Florida Regulations 69O-138.024: Agents’ Balances in the Course of Collection; Calculation of 90 Days Past Due
Current as of: 2024 | Check for updates
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(1) This rule implements the provisions of Florida Statutes § 625.012(5), and applies to all authorized insurers as defined in Florida Statutes § 624.09
(2) All agents’ balances shall be aged on a separate policy by policy basis.
(3) For purposes of determining the admissibility as an asset of agents’ balances, the policy inception date, defined as the time when the insurance thereunder takes effect, is the first day of the 90 days in which the agents’ balances must be collected or be considered past due.
(4) Any agents’ balance in excess of 90 days shall not be reflected as an admitted asset on the company’s financial statement.
Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 625.012(5) FS. History-New 6-15-92, Formerly 4-138.024.
(2) All agents’ balances shall be aged on a separate policy by policy basis.
(3) For purposes of determining the admissibility as an asset of agents’ balances, the policy inception date, defined as the time when the insurance thereunder takes effect, is the first day of the 90 days in which the agents’ balances must be collected or be considered past due.
(4) Any agents’ balance in excess of 90 days shall not be reflected as an admitted asset on the company’s financial statement.
Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 625.012(5) FS. History-New 6-15-92, Formerly 4-138.024.