Florida has enacted Emergency Rule 69OER24-2 and amended Rule 69O-170.0135. Please see below for a summary of each.
This emergency rule states that certain insurers subject to paying premium tax must provide discounts for policies that provide coverage for a 12-month period with an effective date between October 1, 2024, and September 30, 2025. The deductions should be separately stated on the policy declarations page, provided as part of the renewal notice, and applied to the entirety of the premium due, as specified. Additionally, every authorized insurer must submit Form OIR-B1-596 as part of their quarterly and annual statements as outlined. This became effective on August 21, 2024.
This amended rule now requires insurers that use an averaged model to include a statement in the actuarial memorandum indicating that the same averaged model is being used throughout the state and if a weighted average is being used. If a weighted average is being used, the memorandum must also include an actuarial justification which shows that it results in a reasonable, fair, and adequate rate.
Please see the links provided above for more information.
