Florida Regulations 69L-5.104

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§ 69L-5.104 Alternate Method of Application (repealed)

Repealed. (03-09-10)

(1) In lieu of the requirements of (3)(a) above, entities with a tangible net worth in excess of $250 million, may submit, in duplicate, financial summaries in the name of the applicant and for the most recent three years consisting of at least: current assets, current liabilities, long term assets, all other liabilities, intangible assets (including deferred taxes), statement of cash flows and equity. In addition, an unqualified statement by a Certified Public Accountant at testing to the accuracy of such summaries along with the following ratios shall be required in duplicate:

(a) Current assets to current liabilities

(b) Net income to net sales

(c) Net income to tangible net worth

(d) Net income to net working capital

(e) Intangible assets to net worth

(f) Net sales to net working capital

(g) Net sales to inventory

(h) Fixed assets to tangible net worth

(i) Current liabilities to tangible net worth

(j) Inventory to net working capital

(k) Current liabilities to inventory

(I) Total liabilities to tangible net worth

(2) All other requirements as stated in the application process rule section 38F- 5.103 above must be satisfied.

(3) The initial security deposit under this method shall be 150% of the total cumulative losses for the three years preceding application approval. For the first three years of self-insurance, security deposits will equal the greater of the initial security deposit or 150% of the actuarially computed cumulative loss reserves, and will be adjusted annually. Commencing with the fourth year of self- insurance, the security deposit shall equal 150% of the actuarially computed cumulative loss reserves adjusted annually. In no event will the security deposit be less than $100,000. Security deposit for this section shall be in the form of an irrevocable letter of credit assigned to the division.