Florida Administrative Code

As used in this rule chapter, the following terms have the following meaning: (1) "1994 GAR Table" - means that mortality table developed by the Society of Actuaries Group Annuity Valuation Table Task Force. (2) "Annuity 2000 Mortality Table" means that mortality table developed …

(1) The Annuity 2000 Mortality Table shall be used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after July 1, 1998 and on or before December 31, 2014. (2) The 2012 IAR Table shall be used for determining the …

The 1994 GAR Table shall be used for determining the minimum standard of valuation for any annuity or pure endowment purchased on or after July 1, 1998 under a group annuity or pure endowment contract. (1) For valuation dates on or after the effective date of this rule and on or …

(1) In using the 1994 GAR Table, the mortality rate for a person age x in year (1994 + n) is calculated as follows: qx-1994 + n = qx1994(1 - AAx)n where the qx-1994s and AAxs are as specified in the 1994 GAR Table. (2) In using the 2012 IAR Mortality Table, the mortality rate for…

(1) The following tables are hereby adopted and incorporated by reference: (a) The Annuity 2000 Mortality Table; (b) The 1994 GAR Table; (c) The 1983 Table "a"; (d) The 2012 IAR Mortality Table which is titled 2012 IAM Period Table in Appendices I and II (01/13) and The Projectio…

(1) Scope. This rule shall govern mortality tables for use in reserves as set forth in Section 625.121, F.S. (2) Purpose. The purpose of this rule is to recognize, permit, and prescribe the use of the 2001 Commissioners Standard Ordinary (CSO) Mortality Table in accordance with S…

(1) This rule is adopted to implement Section 625.121(13), F.S. (2) This rule applies to credit life insurance policies and certificates, and those similar policies and certificates where there is no identifiable charge made to the debtor. (3) The purpose of this rule is to: (a) …

(1) Scope. This rule shall govern mortality tables for use in reserves as set forth in Section 625.121, F.S. (2) Purpose. The purpose of this rule is to recognize, permit and prescribe the use of mortality tables that reflect differences in mortality between Preferred and Standar…

(1) Section 627.677, F.S., and this rule chapter apply to credit life insurance and credit disability insurance sold in conjunction with a credit transaction. (2) A policy or certificate is deemed to be credit life insurance or credit disability insurance if it: (a) References th…

As used in this rule chapter, the following terms have the following meaning: (1) Accelerated Death Benefit. Benefit which is paid in advance of the death of the insured. The benefit may be adjusted to consider the time value of money. The requirements shall not be more than a li…

(1) Premium rates for Credit Life and Credit Disability Insurance shall be filed with the Office, and (2) The creditor (person, firm or corporation) shall not add any additional charge to the premium set by the insurance company and on file with the Office. Rulemaking Authority 6…

Cancellation and refunds shall be required in accordance with the following provisions applicable to each classification, in order to best protect the borrower from loss of funds by short-rate cancellation or termination of insurance, and to further avoid duplication or overlappi…

(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 per…

(1) The amount of Credit Life insurance for decreasing gross coverage shall be within the limits in Section 627.679, F.S. (2) If Credit Life Insurance coverage is written on the actual net debt, the amount of credit life insurance shall not exceed the amount of the loan, and the …

Credit life insurance shall not exceed ten years from the date of issue and provide coverage for at least 5 years or the term of the loan if the loan is for less than 5 years. Rulemaking Authority 624.308(1), 627.678 FS. Law Implemented 624.307(1), 627.681, 627.6785(3), 627.681(3…

All Group Credit Disability contracts shall conform to Section 627.558, F.S., and shall contain the substance of the following statutory provisions (as appropriate): (1) 627.559 - Grace period. (2) 627.560 - Incontestability. (3) 627.561 - Application: statements deemed represent…

(1) In the event of termination, an insurer may, at its option: (a) Refund unearned premium on a daily pro rata basis, or (b) Make no charge for credit insurance for the first 15 days of a loan month and charge for a full month for 16 days or more of a loan month. (2) Voluntary p…

(1) Section 627.682, F.S., requires that benefits provided by credit insurance policies must be reasonable in relation to the premium charged. This requirement is satisfied if the premium rate charged develops or may be reasonably expected to develop a loss ratio of claims incurr…

(1) Rates for decreasing gross coverage shall not be greater than as set forth in paragraphs (a) and (b) below. Paragraph (c) refers to premium rates for other types of coverage, either alone or in combination with the type of coverages applicable to paragraphs (a) and (b). (a) I…

(1) Credit disability insurance premium rates for the insured portion of an indebtedness repayable in equal monthly installments, where the insured portion of the indebtedness decreases uniformly by the amount of the monthly installment paid, shall not be greater than in paragrap…

Premium rates in connection with the existing group franchise and individual policies of credit life and credit disability insurance shall conform to the requirements of this rule chapter, not later than July 1, 2003. Rulemaking Authority 624.308(1), 627.678 FS. Law Implemented 6…

(1) Scope. This rule encompasses all universal life insurance policies except variable contracts as defined under Section 627.8015(2), F.S. This rule is effective July 1, 1994, for policies issued on and after that date. Except for sub-subparagraph (3)(a)2.b. and subsection (4), …

(1) Purpose. (a) The purpose of this rule is to provide: 1. Tables of select mortality factors, identified as Appendix to Rule 69O-164.020, F.A.C., which is hereby adopted and incorporated by reference, and rules for their use; 2. Rules concerning a minimum standard for the valua…

Rulemaking Authority 624.308(1), 625.121(5) FS. Law Implemented 624.307(1), 625.121(5) FS. History-New 5-4-06, Amended 1-16-08, Repealed 1-28-13.

(1) Authority. This rule is adopted by the commission pursuant to Sections 625.121(5)(a)3. and 627.476(9), F.S. (2) Scope. This rule applies to preneed life insurance policies and certificates as defined in Section Four (4) of this rule, and similar policies and certificates. (3)…

As used in this part: (1) "Person" means any individual, association, organization, partnership, business, trust, or corporation. (2) "Agent" means any person, as defined herein, authorized to represent an insurer with respect to a claim, including adjusters. (3) "Claimant" means…

Every insurer shall adopt and implement standards for the acknowledgement of communications and investigation of claims with respect to claims so that: (1) Upon the insurer's receiving a communication with respect to a claim, it shall, within 14 calendar days, review and acknowle…

Every insurer, upon receiving any written or oral inquiry from the Office concerning a claim, shall, within 21 calendar days of receipt of this inquiry, furnish the Office with an appropriate response at the Office's website: http://www.floir.com/iportal. The Office may require a…

(1) All insurers subject to Section 627.7015, F.S., shall comply with Rule 69J-166.031, F.A.C., administered by the Department of Financial Services. A violation of Rule 69J-166.031, F.A.C., is a violation of this rule and accordingly a violation of a rule of the Commission. (2) …

(1) Each insurer or insurer group offering commercial casualty insurance and/or commercial property insurance covering risks located in this state for which Florida taxable premiums are reported shall develop and make available to its insureds guidelines for risk management plans…

(1) Purpose. Substantial rate increases by insurers adversely affects the welfare of the insurance consuming public of the State of Florida. The Office is authorized to conduct investigations of insurance matters as it deems proper to determine whether any person has violated any…

(1) Unless otherwise provided in the contract, upon cancellation of a fire and casualty policy by the company or the insured, the return of gross unearned premium is to be mailed within fifteen (15) working days after the effective date of cancellation, except where the provision…

(1) Pursuant to the provisions of Section 627.728, F.S., any insurer which issues a policy of private passenger motor vehicle insurance in this state shall be required to complete the underwriting of the policy and make a final determination of the correct premium for the coverag…

(1) Private passenger motor vehicle insurers providing physical damage coverage, including collision or comprehensive coverage, shall comply with Section 627.744, F.S., regarding preinsurance inspection requirements. Certain preinsurance inspections are excluded as prescribed by …

No insurer shall use the words "warrant," "warranted," "warrants," or "warranty" in contracts of insurance or in insurance applications in reference to statements made by applicants or insureds. In appropriate situations, an insurer may use the word "agrees" or some variation to …

(1) All insurers authorized to write property coverages in this state shall be permitted to attach to or include in the policy, provisions for accidental death and dismemberment coverage and for medical expense coverage. (2) Such coverage shall become incidental to and a part of …

Rulemaking Authority 624.308(1) FS. Law Implemented 624.307(1), 626.9641(1)(b) FS. History-New 8-4-92, Amended 9-19-94, Formerly 4-167.007, Repealed 12-26-19.

No mortgage lender shall, in connection with any application for a mortgage loan in this state which is secured by a mortgage on residential real estate located in this state, require any prospective mortgagor to obtain by purchase or otherwise a property insurance policy in exce…

When an insurer is required by law to provide notice of cancellation or non-renewal of a property or casualty insurance contract and the insurer provides such notice by mail, proof of mailing may be provided by use of the certified or registered mail services of the United States…

(1) This rule applies to all covered losses arising from claims under homeowners policies as that term is generally used but does not apply to a tenant's form, commonly known as an HO-4 nor to a condominium unit owner's form, commonly known as an HO-6. (2) Pursuant to Section 627…

(1) The purpose of this rule is to specify the form for a Certificate of Security to be used pursuant to Section 627.701(5), F.S. (2)(a) An insurer that elects to offer a policy with a secured hurricane deductible on a personal lines property insurance policy shall require the in…

(1) A basic homeowners', mobile homeowners', dwelling, or condominium unit owners' policy may not be delivered or issued for delivery in this state unless a comprehensive checklist of coverage on a form adopted by the commission and an appropriate outline of coverage have been de…

The handwritten disclosures required by Sections 627.712(2) and 627.701(4)(d)1., F.S., may be obtained by alternative methods from those persons or policyholders who have a disabling condition that prevents them from providing a handwritten statement. Any one or more of the follo…

Rulemaking Authority 624.308(1) FS., Ch. 2007-1, Laws of Florida, § 40; Ch. 2006-12, Laws of Florida, § 39. Law Implemented 624.307(1) FS., Ch. 2007-1, Laws of Florida, § 40. History-New 11-1-07, Repealed 7-30-17.

Rulemaking Authority 624.308(1), 624.607(3) FS. Law Implemented 624.307(1), 624.607 FS. History-New 4-17-80, Formerly 4-48.01, 4-48.001, Amended 1-27-92, Formerly 4-167.020, Repealed 4-27-26.

These rules shall not be construed to restrict or limit in any way the exercise of any insuring powers granted under charters and license whether used separately, in combination or otherwise. Rulemaking Authority 624.308(1), 624.607(3) FS. Law Implemented 624.607 FS. History-New …

Marine and/or transportation policies may cover under the following conditions: (1) Imports. (a) Imports may be covered wherever the property may be and without restrictions as to time, provided the coverage of the issuing companies includes hazards of transportation. (b) An impo…

Unless otherwise permitted, nothing in the foregoing shall be construed to permit marine or transportation policies to cover: (1) Storage of Assured's merchandise, except as hereinbefore provided. (2) Merchandise in course of manufacture, the property of and on the premises of th…

(1) This rule applies to marine insurance that is subject to Chapter 627, F.S. (2) Section 627.021(2)(c), F.S, states that Chapter 627, F.S., does not apply to ocean marine insurance as distinguished from inland marine insurance. (a) Section 627.021(2)(d), F.S., states that rates…

Rulemaking Authority 624.308(1), 627.062(2)(b)4. FS. Law Implemented 624.307(1), 627.062 FS. History-New 4-9-87, Formerly 4-72.001, Amended 1-27-92, Formerly 4-170.001, Repealed 4-27-26.