(1) Companies that administer service agreements as defined in subsection (2), or market service agreements must obtain a license as a service agreement company under chapter 634, Part I, F.S., and are subject to all applicable regulatory requirements of chapter 634, part I, F.S.
    (2) An administering company is a company, other than an authorized property and casualty insurer, that performs substantially all of the claims adjusting and adjudication functions; performs substantially all of the functions of processing premium dollars and applications; or performs substantially all of the bookkeeping and accounting functions, computer processing, and other administrative functions on behalf of a service agreement company.
    (3) The licensing provisions of Florida Statutes § 634.031, do not apply to companies which are “”running off”” service agreements for an authorized property and casualty insurer which is fulfilling its responsibility under a contractual liability insurance policy.
Rulemaking Authority 634.021 FS. Law Implemented 634.031, 634.041 FS. History-New 5-26-93, Formerly 4-200.003.