Filing Surety Bond in Lieu of Net Worth, Other Reports and Corrective Action Plans, Forms Incorporated by Reference, Premium Financing of Products Not Regulated by the Insurance Code and Related Unfair ....

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

RULE NOS.:RULE TITLES:

69O-196.005Filing Surety Bond in Lieu of Net Worth

69O-196.009Other Reports and Corrective Action Plans

69O-196.015Forms Incorporated by Reference

69O-196.020Premium Financing of Products Not Regulated by the Insurance Code and Related Unfair Trade Practices Prohibited

69O-196.035Required Books and Records

NOTICE OF CHANGE

Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 47 No. 24, February 5, 2021 issue of the Florida Administrative Register.

The changes are in response to written comments received from the Joint Administrative Procedures Committee.

 

69O-196.005 Filing Surety Bond in Lieu of Net Worth.

(1) through (2) No change.

(3) Such surety bond is subject to approval by the Office and shall not be cancelled without a thirty-day written notice to the Office.

Rulemaking Authority 624.308(1), 627.828(2) FS. Law Implemented 624.424, 627.828 FS. History–New 10-20-73, Repromulgated 12-24-74, Formerly 4-18.05, 4-18.005, Amended 8-29-99, Formerly 4-196.005, Amended 7-30-17, _________.

 

69O-196.009 Other Reports and Corrective Action Plans.

To aid the Office in determining a licensee’s continued eligibility to hold a premium finance license:

(1) through (3) No change.

(4) Whenever the financial condition of the premium finance company is such that administrative supervision is appropriate based on the standards set forth in rule 69O-141.002, F.A.C., the Office shall order the premium finance company to file with the Office and implement a corrective action plan designed to do one or more of the following:

(a) through (c) No change.

(d) Require an increase in the premium finance company’s net worth sufficient to bring the company into compliance with section 627.828, F.S. If the premium finance company fails to submit a plan within 30 days of the Office’s order or submits a plan which is insufficient to correct the premium finance company’s financial condition, the Office shall order the premium finance company to implement one or more of the corrective actions listed in this subsection.

(5) through (7) No change.

Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 624.424, 624.80, 624.81, 627.828, 627.829, 627.832, 627.834, 627.836, 627.849, 628.4615 FS. History–New 7-27-95, Formerly 4-196.009, Amended 7-30-17, _________.

 

69O-196.015 Application for and Issuance of License and License Continuance

(1) Application for License as a Premium Finance Company

(a) A person applying for a license as a premium finance company shall submit the following:

1. Form OIR-C1-958, “Application for License Premium Finance Company,” effective 3/21 12/18, hereby incorporated by reference and available at www.flrules.org/XXXXX;

2. through 5. No change.

6. Form OIR-C1-938, “Fingerprint Payment and Submission Procedure Procedures,” effective 6/20, hereby incorporated by reference and available at www.flrules.org/XXXXX;

7. Form OIR-C1-957, “Instructions for Statutory Compliance of Forms,” effective 3/21 10/05, hereby incorporated by reference and available at www.flrules.org/XXXXX;

8. through 9. No change.

(2) No change.

Rulemaking Authority 624.308(1), 627.828(2) FS. Law Implemented 624.321(1)(a), 624.424, 627.828, 627.829, 627.836, 627.845, 628.4615 FS. History–New 5-28-90, Formerly 4-18.015, Amended 7-27-95, 8-29-99, Formerly 4-196.015, Amended 7-30-17, _________.

 

69O-196.020 Premium Financing of Products Not Regulated by the Insurance Code and Related Unfair Trade Practices Prohibited.

(1) through (3) No change.

(4) Financing of any benefit, including any insurance coverage, provided in an automobile a motor club membership, or collecting or remitting of dues, assessments, fees or other periodic payments is prohibited.

(5) through (6) No change.

Rulemaking Authority 624.308(1), 627.8405(3) FS. Law Implemented 624.124, 626.753, 626.794, 626.838, 626.9541, 627.832,  627.8405 FS. History–New 12-27-94, Amended 8-29-99, Formerly 4-196.020, Amended _________.

 

69O-196.035 Required Books and Records.

At a minimum for permanent books and records, each licensed premium finance company shall maintain:

(1) A complete set of accounting records including but not limited to:

(a) through (d) No change.

(2) through (11) No change.

Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 624.424, 627.828, 627.834, 627.836, 627.838, 627.840, 627.8405, 627.841, 627.844, 627.845, 627.848, 627.849 FS. History–New 7-27-95, Formerly 4-196.035, Amended 7-30-17, _________.