Florida Regulations 69O-171.006: Claims Report by Directors and Officers Liability Insurers
Current as of: 2024 | Check for updates
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(1) Each insurer providing directors and officers liability coverage shall report to the Office of Insurance Regulation any claim or action for damages claimed to have been caused by error, omission, or negligence in the performance of the director’s or officer’s services, if the claim resulted in:
(a) A final judgment in any amount.
(b) A settlement in any amount.
(c) A final disposition not resulting in payment on behalf of the insured.
(2) Each insurer required to report under this rule shall submit such information electronically by using computer software provided by the Office. A closed claim report which is inaccurate, incomplete, or not properly formatted will be returned unprocessed and will be considered late until an accurate, complete and properly formatted report is received. A copy of the judgment or settlement must be provided along with any other information required by the Office that is not included in the computer software. The following form has been converted into the software provided by the Office and is hereby incorporated by reference, and shall take effect on the effective date of this rule amendment: Form OIR-366 (5/99) “”Directors and Officers Liability Reporting Form.””
(3) Reports shall be submitted no later than 60 days following the occurrence of one of the events listed in paragraph (a) or (b) or (c), to the address below.
(4) Copies of the Directors and Officers Liability Closed Claim Software are available from the Office of Insurance Regulation, at: http://www.floir.com/iportal.
Rulemaking Authority Florida Statutes § 624.308(1). Law Implemented 624.307(1), 627.9122, 627.918(1) FS. History-New 5-19-88, Formerly 4-59.0052, Amended 6-13-99, Formerly 4-171.006.
Terms Used In Florida Regulations 69O-171.006
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(b) A settlement in any amount.
(c) A final disposition not resulting in payment on behalf of the insured.
(2) Each insurer required to report under this rule shall submit such information electronically by using computer software provided by the Office. A closed claim report which is inaccurate, incomplete, or not properly formatted will be returned unprocessed and will be considered late until an accurate, complete and properly formatted report is received. A copy of the judgment or settlement must be provided along with any other information required by the Office that is not included in the computer software. The following form has been converted into the software provided by the Office and is hereby incorporated by reference, and shall take effect on the effective date of this rule amendment: Form OIR-366 (5/99) “”Directors and Officers Liability Reporting Form.””
(3) Reports shall be submitted no later than 60 days following the occurrence of one of the events listed in paragraph (a) or (b) or (c), to the address below.
(4) Copies of the Directors and Officers Liability Closed Claim Software are available from the Office of Insurance Regulation, at: http://www.floir.com/iportal.
Rulemaking Authority Florida Statutes § 624.308(1). Law Implemented 624.307(1), 627.9122, 627.918(1) FS. History-New 5-19-88, Formerly 4-59.0052, Amended 6-13-99, Formerly 4-171.006.