Filing, approval, and withdrawal of forms and rates.

(1) Except as otherwise provided in this part, all policy forms and certificates of insurance to be delivered or issued for delivery in this state are subject to the applicable provisions of s. 627.410, and the schedules of premium rates pertaining thereto are subject to the applicable provisions of s. 627.062.

(2) With respect to any analysis of rates in accordance with s. 627.062(1), the analysis must also include a determination as to whether expenses included by the insurer in the rate are appropriate.

(3) Notwithstanding s. 627.0645, insurers subject to this part shall refile collateral protection property insurance rates at least once every 4 years.

(4) All insurers writing collateral protection insurance shall have separate rates for collateral protection insurance and voluntary insurance obtained by a mortgage servicer on real estate owned property.

(5) Upon the introduction of a new collateral protection insurance program, the insurer shall reference its experience in existing programs in the associated filings. This part does not limit an insurer’s discretion, as actuarially appropriate, to distinguish different terms, conditions, exclusions, eligibility criteria, or other unique or different characteristics. Moreover, an insurer may, where actuarially acceptable, rely upon models or, in the case of flood filings where applicable experience is not credible, on National Flood Insurance Program data.

(6) By April 1 of each year, each insurer with at least $100,000 in direct written premium for collateral protection insurance in this state during the prior calendar year shall report to the office the following information for the prior calendar year:

(a) Actual loss ratio.

(b) Earned premium.

(c) Any aggregate schedule rating debit or credit to earned premium.

(d) Itemized expenses.

(e) Paid losses.

(f) Loss reserves, including case reserves and reserves for incurred but not reported losses.

The report must be separately produced for each collateral protection insurance program and presented on both an individual-jurisdiction and countrywide basis.

(7) Except in the case of collateral protection insurance covering the peril of flood, to which this subsection does not apply, if an insurer experiences an annual loss ratio of less than 35 percent in any collateral protection insurance program for 2 consecutive years, it must submit a rate filing, either adjusting its rates or supporting their continuance, to the office no more than 90 days after the submission of the data required in paragraph (6)(f).

(8) Except as specifically set forth in this section, rate and form filing requirements are subject to the Florida Insurance Code.