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Florida-Rate Review Law

  • Florida has prior approval of individual market rate increases.
  • Insurers must file rate increase requests with the Office of Insurance Regulation, and regulators have 30 days to approve or disapprove the revised rates, although the period often is extended to 45 days. Rates increases are deemed approved if regulators do not act with the 30 (or 45) day period. FLA. STAT. ANN. §§ 627.640, 627.410(6); FLA. ADMIN. CODE ANN. r. 69O-149.002. Requests for rate hikes must include detailed data and justifications for the increases. Admin Code 69O-149.006
  • The Office of Insurance Regulation makes rate filings, including supporting documents, publicly available online in a searchable database, although some portions of the filings are considered company trade secrets, and therefore not disclosed.
  • Benefits must be reasonable in relation to premiums. Benefits are considered reasonable under this standard if premiums are not excessive, inadequate, nor unfairly discriminatory. The OIR will consider all information in a rate filing when determining if these requirements are met; however, premiums are not excessive if a rate increase will result in a minimum medical loss ratio determined by a statutory formula. FLA. ADMIN. CODE ANN. r. 69O-149.005.
  • Insurers may not close blocks unless notice given to Commissioner and “experience of all policy forms providing similar benefits shall be combined for all rating purposes.” 627.410.

Information is based on review of state statutes and regulations and in some case, interviews with state insurance departments.