Florida Regulations 69O-170.013: Filing Procedures for Property and Casualty Insurance Rates, Rules, Underwriting Guidelines, and Forms
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(1)(a) The procedures in this rule apply to all insurance rate, rule or form filings for property and casualty insurance as defined in Sections 624.604, 624.605, 634.011(8), 634.301(4), 634.401(14), 642.015(3), 648.25(1), 635.011(1) and 627.826(1), F.S.
(b) Underwriting guidelines for private passenger automobile, homeowners’ and mobile homeowners’ insurance, for both new and renewal business shall be filed pursuant to this rule.
(2) A “”rate filing”” contains all the information submitted in the filing made by the insurer, plus any supplemental information received during the course of the Office’s review, for all purposes of the filing made under Section 627.062(2)(a) or 627.0651, F.S.
(3) Filing Submittal Requirements.
(a) Complete rate, rule, underwriting guidelines for both new and renewal business, and form filings shall be submitted with the following information:
1. Form OIR-B1-582, “”Universal Standardized Data Letter,”” as adopted in Fl. Admin. Code R. 69O-170.015
2. Cover letter that shall include, at a minimum:
a. The purpose of the filing;
b. For rate and rule filings, an identification as to whether the filing is made under “”file and use”” or “”use and file””, including the proposed effective date of the rates or the date the rates were implemented;
c. If this is a resubmission of a previous file, a brief explanation of the prior filing, including reference to the corresponding Florida filing log number shall be provided;
d. For a rate filing for which a form is also being filed, identification of the corresponding filing log number for the form or when the form will be submitted;
3. Explanatory memorandum which shall:
a. Explain the organization of the components of the filing;
b. Identify and highlight the changes from the current situation;
c. Include any explanation required by Fl. Admin. Code R. 69O-170.006;
d. If there is no rate effect, a detailed explanation of how it was so determined or why it is believed that there is no rate effect.
4. For filings with a rate effect, an actuarial opinion and supporting memorandum prepared pursuant to Fl. Admin. Code R. 69O-170.0135
5. Filing procedures and content required for specific lines of business as delineated in the following rules:
a. Fl. Admin. Code R. 69O-170.014 (Homeowners and Mobile Homes);
b. Fl. Admin. Code R. 69O-175.003 (Private Passenger Auto);
c. Fl. Admin. Code R. 69O-170.0141 (Dwelling);
d. Fl. Admin. Code R. 69O-170.0142 (Commercial Residential/All Other Property & Casualty);
e. Fl. Admin. Code R. 69O-170.0143 (Professional Liability for Medical Malpractice); and
6. Manual pages formatted in compliance with Rule 69O-170.006(2) F.A.C. Subsequent to the initial filing, the insurer may defer submitting final amended manual pages until the Office concludes its analysis. Final approval will not occur until final manual pages have been submitted.
(b) All filings shall:
1. Be separated into either rate/rule only or form only filings; and
2. Be separated by line of business in accordance with Fl. Admin. Code R. 69O-170.006
(c) Group Filings. Insurers may submit a filing on behalf of any combination of insurers within the insurers’ group, provided the effective dates are identical for every insurer and the program is identified in the filing.
(4)(a) All filings shall be submitted electronically to http://www.floir.com/iportal, the industry portal to the Office’s I-File System, as adopted in Fl. Admin. Code R. 69O-170.0155
(b) A filing shall be considered received by the Office on business days between the hours of 8:00 a.m. and 5:00 p.m. eastern time. Filings received after 5:00 p.m. shall be considered to be received the next business day.
(5)(a) A rate filing shall contain documentation demonstrating that the proposed rates meet the standards and conditions of Section 627.062 or 627.0651, F.S., as applicable.
(b) It is the responsibility of the insurer to ensure that the filing contains all the information and documentation the insurer wants considered that supports the rate requested.
(c) A rate filing shall contain information and documentation sufficient for an actuary practicing in the same field to evaluate the work.
(d) Any submission that does not contain the information and documentation required by subsection (3) above, or for which required filing forms have not been completed in their entirety, will result in the Office’s issuance of a Notice of Intent to disapprove.
(6)(a) The Office may request additional information or clarification to evaluate the filing for compliance with applicable statutory provisions.
(b) To allow the Office sufficient time to perform a proper review, the insurer shall submit by a date certain stated in a clarification letter any required additional information, explanation of data, or justification of assumptions.
(c) Unless the date is extended by the Office, failure to adequately address the issues by the date stated in the clarification letter will result in a notice of intent to disapprove the filing by the Office.
(7) This rule applies to that portion of a rate filing relating to terrorism coverage required under the Terrorism Risk Insurance Act of 2002. The Office recognizes the difficulty facing an individual insurer in demonstrating that its rates related to terrorism are not excessive, inadequate, or unfairly discriminatory. An insurer is free to use any methodology the insurer believes demonstrates that the rates requested or implemented are in compliance with Florida Statutes § 627.062 If an insurer is unable to demonstrate through its own methodology that the rate requested or implemented complies with Florida Statutes § 627.062, then the insurer may, at its option, adopt the methodology, data, and/or rates or loss costs of another insurer or rating or advisory organization that have been previously approved by the Office for similar risks.
Rulemaking Authority 624.308, 624.424(1)(c) FS. Law Implemented 624.307, 624.424(1)(c), 624.604, 624.605, 627.062, 627.0645, 627.0651 FS. History-New 3-30-92, Amended 3-9-93, 8-23-93, 10-3-94, 8-3-95, 10-2-96, 6-19-03, Formerly 4-170.013, Amended 9-14-06, 9-5-07.
(b) Underwriting guidelines for private passenger automobile, homeowners’ and mobile homeowners’ insurance, for both new and renewal business shall be filed pursuant to this rule.
(2) A “”rate filing”” contains all the information submitted in the filing made by the insurer, plus any supplemental information received during the course of the Office’s review, for all purposes of the filing made under Section 627.062(2)(a) or 627.0651, F.S.
(3) Filing Submittal Requirements.
(a) Complete rate, rule, underwriting guidelines for both new and renewal business, and form filings shall be submitted with the following information:
1. Form OIR-B1-582, “”Universal Standardized Data Letter,”” as adopted in Fl. Admin. Code R. 69O-170.015
2. Cover letter that shall include, at a minimum:
a. The purpose of the filing;
b. For rate and rule filings, an identification as to whether the filing is made under “”file and use”” or “”use and file””, including the proposed effective date of the rates or the date the rates were implemented;
c. If this is a resubmission of a previous file, a brief explanation of the prior filing, including reference to the corresponding Florida filing log number shall be provided;
d. For a rate filing for which a form is also being filed, identification of the corresponding filing log number for the form or when the form will be submitted;
3. Explanatory memorandum which shall:
a. Explain the organization of the components of the filing;
b. Identify and highlight the changes from the current situation;
c. Include any explanation required by Fl. Admin. Code R. 69O-170.006;
d. If there is no rate effect, a detailed explanation of how it was so determined or why it is believed that there is no rate effect.
4. For filings with a rate effect, an actuarial opinion and supporting memorandum prepared pursuant to Fl. Admin. Code R. 69O-170.0135
5. Filing procedures and content required for specific lines of business as delineated in the following rules:
a. Fl. Admin. Code R. 69O-170.014 (Homeowners and Mobile Homes);
b. Fl. Admin. Code R. 69O-175.003 (Private Passenger Auto);
c. Fl. Admin. Code R. 69O-170.0141 (Dwelling);
d. Fl. Admin. Code R. 69O-170.0142 (Commercial Residential/All Other Property & Casualty);
e. Fl. Admin. Code R. 69O-170.0143 (Professional Liability for Medical Malpractice); and
6. Manual pages formatted in compliance with Rule 69O-170.006(2) F.A.C. Subsequent to the initial filing, the insurer may defer submitting final amended manual pages until the Office concludes its analysis. Final approval will not occur until final manual pages have been submitted.
(b) All filings shall:
1. Be separated into either rate/rule only or form only filings; and
2. Be separated by line of business in accordance with Fl. Admin. Code R. 69O-170.006
(c) Group Filings. Insurers may submit a filing on behalf of any combination of insurers within the insurers’ group, provided the effective dates are identical for every insurer and the program is identified in the filing.
(4)(a) All filings shall be submitted electronically to http://www.floir.com/iportal, the industry portal to the Office’s I-File System, as adopted in Fl. Admin. Code R. 69O-170.0155
(b) A filing shall be considered received by the Office on business days between the hours of 8:00 a.m. and 5:00 p.m. eastern time. Filings received after 5:00 p.m. shall be considered to be received the next business day.
(5)(a) A rate filing shall contain documentation demonstrating that the proposed rates meet the standards and conditions of Section 627.062 or 627.0651, F.S., as applicable.
(b) It is the responsibility of the insurer to ensure that the filing contains all the information and documentation the insurer wants considered that supports the rate requested.
(c) A rate filing shall contain information and documentation sufficient for an actuary practicing in the same field to evaluate the work.
(d) Any submission that does not contain the information and documentation required by subsection (3) above, or for which required filing forms have not been completed in their entirety, will result in the Office’s issuance of a Notice of Intent to disapprove.
(6)(a) The Office may request additional information or clarification to evaluate the filing for compliance with applicable statutory provisions.
(b) To allow the Office sufficient time to perform a proper review, the insurer shall submit by a date certain stated in a clarification letter any required additional information, explanation of data, or justification of assumptions.
(c) Unless the date is extended by the Office, failure to adequately address the issues by the date stated in the clarification letter will result in a notice of intent to disapprove the filing by the Office.
(7) This rule applies to that portion of a rate filing relating to terrorism coverage required under the Terrorism Risk Insurance Act of 2002. The Office recognizes the difficulty facing an individual insurer in demonstrating that its rates related to terrorism are not excessive, inadequate, or unfairly discriminatory. An insurer is free to use any methodology the insurer believes demonstrates that the rates requested or implemented are in compliance with Florida Statutes § 627.062 If an insurer is unable to demonstrate through its own methodology that the rate requested or implemented complies with Florida Statutes § 627.062, then the insurer may, at its option, adopt the methodology, data, and/or rates or loss costs of another insurer or rating or advisory organization that have been previously approved by the Office for similar risks.
Rulemaking Authority 624.308, 624.424(1)(c) FS. Law Implemented 624.307, 624.424(1)(c), 624.604, 624.605, 627.062, 627.0645, 627.0651 FS. History-New 3-30-92, Amended 3-9-93, 8-23-93, 10-3-94, 8-3-95, 10-2-96, 6-19-03, Formerly 4-170.013, Amended 9-14-06, 9-5-07.