(1) The purpose of this rule is to establish procedures to be used by insurers in the calculation of credit property insurance premiums.
    (2) Scope. This rule applies to section 624.605(1)(j), F.S., and to all credit property contracts which provide coverage for property purchased under an installment sales agreement.
    (3) Insurers and other persons authorized to engage in the sale of credit property insurance under an installment sales agreement shall charge the credit property insurance premium only on the actual cost of the property and any sales tax thereon. The credit insurance premium shall not be charged on items including, but not limited to, finance or service fees, loan interest, delivery charges and other insurance premiums such as credit life, unemployment, credit disability.
Rulemaking Authority Florida Statutes § 624.308(1). Law Implemented 624.307(1), 624.605(1)(j) FS. History-New 1-27-92, Formerly 4-184.006.