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Florida Administrative Code (Last Updated: June 27, 2024) |
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69. Department of Financial Services |
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69O. OIR – Insurance Regulation |
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69O-200. Motor Vehicle Service Agreement Companies |
1(1) Companies that administer service agreements as defined in subsection (2) or market service agreements must obtain a license as a service agreement company under Chapter 634, Part I, Florida Statutes, and are subject to all applicable regulatory requirements of Chapter 634, Part I, Florida Statutes.
47(2) An administering company is a company, other than an authorized property and casualty insurer, that performs substantially all of the claims adjusting and adjudication functions; performs substantially all of the functions of processing premium dollars and applications; or performs substantially all of the bookkeeping and accounting functions, computer processing, and other administrative functions on behalf of a service agreement company.
108(3) The licensing provisions of Section 114634.031, 115Florida Statutes, do not apply to companies which are “running off” service agreements for an authorized property and casualty insurer which is fulfilling its responsibility under a contractual liability insurance policy.
146Specific Authority 148634.021 FS. 150Law Implemented 152634.031, 153634.041 FS. 155History–New 5-26-93, Formerly 4-200.003.
