Florida Regulations 61G7-10.001: Examination of Financial Records: Verification of Compliance
Current as of: 2024 | Check for updates
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(1) In accordance with Sections 468.525(3)(d) and 468.535, F.S., the department may make investigations, audits, or reviews of each individual or company licensed pursuant to Florida Statutes § 468.526(1), to determine whether it has violated or is in danger of violating Florida Statutes Chapter 468, Part XI; Florida Statutes Chapter 455; or any rule of the board or department. In order for the Board to determine that each employee leasing company has maintained net worth and positive working capital, each employee leasing company shall submit quarterly reports. The reports shall be made on Board Form DBPR EL-4504, Quarterly Report Form, effective 10/2019, incorporated herein by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-11321. All required submissions, as set forth below, shall be made in furtherance of a licensure renewal application and shall be submitted to the department within 75 days of the end of each quarter.
(a) The first and third quarterly reports shall include a balance sheet and income statement demonstrating that the employee leasing company has adequate reserves to pay, when due, all payroll and payroll-related taxes, workers’ compensation and health related premiums, and amounts due under any plan or self-insurance. A copy of the company’s workers’ compensation certificate of insurance in effect for the applicable quarter shall be submitted.
(b) For the second and the fourth quarterly reports, no balance sheet or income statement shall be submitted; however, a copy of the company’s workers’ compensation certificate of insurance in effect for the applicable quarter shall be submitted with the report. The department will accept a timely filed annual financial report along with a copy of the company’s workers’ compensation certificate of insurance in effect for the applicable quarter in lieu of a quarterly report for the last quarter in an employee leasing company’s fiscal year.
(2) In furtherance of its verifications of compliance, investigations, audits or reviews under Florida Statutes § 468.535, the department may, as frequently as deemed necessary, request applicable compliance information from licensees. Failure to respond to the department’s request for information shall constitute grounds for disciplinary action.
(3) Providing false or misleading information to the department shall constitute grounds for disciplinary action.
Rulemaking Authority 468.522, 468.529(4) FS. Law Implemented 455.227, 468.525(3)(d), 468.529(4), 468.535 FS. History-New 8-12-92, Amended 6-1-93, Formerly 21EE-10.001, Amended 5-8-94, 12-19-94, 3-1-05, 2-3-13, 2-18-15, 1-24-18, 12-9-19, 10-18-21.
Terms Used In Florida Regulations 61G7-10.001
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(b) For the second and the fourth quarterly reports, no balance sheet or income statement shall be submitted; however, a copy of the company’s workers’ compensation certificate of insurance in effect for the applicable quarter shall be submitted with the report. The department will accept a timely filed annual financial report along with a copy of the company’s workers’ compensation certificate of insurance in effect for the applicable quarter in lieu of a quarterly report for the last quarter in an employee leasing company’s fiscal year.
(2) In furtherance of its verifications of compliance, investigations, audits or reviews under Florida Statutes § 468.535, the department may, as frequently as deemed necessary, request applicable compliance information from licensees. Failure to respond to the department’s request for information shall constitute grounds for disciplinary action.
(3) Providing false or misleading information to the department shall constitute grounds for disciplinary action.
Rulemaking Authority 468.522, 468.529(4) FS. Law Implemented 455.227, 468.525(3)(d), 468.529(4), 468.535 FS. History-New 8-12-92, Amended 6-1-93, Formerly 21EE-10.001, Amended 5-8-94, 12-19-94, 3-1-05, 2-3-13, 2-18-15, 1-24-18, 12-9-19, 10-18-21.