The Property and Casualty Product Review Unit enforces the provisions of Chapters 627 and 626, Florida Statutes, and applicable rules, as they relate to the review of Property and Casualty contracts and associated rates. The principle function of the Unit is to review and act upon Property and Casualty contracts and rate filings received from insurance companies and related entities. As each filing is received, it is reviewed in order to determine compliance with applicable actuarial standards, statutory provisions, and administrative rules.
The Unit is responsible for the actuarial review of insurance company rates and underwriting rules to ensure compliance with the Florida Insurance Code. Of key importance is assuring that rates are not inadequate, excessive, or unfairly discriminatory.
Common Questions that Must be Addressed in Homeowners Rate/Rule Filings:
Have you included credits for a sprinkler system (home and business) per F.S. 626.0654?
Have you included credit for mobile homes built to new ASCE 7-88 standards per F. S. 627.0629 (2)?
Have you included the minimum $500 wind (hurricane) deductible & optional 2% wind (hurricane) deductible or optional maximum 3% wind (hurricane) for commercial residential risks per F.S. 627.701?
Have you included the appropriate hurricane shutter credits per F.S. 627.0629?
Have you revised ex-wind credits and provided appropriate support? (Increased wind load should be reflected as higher credits applied when wind is excluded form the policy).
Have you included a catastrophe load factor and supporting calculations?
Is the rate filing in compliance with F.S. 627.0629(2)(a), regarding ISO "Building Code Effectiveness Grading Schedule?" [ISO (copyright)H-95-OBGS1, DF-95-OBGS1, CF-95OBGS1, B-95-OBGS1.]
I want to make a rate/rule filing with OIR. What do I do first?
The best place to start would be a thorough read-through of the Florida Statutes and Administrative Rules that refer to your particular line of insurance. Please choose the title "Frequently Referenced Statutes" or "Frequently Referenced Rules" on the page appropriate to your line of insurance. Another good place to go is the filing checklist provided by I-File; it takes you step-by-step through the requirements for making a filing.
Can an insurer make "File and Use", "Use and File" and/or "Prior Approval" filings?
The filing laws vary depending upon the line of business, the type of filing (form, rule or rate) and the effective date of the filing. Form filings are generally governed under 627.410, FS and are strictly prior approval. Workers' Compensation rate and rule filings are governed by 627.091, FS and are strictly prior approval. Private Passenger Automobile rate and rule filings are governed by 627.062 and 627.0651, FS and may either be "Use and File" or "File and Use". All other property and casualty rate and rule filings are governed by 627.062, FS and may either be "Use and File" or "File and Use". Insurers making rate filings should review these statutes to determine which filing method is best for them.
Where do I send my rate/rule filing once it is complete?
If you are submitting a filing please click this link I-File (Industry Portal) and submit your filing electronically. If you send any other type of correspondence to OIR, please use our street address:
Office of Insurance Regulation Property & Casualty Product Review 200 East Gaines Street Tallahassee, FL 32399-0330
