Florida Regulations 69O-190.057: Evaluation of Application for Self-Insurers Fund
Current as of: 2024 | Check for updates
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(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 Fl. Admin. Code R. 69O-190.056
(c) Whether or not the servicing program satisfied Fl. Admin. Code R. 69O-190.031
(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 Fl. Admin. Code R. 69O-190.061
(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 Fl. Admin. Code R. 69O-190.056(3)(m), provides that the fund complies with all requirement of Florida Statutes Chapter 440, 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 Florida Statutes § 624.4621. History-New 10-1-82, Amended 12-25-84, Formerly 38F-5.57, Amended 12-19-93, Formerly 38F-5.057, 4-190.056.
(b) Whether the combined financial condition of the membership meets the criteria established in Fl. Admin. Code R. 69O-190.056
(c) Whether or not the servicing program satisfied Fl. Admin. Code R. 69O-190.031
(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 Fl. Admin. Code R. 69O-190.061
(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 Fl. Admin. Code R. 69O-190.056(3)(m), provides that the fund complies with all requirement of Florida Statutes Chapter 440, 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 Florida Statutes § 624.4621. History-New 10-1-82, Amended 12-25-84, Formerly 38F-5.57, Amended 12-19-93, Formerly 38F-5.057, 4-190.056.