Florida Statutes 627.0621 – Transparency in rate regulation
Current as of: 2024 | Check for updates
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(1) DEFINITIONS.–As used in this section, the term:
(a) “Rate filing” means any original or amended rate residential property insurance filing.
Terms Used In Florida Statutes 627.0621
- Rate: means the unit charge by which the measure of exposure or the amount of insurance specified in a policy of insurance or covered thereunder is multiplied to determine the premium. See Florida Statutes 627.041
(b) “Recommendation” means any proposed, preliminary, or final recommendation from an office actuary reviewing a rate filing with respect to the issue of approval or disapproval of the rate filing or with respect to rate indications that the office would consider acceptable.
(2) WEBSITE FOR PUBLIC ACCESS TO RATE FILING INFORMATION.–
(a) With respect to any residential property rate filing, the office shall provide the following information on a publicly accessible Internet website:
1. The overall rate change requested by the insurer.
2. The rate change approved by the office along with all of the actuary’s assumptions and recommendations forming the basis of the office’s decision.
3. Certification by the office’s actuary that, based on the actuary’s knowledge, his or her recommendations are consistent with accepted actuarial principles.
(b) For any rate filing, whether or not the filing is subject to a public hearing, the office shall provide on its website a means for any policyholder who may be affected by a proposed rate change to send an e-mail regarding the proposed rate change. Such e-mail must be accessible to the actuary assigned to review the rate filing.