NOTICE OF PROPOSED RULE
DEPARTMENT OF FINANCIAL SERVICES
Division of Agent and Agency Services
RULE NO.:
69B-167.001
RULE TITLE: Return of Unearned Premium.
PURPOSE AND EFFECT: Rule 69B-167.001, F.A.C., is being repealed since it is
duplicative of Rule 69O-167.001, F.A.C., which is administered by the Office of
Insurance Regulation.
SUMMARY: Rule 69B-167.001, F.A.C., is repealed.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COST AND LEGISLATIVE
RATIFICATION: The agency has determined that this rule will not have an adverse
impact on small business or likely increase directly or indirectly regulatory costs in
excess of $200,000 in the aggregate within one year after the implementation of
the rule. A SERC has not been prepared by the agency.
The agency has determined that the proposed rule repeal is not expected to require
legislative ratification based on the statement of estimated regulatory costs or if no
SERC is required, the information expressly relied upon and described herein: The
Department conducted an economic analysis of the potential impact of the
proposed rule and determined that there will be no adverse economic impact or
regulatory increases that would require legislative ratification.
Any person who wishes to provide information regarding the statement of
estimated regulatory costs or to provide a proposal for a lower cost regulatory
alternative must do so in writing within 21 days of this notice.
RULEMAKING AUTHORITY: 624.308 FS.
LAW IMPLEMENTED: 624.307(1), 627.4133, 627.728, FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL
BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW (IF NOT REQUESTED,
THIS HEARING WILL NOT BE HELD):
DATE AND TIME: November 13, 2014 @ 10 a.m.
PLACE: Room 139, Larson Building, 200 East Gaines Street, Tallahassee, Florida
Pursuant to the provisions of the Americans with Disabilities Act, any person
requiring special accommodations to participate in this workshop/meeting is asked
to advise the agency at least 5 days before the workshop/meeting by contacting
Barry Lanier at (850)413-5601 or Barry.Lanier@myfloridacfo.com . If you are
hearing or speech impaired, please contact the agency using the Florida Relay
Service 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Barry
Lanier, Chief, Bureau of Investigations, Room 416, Larson Building, 200 E. Gaines
Street, Tallahassee, FL 32399-0320 (850)413-5601 or
Barry.Lanier@MyFloridaCFO.com.
THE FULL TEXT OF THE PROPOSED RULE IS:
69B-167.001 Return of Unearned Premium.
Specific Rulemaking Authority 624.308 FS. Law Implemented 624.307(1),
627.4133, 627.728 FS. History–New 12-29-71, Formerly 4-28.03, 4-28.003,
Amended 11-2-92, Formerly 4-167.001, Repealed _______________.
NAME OF PERSON ORIGINATING PROPOSED RULE: Barry Lanier, Chief, Bureau of
Investigations, Division of Agent and Agency Services, Department of Financial
Services.
NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Jeff Atwater, Chief
Financial Officer, Department of Financial Services
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: October 7, 2014
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: N/A
69B-167.001 Return of Unearned Premium.
(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 provisions of Sections 627.7283 and 627.848(6), Florida Statutes, apply. The
date of return made by the company or agent is determined by the post mark.
(2) Unless payment of the amount of the premium to be returned is affirmatively requested by the insured, the
insurer need not return any amount of $5.00 or less.
(3) Subsections (1) and (2), above, do not apply to audit policies. Audit policies shall be subject to a time
limitation of ninety (90) days from the date of cancellation to make the return of unearned premiums, if any. If such
audit is not complete within this time limitation, then the insured's own audit shall be accepted by the insurer. Such
unearned premium, if any, shall be mailed within ten (10) working days upon receipt of the insured's audit.
(4) The exception in subsection (3) for audit policies is subject to the full cooperation of the insured with the
insurer or agent in securing the necessary data for audit. Proof of non-cooperation of the insured shall be submitted
to the Department by the insurer or the agent upon request. In the event that non-cooperation still exists, then the
deposit premium shall be considered fully earned, without prejudice as to whether additional premium is due.
Specific Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 627.4133, 627.728 FS. History–New 12-29-71,
Formerly 4-28.03, 4-28.003, Amended 11-2-92, Formerly 4-167.001, Repealed _______________.