Florida Regulations 69O-138.020: Requirements for Maintaining Cash and Certificates of Deposit Outside the State of Florida
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(1) This rule applies to all domestic insurers subject to Part I of Florida Statutes Chapter 628
(2) Definitions.
(a) “”Coin and currency of the United States,”” as used in Florida Statutes § 625.306, 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 Florida Statutes § 628.271(2), if the insurer maintains the original physical evidence of ownership and the original bank records within Florida.
Rulemaking Authority Florida Statutes § 624.308(1). Law Implemented 624.307(1), 625.306, 628.271(2) FS. History-New 3-30-92, Formerly 4-138.020.
Terms Used In Florida Regulations 69O-138.020
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
(a) “”Coin and currency of the United States,”” as used in Florida Statutes § 625.306, 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 Florida Statutes § 628.271(2), if the insurer maintains the original physical evidence of ownership and the original bank records within Florida.
Rulemaking Authority Florida Statutes § 624.308(1). Law Implemented 624.307(1), 625.306, 628.271(2) FS. History-New 3-30-92, Formerly 4-138.020.