Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69O - OIR - Insurance Regulation
Chapter 69O-138 - FINANCIAL EXAMINATIONS AND REQUIREMENTS
Section 69O-138.020 - Requirements for Maintaining Cash and Certificates of Deposit Outside the State of Florida
Universal Citation: FL Admin Code R 69O-138.020
Current through Reg. 50, No. 187; September 24, 2024
(1) This rule applies to all domestic insurers subject to Part I of Chapter 628, F.S.
(2) Definitions.
(a) "Coin and currency of the United States,"
as used in Section 625.306, F.S., shall include
demand certificates of deposit as long as the certificates are non-negotiable,
can be redeemed prior to maturity, and are issued by a solvent national bank,
savings and loan association, or trust company which is a member of the Federal
Reserve System.
(b) "National bank,
savings and loan association, or trust company" is defined as a banking
institution which is a member of the Federal Reserve
System.
(3) An insurer which has deposits in banking institutions outside the State of Florida shall be deemed to be in compliance with Section 628.271(2), F.S., if the insurer maintains the original physical evidence of ownership and the original bank records within Florida.
Rulemaking Authority 624.308(1) FS. Law Implemented 624.307(1), 625.306, 628.271(2) FS.
New 3-30-92, Formerly 4-138.020.
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