Florida Regulations 69K-5.0025: Inactive Preneed Licenses
Current as of: 2024 | Check for updates
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(1) A preneed licensee shall be considered inactive upon acceptance by the Board of the surrender of the preneed license, if the preneed licensee fails to submit a renewal application and fees or upon the final expiration of the preneed license after denial of renewal by the Board.
(2) Upon becoming inactive, the preneed licensee shall do the following:
(a) Cease the sale of preneed contracts.
(b) Deposit into trust 100% of the funds collected as payments or made on outstanding preneed contracts.
(c) Notify the Department of the preneed licensee’s compliance with this rule.
(3) The licenses of all preneed sales agents registered with an inactive preneed licensee shall expire immediately upon the preneed licensee becoming inactive.
(4) If an inactive preneed licensee intends to cease providing at-need services, the inactive preneed licensee shall, prior to ending such services, assign all preneed contracts to a preneed licensee for fulfillment. The Department and all preneed purchasers shall be notified of the assignment.
(5) As provided by Florida Statutes § 497.465(7), in order for the Board to exercise its jurisdiction as provided therein, an inactive preneed licensee shall, at the same time as is required for renewing preneed licensees, submit a preneed license renewal form and financial statement. Additionally, an inactive preneed licensee shall continue to be subject to examination by the Department until all outstanding preneed contracts have been fulfilled or assigned to another preneed licensee.
(6) To ensure compliance with this rule, the Department is authorized to request additional information as needed, concerning trust reports, bank statements, workpapers and statements of accounts receivable.
Rulemaking Authority Florida Statutes § 497.103(1). Law Implemented 497.465(7) FS. History-New 8-12-02, Formerly 3F-5.0025.
Terms Used In Florida Regulations 69K-5.0025
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
(a) Cease the sale of preneed contracts.
(b) Deposit into trust 100% of the funds collected as payments or made on outstanding preneed contracts.
(c) Notify the Department of the preneed licensee’s compliance with this rule.
(3) The licenses of all preneed sales agents registered with an inactive preneed licensee shall expire immediately upon the preneed licensee becoming inactive.
(4) If an inactive preneed licensee intends to cease providing at-need services, the inactive preneed licensee shall, prior to ending such services, assign all preneed contracts to a preneed licensee for fulfillment. The Department and all preneed purchasers shall be notified of the assignment.
(5) As provided by Florida Statutes § 497.465(7), in order for the Board to exercise its jurisdiction as provided therein, an inactive preneed licensee shall, at the same time as is required for renewing preneed licensees, submit a preneed license renewal form and financial statement. Additionally, an inactive preneed licensee shall continue to be subject to examination by the Department until all outstanding preneed contracts have been fulfilled or assigned to another preneed licensee.
(6) To ensure compliance with this rule, the Department is authorized to request additional information as needed, concerning trust reports, bank statements, workpapers and statements of accounts receivable.
Rulemaking Authority Florida Statutes § 497.103(1). Law Implemented 497.465(7) FS. History-New 8-12-02, Formerly 3F-5.0025.