Florida Regulations 69L-5.101

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§ 69L-5.101 Definitions (repealed)

Repealed. (03-09-10)

When used in these rules, the following words or terms shall have the meaning as described in this section.

(1) Actuarial Report Report written by an actuary who is a member of the Casualty Actuarial Society or the American Academy of Actuaries who has been approved by the Casualty Practice Council.

(2) Division The Division of Workers' Compensation of the Florida Department of Labor and Employment Security.

(3) Excess Insurance A policy providing excess coverage or reinsurance which must provide an actual transfer of risk to the reinsurer or excess carrier as defined in Financial Accounting Standards Board Statement 113 (FASB 113). FASB 113 which is hereby incorporated by reference into rule chapter

38F-5, F.A.C. The effective version of the statement identified by this rule shall bear the date December 1992. A copy of FASB 113 may be obtained from Financial Accounting Standards Board, 401 Merit 7, P.O. Box 5116, Norwalk, Connecticut 06856-5116, telephone 203-847-0700. A copy of FASB 113 may be viewed at the Division of Workers Compensation, Bureau of Operations Support, Self-Insurance Section, Forrest Building, 2728 Centerview Drive, Tallahassee, FL 323 99-4002.

(4) Financial Statement A report including the balance sheet, statement of operations, statement of cash flows, statement of changes in capital, and appropriate footnotes for the most recent fiscal year. The financial statements shall be prepared in accordance with United States Generally Accepted

Accounting Principles as set forth in GAAP Interpretation and Application of Generally Accepted Accounting Principles 1996 which is hereby incorporated by reference into rule chapter 38F-5, F.A.C. The version required by this rule shall bear the date 1996 with a copyright of 1996 by John Wiley & Sons, Inc. A copy of this publication is available for review at the Workers' Compensation, Bureau of Operations Support, Self-Insurance Section, Forrest Building, 2728 Centerview Drive, Tallahassee, FL 32399-4002. The publication may be purchased for $48. Applicants approved subsequent to January 1, 1997 shall submit financial statements which are audited in accordance with Generally Accepted Auditing Standards. All amounts in the financial statement shall be stated in United States Currency.

(5) Financial Summary As used within these rules indicates a summary of financial information consisting of at least: current assets, current liabilities, long term assets, all other liabilities, intangible assets (including deferred taxes), contingency liabilities, summary of cash flows and equity. The summary must contain generally accepted financial ratios, all footnotes, prepared in accordance with United States Generally Accepted Accounting Principles (see incorporation by reference in 38F- 5.101(4)) and contain an unqualified statement from a Certified Public Accountant attesting to its accuracy. All amounts in the financial summary shall be stated in United States Currency.

(6) Incurred But Not Reported Reserves (IBNR)-A reserve established by an actuary which estimates the incurred loss due to claims whose existence is unknown by the self-insurer or claims which have been reported but not recorded on the books of the self-insurer.

(7) (a) Premium, Manual Premium determined by multiplying the payroll (segregated into the proper workers compensation job classifications) times the manual premium rates per $100 of payroll in effect at the start of the payroll period covered.

(b) Premium, Normal Standard premium less allowed discount.

(c) Premium, Standard Manual premium multiplied by the experience modification factor.

(8) Security Deposit A security deposit conforming to the requirements of s. 440.38(1 )(b)4., Florida Statues, in addition to any other deposit required of an individual self-insurer due to failure to comply with the requirements established pursuant to s. 440.38(1 )(b), Florida Statutes.

(9) Self-Insurer----This term shall include employers that self-fund their workers compensation liabilities as prescribed ins. 440.38, Florida Statutes.

(10) Service Company A business which has obtained Division approval to contract with self-insurers for the purpose of providing all services necessary to plan and maintain an approved self-insurance program. The term Service Agent is synonymous with the term Service Company as used in these rules.

(11) Surety Bond This term shall mean indemnity bond as used in s. 440.38(1)(b)4.a., Chapter 624 and Chapter 627, Florida Statutes.