Current through Reg. 50, No. 187; September 24, 2024
(1) The application will be evaluated and a
determination will be made of:
(a) Whether
the fund application, individual member applications and indemnity agreement
are properly completed and that all required information is supplied.
(b) Whether the combined financial condition
of the membership meets the criteria established in Rule
69O-190.056, F.A.C.
(c) Whether or not the servicing program
satisfied Rule 69O-190.031, F.A.C.
(d) Whether the fidelity bonds or insurance
policies for the administrator, service company, fiscal agent, and other
individuals pursuant to subsection
69O-190.064(5),
F.A.C., are properly executed and in amounts sufficient to protect the fund
against loss.
(e) Whether a
sufficient amount of premium has been deposited pursuant to subsection
69O-190.056(5),
F.A.C.
(f) Whether the by-laws or
trust agreement and written policies contain the items specified in subsections
69O-190.064(17), (18), and
(19), F.A.C.
(g) Whether the surety bond is properly
executed or the cash securities properly assigned and if they are in the proper
amounts pursuant to Rules
69O-190.060, 69O-190.032 and
69O-190.033, F.A.C.
(h) Whether the
excess contracts have proper endorsements and provide suitable coverage to the
fund pursuant to Rules 69O-190.035 and 69O-190.036, F.A.C.
(i) Whether the excess coverages have limits
and retentions pursuant to Rule
69O-190.061, F.A.C.
(j) Whether the combined annual normal
premiums meet the criteria contained in subsection
69O-190.056(5),
F.A.C.
(k) Whether the proforma
required in paragraph
69O-190.056(3)(m),
F.A.C., provides that the fund complies with all requirement of Chapter 440,
F.S., and this rule for the period covered.
(2) Any deficiencies in the original filing
will be noted in a letter to the applicant.
(3) The Office in evaluating the application
shall review the financial condition of the fund and make the following
determinations:
(a) Whether the operating
budget of the fund as presented on OIR Form BSI-21 is adequate to meet the
fund's needs.
(b) Whether the
operating budget as presented on OIR Form BSI-21 contains reasonable estimates
of the necessary expenses of the fund.
(c) Whether the fund will have sufficient
income to pay for all necessary expenses.
(d) Whether the fund will be able to satisfy
its minimum loss fund or retention requirements.
(e) Whether the applicant has demonstrated
that it has the necessary financial strength and provides the necessary
financial security to guarantee the payment of workers' compensation
benefits.
(4) Failure to
meet any of the criteria or provide the documentation contained in these rules
shall be grounds for denial of the application.
(5) After completing its review of all
required documentation contained in these rules, the Office shall issue its
decision on the approval or denial of the application in accordance with the
model rules of procedure.
Rulemaking Authority 624.4621 FS. Law Implemented 624.4621
FS.
New 10-1-82, Amended 12-25-84, Formerly 38F-5.57, Amended
12-19-93, Formerly 38F-5.057, 4-190.056.
