Florida Regulations 69O-138.021: Special Consent Investments
Current as of: 2024 | Check for updates
|
Other versions
(1) This rule implements the provisions of Florida Statutes § 625.331, and applies to all authorized insurers as defined in Florida Statutes § 624.09
(2) Automatic Revocation and Renewal Procedure.
(a) Each special consent investment currently on an insurer’s statutory balance sheet, which has been approved or granted by the Office, either expressly or by implication, prior to December 31, 1991, is revoked 90 days after the effective date of this rule. Each insurer that currently has a special consent investment on its statutory balance sheet approved or granted by the Office, either expressly or by implication, on or before December 31, 1991, shall resubmit the investment to the Office for renewal pursuant to provisions of paragraph (2)(c) of this subsection.
(b) On or after January 1, 1992, all special consent investments approved or granted by the Office shall have an effective duration of one year or less, but may be for a period in excess of 1 year if the approval contains a specific expiration date for that special consent. Unless otherwise specified, all special consents shall expire at midnight on March 15, of the year following the date the special consent was granted.
(c) All requests for special consent investments shall be clearly labeled as such and shall contain the following information: name and NAIC code number of the insurer requesting the special consent; nature and amount of the proposed investment; requested dates of approval and expiration; reason for the special consent request; date of submission for approval; and information regarding any previous special consents granted to the insurer for the same or nearly the same investments. All filings shall be submitted electronically to http://www.floir.com/iportal.
Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 624.424, 625.331 FS. History-New 6-15-92, Formerly 4-138.021, Amended 7-30-17.
(2) Automatic Revocation and Renewal Procedure.
(a) Each special consent investment currently on an insurer’s statutory balance sheet, which has been approved or granted by the Office, either expressly or by implication, prior to December 31, 1991, is revoked 90 days after the effective date of this rule. Each insurer that currently has a special consent investment on its statutory balance sheet approved or granted by the Office, either expressly or by implication, on or before December 31, 1991, shall resubmit the investment to the Office for renewal pursuant to provisions of paragraph (2)(c) of this subsection.
(b) On or after January 1, 1992, all special consent investments approved or granted by the Office shall have an effective duration of one year or less, but may be for a period in excess of 1 year if the approval contains a specific expiration date for that special consent. Unless otherwise specified, all special consents shall expire at midnight on March 15, of the year following the date the special consent was granted.
(c) All requests for special consent investments shall be clearly labeled as such and shall contain the following information: name and NAIC code number of the insurer requesting the special consent; nature and amount of the proposed investment; requested dates of approval and expiration; reason for the special consent request; date of submission for approval; and information regarding any previous special consents granted to the insurer for the same or nearly the same investments. All filings shall be submitted electronically to http://www.floir.com/iportal.
Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 624.424, 625.331 FS. History-New 6-15-92, Formerly 4-138.021, Amended 7-30-17.