Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69O - OIR - Insurance Regulation
Chapter 69O-187 - PROFESSIONAL LIABILITY SELF-INSURANCE TRUST FUNDS
Section 69O-187.001 - Definitions
Current through Reg. 50, No. 187; September 24, 2024
When used in the rules in this Part, the following words or terms shall have the meaning as described in this rule.
(1) "Office" means the Office of Insurance Regulation.
(2) "Fund" or "self-insurance trust fund" means a medical malpractice risk management trust fund established in accordance with Section 627.357, F.S., and rule Chapter 69O-187, F.A.C., part I.
(3) "Trustees" means a group of members elected by those members comprising the self-insurance trust fund for stated terms of office to direct the administration of a self-insurance trust fund, and whose duties shall include responsibility for approving applications for new members of such Fund. Such Trustees must be members of the self-insurance trust fund; and a Trustee shall not be an officer or employee of the Service Agent or any other entity retain by the Fund to manage the affairs of all or part of the Fund's operations nor have an ownership interest in any such entity.
(4) "Certified Audit" shall mean an audit upon which the auditor expresses his professional opinion that the accompanying statements present fairly the financial position of the self-insurance trust fund in conformity with generally accepted accounting principles consistently applied, and accordingly including such tests of the accounting records and such other auditing procedures as considered necessary in the circumstances.
(5) "Service Agent" or "Service Agency" means any individual or business entity which has obtained Office approval to contract with self-insurance trust funds for the purpose of providing all or any part of the services necessary to establish and maintain a self-insurance trust fund as defined in Section 627.357(1), F.S. The terms "Service Agent" and "Service Agency" may be used interchangeably in this rule, and when one term is used it shall include the other term.
(6) "Members" means those persons, firms or corporations executing the mutual covenants who have pooled their medical malpractice liabilities pursuant to Section 627.357, F.S.
(7) "Cash Account" shall mean cash in the possession of the Fund or in transit under its control and any funds maintained in a demand account in a bank insured by the FDIC or savings and loan association insured by the FSLIC.
(8) "Termination" means the liquidation of the Fund.
(9) "Voluntary termination" means the termination is initiated by the Fund.
(10) "Merger" means that the liabilities of the Fund are assumed by an insurer authorized to transact insurance in this state resulting in the dissolution of the Fund.
(11) "Voluntary merger" means the merger is initiated by the Fund.
Rulemaking Authority 624.308(1), 627.357(6) FS. Law Implemented 624.307(1), 627.357 FS.
New 10-7-75, Formerly 4-39.01, Amended 5-10-89, Formerly 4-39.001, Amended 1-18-94, Formerly 4-187.001.
