Foreclosure Order. Image courtesy of New York Public Library Collection.
Florida Statute Section 627.062 requires the Florida Office of Insurance Regulation (i.e., the Office of the Florida Insurance Commissioner in all respects but name) to approve or disapprove insurance premium rate requests based on rate filings provided by insurance companies. It is very long (click the link to see how long it is), but the statute itself is not explicit about what needs to be in a rate filing in order to be approved. It is certain that this very long statute requires the O.I.R. to consider a great many things in making its determination, and that those things must be included in the insurance company's rate filing before the requested rate can be approved.
The Florida Administrative Code contains the Florida Office of Insurance Regulation's requirements 'read between the lines' of the Florida Statute. In particular, Rule 69O-170.013(3), F.A.C., was published verbatim in FILED RATE DOCTRINE IS A FARCE IN INSURANCE CASES, an article posted on Insurance Claims and Bad Faith Law Blog on December 3, 2015.
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