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Florida Administrative Code (Last Updated: November 11, 2024) |
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69. Department of Financial Services |
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69O. OIR – Insurance Regulation |
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69O-138. Financial Examinations And Requirements |
69O-138.020. Requirements for Maintaining Cash and Certificates of Deposit Outside the State of Florida
1(1) This rule applies to all domestic insurers subject to Part I of Chapter 628, Florida Statutes.
18(2) Definitions.
20(a) “Coin and currency of the United States,” as used in Section 33625.306, 34Florida Statutes, shall include demand certificates of deposit as long as the certificates are non-negotiable, can be redeemed prior to maturity, and are issued by a solvent national bank, savings and loan association, or trust company which is a member of the Federal Reserve System.
79(b) “National bank, savings and loan association, or trust company” is defined as a banking institution which is a member of the Federal Reserve System.
104(3) An insurer which has deposits in banking institutions outside the State of Florida shall be deemed to be in compliance with Section 127628.271(2), 128Florida Statutes, if the insurer maintains the original physical evidence of ownership and the original bank records within Florida.
147Specific Authority 149624.308(1) FS. 151Law Implemented 153624.307(1), 154625.306, 155628.271(2) FS. 157History–New 3-30-92, Formerly 4-138.020.
