Florida Regulations 69O-170.017: Windstorm Mitigation Discounts
Current as of: 2024 | Check for updates
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(1) This rule applies to all residential property insurance rate filings filed on or after January 1, 2007. All residential property insurers must make new filings by March 1, 2007, to reflect the requirements in this rule.
(2) Florida Statutes § 627.0629, states that discounts on an actuarially reasonable basis or appropriate reductions in deductibles must be provided in the rates for residential property insurance for fixtures or construction techniques, including minimum provisions of the Florida Building Code which have been demonstrated to reduce windstorm loss. The discounts must reflect the discounts as set forth in Form OIR-B1-1700, “”Windstorm Mitigation Discounts; Non-Single Family Residences”” (10-06) and Form OIR-B1-1699 “”Windstorm Mitigation Discounts; Single Family Residences”” (10-06), which are incorporated by reference, and which are based upon the studies Development of Loss Relativities for Wind Resistive Features of Residential Structures and Development of Loss Relativities for Wind-Resistive Features of Residential Structures of Five or More Units. These discounts must be used without any modification unless they are supported by detail alternate studies where all assumptions are available to the Office for review. These public domain studies providing data and information on estimated loss reduction for wind resistive building features in residences are incorporated by reference, and are available for downloading at the Office’s website at https://www.floir.com/sections/pandc/productreview/uniformmitigationform.aspx.The forms are available for downloading at the Office’s website www.floir.com.
(3) Filings can modify other rating factors to reflect revenue impact on current business only if they have actual information on policies receiving the discounts currently to support the modification.
Rulemaking Authority Florida Statutes § 624.308(1). Law Implemented 624.307(1), 627.062(1), (2)(b), (e), (f), (g), 627.0629(1) FS. History-New 4-1-98, Formerly 4-170.017, Amended 12-17-06.
(2) Florida Statutes § 627.0629, states that discounts on an actuarially reasonable basis or appropriate reductions in deductibles must be provided in the rates for residential property insurance for fixtures or construction techniques, including minimum provisions of the Florida Building Code which have been demonstrated to reduce windstorm loss. The discounts must reflect the discounts as set forth in Form OIR-B1-1700, “”Windstorm Mitigation Discounts; Non-Single Family Residences”” (10-06) and Form OIR-B1-1699 “”Windstorm Mitigation Discounts; Single Family Residences”” (10-06), which are incorporated by reference, and which are based upon the studies Development of Loss Relativities for Wind Resistive Features of Residential Structures and Development of Loss Relativities for Wind-Resistive Features of Residential Structures of Five or More Units. These discounts must be used without any modification unless they are supported by detail alternate studies where all assumptions are available to the Office for review. These public domain studies providing data and information on estimated loss reduction for wind resistive building features in residences are incorporated by reference, and are available for downloading at the Office’s website at https://www.floir.com/sections/pandc/productreview/uniformmitigationform.aspx.The forms are available for downloading at the Office’s website www.floir.com.
(3) Filings can modify other rating factors to reflect revenue impact on current business only if they have actual information on policies receiving the discounts currently to support the modification.
Rulemaking Authority Florida Statutes § 624.308(1). Law Implemented 624.307(1), 627.062(1), (2)(b), (e), (f), (g), 627.0629(1) FS. History-New 4-1-98, Formerly 4-170.017, Amended 12-17-06.