Florida Regulations 69L-5.215

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§ 69L-5.215 Parental Guaranty.

Notwithstanding any other provisions of these Rules to the contrary, if a parent company that directly or indirectly owns 100% of a Current Self-Insurer, Former Self-Insurer or applicant for self-insurance elects to execute Form DFS-F2-SI-10 (Parental Guaranty and Corporate Resolution for Self-Insured Subsidiary Entity), effective 08/09, as incorporated by reference, then:

(1) The Financial Statements of the parent company shall be used to apply the financial statement requirements of subsections 69L-5.209(1) and 69L-5.225(1), F.A.C.,

(2) The Credit Rating of the parent company shall be used to determine the amount of the Security Deposit in accordance with Rule 69L-5.218, F.A.C.,

(3) The Net Worth of the parent company shall be used to determine the excess insurance requirements in accordance with paragraph 69L-5.219(1)(a), F.A.C.,

(4) The Net Worth of the parent company shall be used to apply the Net Worth requirements in subparagraph 69L-5.209(1)(a)3. and paragraph 69L-5.225(1)(a), F.A.C., and

(5) The Credit Rating of the parent company shall be used to apply the minimum requirements in paragraph 69L-5.225(1)(b), F.A.C., and the initial security deposit requirements of paragraph 69L-5.225(1)(e), F.A.C.

(6) Copies of Form DFS-F2-SI-10 (Parental Guaranty and Corporate Resolution for Self-Insured Subsidiary Entity), effective 08/09, are available at the Division of Workers' Compensation, Bureau of Monitoring and Audit, Self-Insurance Section, 2012 Capital Circle, S.E., Hartman Building, Tallahassee, FL 32399-4224.

Rulemaking Authority 440.38(1), (2), (3), 440.385(6), 440.591 FS. Law Implemented 440.38(1), (2), (3), 440.385(1), (3), (6) FS. HistoryNew 3-9-10.