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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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69O. OIR – Insurance Regulation |
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69O-188. Commercial Self-Insurance Funds |
1(1) After four (4) completed policy years, the commercial self-insurance fund trustees shall, within sixty (60) days of filing Forms OIR-EX and OIR-IA with the Office, make up any deficiencies identified in each policy year on Form OIR-EX, line 13., or shall levy an assessment upon the members for the amount needed to make up said deficiencies.
58(2) Prior to a fund reporting four (4) complete policy years, the Office shall order the trustees of a fund to make up a deficiency or assess its members who participated in a policy year in which a deficiency is reported unless the fund can present an actuarially sound plan to amortize the deficiency. The Office may require that such plan be certified by an actuary who is a member of the American Academy of Actuaries.
134(3) If needed, the trustees shall levy an assessment by sending a notice of assessment by certified mail to the address of record of each member of the fund from whom an assessment is due. The trustees shall take all steps necessary and reasonable to collect the assessment as soon as is reasonably possible. The trustees shall not be required to pursue assessments against a member if to do so would not be cost-effective.
208(4) The fund may petition the Office within thirty (30) days of filing Forms OIR-EX and OIR-IA, to delay levying an assessment if it believes to do so is prudent. The Office shall grant the petition if the fund demonstrates to the satisfaction of the Office that the deficiency indicated on Form OIR-EX is likely to be resolved without an assessment. While such petition is under consideration by the Office, the sixty (60) day requirement in subsection 28569O-188.024(1), 286F.A.C., shall not be applicable. However, if such petition is denied by the Office, the fund shall levy the assessment within sixty (60) days of such denial. All forms shall be submitted electronically to http://www.floir.com/iportal.
321Rulemaking Authority 323624.308 FS. 325Law Implemented 327624.307(1), 328624.424, 329624.470, 330624.474, 331624.488 FS. 333History–New 12-17-90, Formerly 4-78.024, 4-188.024, Amended 7-30-17.
