Florida Regulations 69O-191.091: Guaranteeing Organizations
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In order to meet the qualifications for a guaranteeing organization, an entity shall comply with the following:
(1) The guarantor shall comply with Florida Statutes § 641.19(10), by appointing the Chief Financial Officer as its agent for service of process in Florida. The entity must complete a consent form and board resolution approved by the Office and submit originals to the Office of Insurance Regulation, Life and Health Financial Oversight, 200 East Gaines Street, Tallahassee, Florida 32399-0300.
(2) The guarantor shall comply with Florida Statutes § 641.225(4), by submitting audited financial statements certified by an independent CPA, prepared in accordance with generally accepted accounting principles, covering the guarantor’s two most current annual accounting periods.
(3) The guarantor shall comply with the financial requirements of Florida Statutes § 641.225, as they relate to surplus requirements.
(4) The guarantor shall execute an appropriate guarantee agreement as required by Florida Statutes § 641.225(4) The guarantee agreement shall be signed by an officer of the guarantor who has the authority to bind the organization and shall be notarized. The guarantor shall submit the original of the guarantee agreement to the Office. Evidence must be submitted that substantiates the fact that the officer that signs the guarantee agreement has the authority to bind the organization for purposes of executing the guarantee agreement (certified original copy of Board Resolution accompanied by certified original copy of the current Articles of Incorporation and By-Laws of the guarantor).
(5) The guarantor shall maintain continued compliance with Florida Statutes § 641.225, relating to requirements for guaranteeing organizations, which includes annual financial reporting requirements.
Rulemaking Authority 641.36 FS. Law Implemented 624.424, 641.19(5), 641.225, 641.285 FS. History-New 2-22-88, Amended 10-25-89, Formerly 4-31.091, Amended 5-28-92, Formerly 4-191.091.
Terms Used In Florida Regulations 69O-191.091
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Oversight: Committee review of the activities of a Federal agency or program.
- Service of process: The service of writs or summonses to the appropriate party.
(2) The guarantor shall comply with Florida Statutes § 641.225(4), by submitting audited financial statements certified by an independent CPA, prepared in accordance with generally accepted accounting principles, covering the guarantor’s two most current annual accounting periods.
(3) The guarantor shall comply with the financial requirements of Florida Statutes § 641.225, as they relate to surplus requirements.
(4) The guarantor shall execute an appropriate guarantee agreement as required by Florida Statutes § 641.225(4) The guarantee agreement shall be signed by an officer of the guarantor who has the authority to bind the organization and shall be notarized. The guarantor shall submit the original of the guarantee agreement to the Office. Evidence must be submitted that substantiates the fact that the officer that signs the guarantee agreement has the authority to bind the organization for purposes of executing the guarantee agreement (certified original copy of Board Resolution accompanied by certified original copy of the current Articles of Incorporation and By-Laws of the guarantor).
(5) The guarantor shall maintain continued compliance with Florida Statutes § 641.225, relating to requirements for guaranteeing organizations, which includes annual financial reporting requirements.
Rulemaking Authority 641.36 FS. Law Implemented 624.424, 641.19(5), 641.225, 641.285 FS. History-New 2-22-88, Amended 10-25-89, Formerly 4-31.091, Amended 5-28-92, Formerly 4-191.091.