Section 69O-167.012 - Certificates of Security for Hurricane Deductibles(1) The purpose of this rule is to specify the form for a Certificate of Security to be used pursuant to Section 627.701(5), Florida Statutes.(2)(a) An insurer that elects to offer a policy with a secured hurricane deductible on a personal lines property insurance policy shall require the insured to provide a Certificate of Security or a verification that the insured has a 100% equity interest in the property to be insured.(b) An insurer may not directly or indirectly require a secured hurricane deductible as a condition of issuing or renewing a policy.(3) An insurer shall accept a Certificate of Security only when it uses form OIR-1203 (8/96), Certificate of Security, which is hereby adopted and incorporated by reference. Form OIR-1203 may be obtained from the Bureau of Property and Casualty Solvency, Office of Insurance Regulation, 200 East Gaines Street, Tallahassee, Florida 32399-0329.Fla. Admin. Code Ann. R. 69O-167.012
Specific Authority 627.701(5) FS. Law Implemented 627.701(5) FS.New 4-29-97, Formerly 4-167.012.