policyholders portions of rates found
to be excessive, as provided in paragraph (h).
3. For all filings made or submitted after January 25,
2007, but before December 31, 2009 2008, an insurer seeking a
rate that is greater than the rate most recently approved by the
office shall make a "file and use" filing. This subparagraph
applies to property insurance only. For purposes of this
subparagraph, motor vehicle collision and comprehensive coverages
are not considered to be property coverages.
The provisions of this subsection shall not apply to workers'
compensation and employer's liability insurance and to motor
Section 2. This act shall take effect July 1, 2008.