Florida Statutes 624.4392 – Fund balance
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(1) Each multiple-employer welfare arrangement licensed on or after October 1, 1991, shall have a fund balance equal to $200,000 before a certificate of authority may be issued by the office. After it has received a certificate of authority, the arrangement must maintain a fund balance equal to $100,000 or 10 percent of total liabilities, whichever is greater.
(2) A multiple-employer welfare arrangement holding a certificate of authority on October 1, 1991, shall increase and maintain its fund balance as follows:
(a) As of January 1, 1992, the balance shall be equal to $75,000 or 5 percent of total liabilities, whichever is greater.
Terms Used In Florida Statutes 624.4392
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(b) As of January 1, 1993, the balance shall be equal to $100,000 or 10 percent of total liabilities, whichever is greater.
(3) The office shall order the arrangement to assess participating employers at any time the fund balance does not meet the requirements of this section.