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Florida Senate - 2008 SB 1174

By Senator Fasano

11-02957-08 20081174__

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A bill to be entitled

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An act relating to property insurance; amending s.

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627.062, F.S.; extending the period during which an

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insurer writing property insurance policies in this state

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and seeking a rate greater than the rate most recently

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approved by the Office of Insurance Regulation must make a

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"file and use" filing; providing an effective date.

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Be It Enacted by the Legislature of the State of Florida:

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     Section 1.  Paragraph (a) of subsection (2) of section

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627.062, Florida Statutes, is amended to read:

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     627.062  Rate standards.--

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     (2)  As to all such classes of insurance:

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     (a)  Insurers or rating organizations shall establish and

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use rates, rating schedules, or rating manuals to allow the

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insurer a reasonable rate of return on such classes of insurance

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written in this state. A copy of rates, rating schedules, rating

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manuals, premium credits or discount schedules, and surcharge

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schedules, and changes thereto, shall be filed with the office

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under one of the following procedures except as provided in

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subparagraph 3.:

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     1.  If the filing is made at least 90 days before the

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proposed effective date and the filing is not implemented during

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the office's review of the filing and any proceeding and judicial

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review, then such filing shall be considered a "file and use"

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filing. In such case, the office shall finalize its review by

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issuance of a notice of intent to approve or a notice of intent

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to disapprove within 90 days after receipt of the filing. The

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notice of intent to approve and the notice of intent to

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disapprove constitute agency action for purposes of the

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Administrative Procedure Act. Requests for supporting

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information, requests for mathematical or mechanical corrections,

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or notification to the insurer by the office of its preliminary

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findings shall not toll the 90-day period during any such

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proceedings and subsequent judicial review. The rate shall be

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deemed approved if the office does not issue a notice of intent

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to approve or a notice of intent to disapprove within 90 days

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after receipt of the filing.

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     2.  If the filing is not made in accordance with the

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provisions of subparagraph 1., such filing shall be made as soon

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as practicable, but no later than 30 days after the effective

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date, and shall be considered a "use and file" filing. An insurer

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making a "use and file" filing is potentially subject to an order

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by the office to return to policyholders portions of rates found

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to be excessive, as provided in paragraph (h).

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     3.  For all filings made or submitted after January 25,

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2007, but before December 31, 2009 2008, an insurer seeking a

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rate that is greater than the rate most recently approved by the

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office shall make a "file and use" filing. This subparagraph

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applies to property insurance only. For purposes of this

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subparagraph, motor vehicle collision and comprehensive coverages

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are not considered to be property coverages.

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The provisions of this subsection shall not apply to workers'

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compensation and employer's liability insurance and to motor

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vehicle insurance.

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     Section 2.  This act shall take effect July 1, 2008.

CODING: Words stricken are deletions; words underlined are additions.

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