69O-191.091. Guaranteeing Organizations

In order to meet the qualifications for a guaranteeing organization, an entity shall comply with the following:

(1) The guarantor shall comply with Section 641.19(4), F.S., by appointing the Director as its agent for service of process in Florida. The entity must complete a consent form and board resolution approved by the Office and submit originals to the Bureau of Specialty Insurers, Tallahassee, Florida 32399-0300.

(2) The guarantor shall comply with Section 641.225(4), F.S., by submitting audited financial statements certified by an independent CPA, prepared in accordance with generally accepted accounting principles, covering the guarantor’s two most current annual accounting periods.

(3) The guarantor shall comply with the financial requirements of Section 641.225, F.S., as they relate to surplus requirements.

(4) The guarantor shall execute an appropriate guarantee agreement as required by Section 641.225(4), F.S. The guarantee agreement shall be signed by an officer of the guarantor who has the authority to bind the organization and shall be notarized. The guarantor shall submit the original of the guarantee agreement to the Office. Evidence must be submitted that substantiates the fact that the officer that signs the guarantee agreement has the authority to bind the organization for purposes of executing the guarantee agreement (certified original copy of Board Resolution accompanied by certified original copy of the current Articles of Incorporation and By-Laws of the guarantor).

(5) The guarantor shall maintain continued compliance with Section 641.225, F.S., relating to requirements for guaranteeing organizations, which includes annual financial reporting requirements.

Specific Authority 641.36 FS. Law Implemented 641.19(5), 641.225, 641.285 FS. History–New 2-22-88, Amended 10-25-89, Formerly 4-31.091, Amended 5-28-92, Formerly 4-191.091.