Florida Regulations 69O-175.003: Motor Vehicle Insurance Ratemaking and Rate Filing Procedures
Current as of: 2024 | Check for updates
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(1)(a) This rule shall apply to all motor vehicle insurance rates filed pursuant to sections 627.062 and 627.0651, F.S., except for provisions which are specifically limited to private passenger motor vehicle insurance rates.
(b) The information required by this rule shall be included as a required component of the filing made pursuant to subsection 69O-170.013(3), F.A.C.
(c) Filings shall pertain only to the Private Passenger Automobile Insurance.
(2) Filing Submittal Requirements:
(a)1. Each insurer shall file electronically the information required by the I-File System (IFS) and the Automobile Rate Collection System (ARCS), as adopted in Fl. Admin. Code R. 69O-170.0155, at http://www.floir.com/iportal.
2. Required supporting documentation referenced in the I-File System or ARCS shall be provided.
3. Accurate entry of information into the rate indications workbook component of the I-File System will result in an aggregate average statewide rate indication developed from such data. The accuracy and integrity of the information provided shall be the responsibility of the insurer.
(b) All filings shall identify by program the percentage of policies written on a 6 month and annual policy term.
(3) The following information shall be submitted within the I-File System and ARCS collection indicated in subparagraph (2)(a)1., above.
(a) Each rate filing which proposes changes to base rates shall contain separate rate level indications and support for such indications on a statewide basis for each type of motor vehicle coverage which the insurer writes in Florida. This provision shall apply to all rate filings regardless of whether a filing requests rate changes for one, more than one, or all coverages written. This subsection shall not apply if a rate change is filed in response to law changes which relate to specific types of coverage.
(b) Each rate filing which proposes changes to base rates as to any coverage for which rates vary by territory shall contain separate support by territory for each type of motor vehicle coverage for which a proposed rate change is filed. This provision shall apply to each territory regardless of whether the rate filing requests rate changes for one, more than one, or all territories.
(c) All rate filings which proposes changes to base rates shall include calendar/accident year, Florida-only data for liability coverages and either calendar year or calendar/accident year, Florida-only data for physical damage coverage.
(d) The expense factors in each private passenger automobile rate filing shall be divided into the following categories:
1. Commissions and brokerages;
2. Other acquisition expenses;
3. General expenses;
4. Premium taxes;
5. Miscellaneous licenses and fees; and,
6. Other special expenses.
(4) Private passenger motor vehicle rates, rating schedules, or rating manuals shall contain provisions for individual risk premium modification for collision, personal injury protection, bodily injury liability, and property damage liability coverage based on, among other factors, at least one aspect of an insured’s driving record unless the insurer demonstrates with adequate support that failure to do so is not unfairly discriminatory. For purposes of this subsection, aspects of “”driving record”” include number or type of accidents, and number or type of violations.
Rulemaking Authority Florida Statutes § 624.308(1). Law Implemented 624.307, 624.424, 627.062, 627.0651 FS. History-New 11-29-89, Amended 6-9-91, Formerly 4-57.003, Amended 11-2-92, 10-2-96, 3-31-98, 1-25-99, 6-19-03, Formerly 4-175.003, Amended 6-12-07.
(b) The information required by this rule shall be included as a required component of the filing made pursuant to subsection 69O-170.013(3), F.A.C.
(c) Filings shall pertain only to the Private Passenger Automobile Insurance.
(2) Filing Submittal Requirements:
(a)1. Each insurer shall file electronically the information required by the I-File System (IFS) and the Automobile Rate Collection System (ARCS), as adopted in Fl. Admin. Code R. 69O-170.0155, at http://www.floir.com/iportal.
2. Required supporting documentation referenced in the I-File System or ARCS shall be provided.
3. Accurate entry of information into the rate indications workbook component of the I-File System will result in an aggregate average statewide rate indication developed from such data. The accuracy and integrity of the information provided shall be the responsibility of the insurer.
(b) All filings shall identify by program the percentage of policies written on a 6 month and annual policy term.
(3) The following information shall be submitted within the I-File System and ARCS collection indicated in subparagraph (2)(a)1., above.
(a) Each rate filing which proposes changes to base rates shall contain separate rate level indications and support for such indications on a statewide basis for each type of motor vehicle coverage which the insurer writes in Florida. This provision shall apply to all rate filings regardless of whether a filing requests rate changes for one, more than one, or all coverages written. This subsection shall not apply if a rate change is filed in response to law changes which relate to specific types of coverage.
(b) Each rate filing which proposes changes to base rates as to any coverage for which rates vary by territory shall contain separate support by territory for each type of motor vehicle coverage for which a proposed rate change is filed. This provision shall apply to each territory regardless of whether the rate filing requests rate changes for one, more than one, or all territories.
(c) All rate filings which proposes changes to base rates shall include calendar/accident year, Florida-only data for liability coverages and either calendar year or calendar/accident year, Florida-only data for physical damage coverage.
(d) The expense factors in each private passenger automobile rate filing shall be divided into the following categories:
1. Commissions and brokerages;
2. Other acquisition expenses;
3. General expenses;
4. Premium taxes;
5. Miscellaneous licenses and fees; and,
6. Other special expenses.
(4) Private passenger motor vehicle rates, rating schedules, or rating manuals shall contain provisions for individual risk premium modification for collision, personal injury protection, bodily injury liability, and property damage liability coverage based on, among other factors, at least one aspect of an insured’s driving record unless the insurer demonstrates with adequate support that failure to do so is not unfairly discriminatory. For purposes of this subsection, aspects of “”driving record”” include number or type of accidents, and number or type of violations.
Rulemaking Authority Florida Statutes § 624.308(1). Law Implemented 624.307, 624.424, 627.062, 627.0651 FS. History-New 11-29-89, Amended 6-9-91, Formerly 4-57.003, Amended 11-2-92, 10-2-96, 3-31-98, 1-25-99, 6-19-03, Formerly 4-175.003, Amended 6-12-07.