Florida Regulations 69L-5.209
§ 69L-5.209 Financial Statements Reporting.
|Current Self-Insurers and Former Self-Insurers, other than Governmental Entities, shall submit their Financial Statements no later than 120 days after the end of their fiscal year. Failure to submit the required Financial Statements shall constitute good cause for revocation of the self-insurance authorization in addition to civil penalties specified in Rule 69L-5.217, F.A.C.
(1) The Financial Statements shall meet the following requirements:
(a) The Financial Statements shall be in the name of the entity holding the self-insurance authorization,
(b) The Financial Statements shall demonstrate that the self-insurer has the financial strength necessary to ensure the timely payment of all current and future claims,
(c) The Financial Statements shall show a Net Worth of the greater of $10,000,000 U.S. or three (3) times Standard Premium, and;
(d) The Financial Statements shall be audited in accordance with Generally Accepted Auditing Standards.
(e) Financial statements submitted for Current Self Insurers and Former Self Insurers under an authorization granted prior to January 1, 1997, are not required to be audited in accordance with Generally Accepted Auditing Standards.
(2) All legal entities included under the self-insurance authorization shall submit Financial Statements in accordance with this rule. Separate Financial Statements shall be submitted for each entity unless consolidated or combined Financial Statements are submitted. All Financial Statements submitted must comply with the provisions of this rule. However, for purposes of meeting the Net Worth requirement, the Net Worths of the companies comprising an Affiliated Self-Insurer may be combined.
(3) If a majority of the assets and/or stocks of a Current Self-Insurer are purchased by a Successor Entity and the Current Self-Insurer can no longer provide Financial Statements in its own name, then the Current Self-Insurers authorization shall be revoked unless the Successor Entity becomes a Current Self-Insurer pursuant to this rule or the Current Self-Insurer voluntarily terminates its self-insurance authorization. Application for a self-insurance authorization by the Successor Entity must be made within thirty (30) days of the effective date of the acquisition or restructuring.
(4) The Successor Entity of a Former Self-Insurer shall submit its Financial Statements in accordance with this rule.
(5) The Successor Entity shall acknowledge liability for payment of the Former Self-Insurers self-insured Workers' compensation liabilities by providing a written statement executed by a senior executive officer of the Successor Entity.
(6) FSIGA Members shall submit Financial Statements to the:
Florida Self-Insurers Guaranty Association, Inc. 1427 E. Piedmont Dr., 2nd Floor Tallahassee, Florida 32308