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Florida Administrative Code (Last Updated: April 18, 2024) |
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69. Department of Financial Services |
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69K. Division of Funeral, Cemetery, and Consumer Services |
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69K-5. Cemetery Regulation And Preneed Sales |
1(1) For purposes of a corporation qualifying for a preneed licensee pursuant to subsection 15497.452(3), F.S., 17by use of a corporate agent, such corporate agent must have common ownership in excess of 50% of the voting stock with the preneed licensee or applicant. If the applicant or preneed licensed is a not-for-profit corporation, then it must have common membership with any corporate agent through which it plans to sell preneed contracts in accordance with subsection 76497.452(3), F.S.
78(2) Nothing herein shall prohibit a corporate preneed licensee from selling preneed contracts through corporate subsidiaries or other entities with common ownership in excess of 50% of the voting stock or common membership in the case of not-for-profit corporations, so long as such entities are made known to the Board prior to any such preneed sales provided:
135(a) The Board determines that the preneed licensee will be legally liable for the acts and liabilities of such entity arising out of its sales; and
161(b) The financial condition of the selling entity or subsidiary when viewed in the aggregate with the financial condition of the preneed licensee does not impair the ability of the preneed licensee to qualify for or retain a preneed license.
201Rulemaking Authority 203497.103 FS. 205Law Implemented 207497.452(3) FS. 209History–New 10-15-95, Formerly 3F-5.0015, Amended 1-12-04.
