Florida Regulations 69O-167.012: Certificates of Security for Hurricane Deductibles
Current as of: 2024 | Check for updates
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(1) The purpose of this rule is to specify the form for a Certificate of Security to be used pursuant to Florida Statutes § 627.701(5)
(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 insured to provide a Certificate of Security or a verification that the insured has a 100% equity interest in the property to be insured.
(b) An insurer may not directly or indirectly require a secured hurricane deductible as a condition of issuing or renewing a policy.
(3) An insurer shall accept a Certificate of Security only when it uses form OIR-A1-1203 (8/96), Certificate of Security, which is hereby adopted and incorporated by reference. Form OIR-A1-1203 may be obtained from the Office’s website at http://www.floir.com/iportal.
Rulemaking Authority Florida Statutes § 627.701(6). Law Implemented 624.424, 627.701(6) FS. History-New 4-29-97, Formerly 4-167.012.
(b) An insurer may not directly or indirectly require a secured hurricane deductible as a condition of issuing or renewing a policy.
(3) An insurer shall accept a Certificate of Security only when it uses form OIR-A1-1203 (8/96), Certificate of Security, which is hereby adopted and incorporated by reference. Form OIR-A1-1203 may be obtained from the Office’s website at http://www.floir.com/iportal.
Rulemaking Authority Florida Statutes § 627.701(6). Law Implemented 624.424, 627.701(6) FS. History-New 4-29-97, Formerly 4-167.012.