Florida Regulations 69L-5.215: Parental Guaranty
Current as of: 2024 | Check for updates
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Notwithstanding any other provisions of these Rules to the contrary, if a parent company that directly or indirectly owns 100% of a Current Self-Insurer, Former Self-Insurer or applicant for self-insurance elects to execute Form DFS-F2-SI-10 (Parental Guaranty and Corporate Resolution for Self-Insured Subsidiary Entity), effective 08/09, as incorporated by reference, then:
(1) The Financial Statements of the parent company shall be used to apply the financial statement requirements of subsections 69L-5.209(1) and 69L-5.225(1), F.A.C.;
(2) The Credit Rating of the parent company shall be used to determine the amount of the Security Deposit in accordance with Fl. Admin. Code R. 69L-5.218;
(3) The Net Worth of the parent company shall be used to determine the excess insurance requirements in accordance with Fl. Admin. Code R. 69L-5.219(1)(a);
(4) The Net Worth of the parent company shall be used to apply the Net Worth requirements in subsection 69L-5.225(1), F.A.C.; and,
(5) The Credit Rating of the parent company shall be used to apply the minimum requirements in Fl. Admin. Code R. 69L-5.225(1)(b), and the initial security deposit requirements of Fl. Admin. Code R. 69L-5.225(1)(e)
(6) Copies of Form DFS-F2-SI-10 (Parental Guaranty and Corporate Resolution for Self-Insured Subsidiary Entity), effective 08/09, are available at the Division of Workers’ Compensation, Bureau of Monitoring and Audit, Self-Insurance Section, 1579 Summit Lake Drive, Tallahassee, FL 32317.
Rulemaking Authority 440.38(1), (2), (3), 440.385(6), 440.591 FS. Law Implemented 440.38(1), (2), (3), 440.385(1), (3), (6) FS. History-New 3-9-10, Amended 5-13-14.
(2) The Credit Rating of the parent company shall be used to determine the amount of the Security Deposit in accordance with Fl. Admin. Code R. 69L-5.218;
(3) The Net Worth of the parent company shall be used to determine the excess insurance requirements in accordance with Fl. Admin. Code R. 69L-5.219(1)(a);
(4) The Net Worth of the parent company shall be used to apply the Net Worth requirements in subsection 69L-5.225(1), F.A.C.; and,
(5) The Credit Rating of the parent company shall be used to apply the minimum requirements in Fl. Admin. Code R. 69L-5.225(1)(b), and the initial security deposit requirements of Fl. Admin. Code R. 69L-5.225(1)(e)
(6) Copies of Form DFS-F2-SI-10 (Parental Guaranty and Corporate Resolution for Self-Insured Subsidiary Entity), effective 08/09, are available at the Division of Workers’ Compensation, Bureau of Monitoring and Audit, Self-Insurance Section, 1579 Summit Lake Drive, Tallahassee, FL 32317.
Rulemaking Authority 440.38(1), (2), (3), 440.385(6), 440.591 FS. Law Implemented 440.38(1), (2), (3), 440.385(1), (3), (6) FS. History-New 3-9-10, Amended 5-13-14.