Florida Regulations 69O-163.0045: Filing Requirements
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(1)(a) All forms of Credit Life and Credit Disability policies, certificates of insurance, statements of insurance, applications for insurance, enrollment forms, binders, endorsements and riders delivered or issued for delivery in this state and the schedules of premium rates pertaining thereto, shall be filed for approval in accordance with Sections 627.6785 and 627.682, F.S.
(b) Filings shall be submitted electronically to http://www.floir.com/iportal.
(2) A standardized data letter, Form OIR-B2-1507, “”Office of Insurance Regulation Life and Health Forms and Rates Universal Standardized Data Letter””, completed in accordance with Form OIR-B2-1507A, “”Office of Insurance Regulation Life and Health Forms and Rates Universal Standardized Data Letter Instructions””, shall accompany each filing and annual rate filing or the filing shall be returned incomplete. Forms OIR-B2-1507 and OIR-B2-1507A are adopted in Fl. Admin. Code R. 69O-149.022
(3) An actuarial memorandum, signed and dated by an actuary, shall be included in each rate and form filing. The memorandum shall identify the following:
(a) Types of coverage: gross, net, decreasing, level, single life, joint life, full term or truncated;
(b) Types of loans to be insured: open end credit, closed end credit;
(c) Durations of the loans and durations of the coverage. Refer to Rules 69O-163.005, 69O-163.006 and 69O-163.007, F.A.C.;
(d) Methods of premium charge: single premium or monthly premium;
(e) Schedules of premium rates and formulas for each type of coverage and how the rates relate to prima facie rates;
(f) Methods of refund calculation and formulas for each type of coverage; and
(g) Reserve bases.
(4) Each filing, except prima facie rates, shall be accompanied by the development and justification, including experience and credibility, of the proposed rate together with an opinion by an actuary certifying to the reasonableness of the rate, compliance with applicable laws and this rule chapter, and disclosure of the methods and assumptions used to develop compliance with this rule chapter. Credibility shall be determined according to the standard table in Appendix A.
(5) An actuarial memorandum shall not be required of filings:
(a) In which the insurer proposes to use the prima facie rates without any restrictions, exclusions, or exceptions other than those allowed by this rule chapter, except that a reserve statement signed by a qualified actuary (MAAA) shall be included in each filing.
(b) In which have no impact on rates or reserves and are so certified by the company.
Rulemaking Authority 624.308(1), 624.424(1)(c), 627.678 FS. Law Implemented 624.307(1), 627.6785, 627.682 FS. History-New 2-11-03, Amended 9-22-03, Formerly 4-163.0045.
(b) Filings shall be submitted electronically to http://www.floir.com/iportal.
(2) A standardized data letter, Form OIR-B2-1507, “”Office of Insurance Regulation Life and Health Forms and Rates Universal Standardized Data Letter””, completed in accordance with Form OIR-B2-1507A, “”Office of Insurance Regulation Life and Health Forms and Rates Universal Standardized Data Letter Instructions””, shall accompany each filing and annual rate filing or the filing shall be returned incomplete. Forms OIR-B2-1507 and OIR-B2-1507A are adopted in Fl. Admin. Code R. 69O-149.022
(3) An actuarial memorandum, signed and dated by an actuary, shall be included in each rate and form filing. The memorandum shall identify the following:
(a) Types of coverage: gross, net, decreasing, level, single life, joint life, full term or truncated;
(b) Types of loans to be insured: open end credit, closed end credit;
(c) Durations of the loans and durations of the coverage. Refer to Rules 69O-163.005, 69O-163.006 and 69O-163.007, F.A.C.;
(d) Methods of premium charge: single premium or monthly premium;
(e) Schedules of premium rates and formulas for each type of coverage and how the rates relate to prima facie rates;
(f) Methods of refund calculation and formulas for each type of coverage; and
(g) Reserve bases.
(4) Each filing, except prima facie rates, shall be accompanied by the development and justification, including experience and credibility, of the proposed rate together with an opinion by an actuary certifying to the reasonableness of the rate, compliance with applicable laws and this rule chapter, and disclosure of the methods and assumptions used to develop compliance with this rule chapter. Credibility shall be determined according to the standard table in Appendix A.
(5) An actuarial memorandum shall not be required of filings:
(a) In which the insurer proposes to use the prima facie rates without any restrictions, exclusions, or exceptions other than those allowed by this rule chapter, except that a reserve statement signed by a qualified actuary (MAAA) shall be included in each filing.
(b) In which have no impact on rates or reserves and are so certified by the company.
Rulemaking Authority 624.308(1), 624.424(1)(c), 627.678 FS. Law Implemented 624.307(1), 627.6785, 627.682 FS. History-New 2-11-03, Amended 9-22-03, Formerly 4-163.0045.