Florida Regulations 69O-187.002: Responsibilities of the Service Agent
Current as of: 2024 | Check for updates
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The responsibilities of the Service Agent shall include but not be limited to the following:
(1) The Service Agent shall determine all sums due the Fund from the members, pay all approved items of expense as directed by the Trustees, and give a periodic account of all monies so handled as directed by the Trustees but in no event less frequently than quarterly.
(2) For handling the administrative and servicing functions of the Fund, the Service Agent shall receive a service fee which shall be negotiated from time to time by the Trustees. This service fee shall be in consideration of all services and expenses contracted for with the Fund. The Service Agent’s contract shall clearly show all fees to be paid to the Service Agent, and all fees shall be reasonable in consideration of the duties performed.
(3) The Service Agent shall maintain accurate books and records of all transactions concerning the collection and disbursement of funds, purchases of equipment, and all other business-related expenses incurred by the Fund or the Service Agent, and these books and records are to be open to inspection by the Office and by the Trustees or their agents at all reasonable times.
(4) The Service Agent shall deposit at any bank or banks designated by the Trustees, all charges, premiums and assessments as and when collected, and said monies shall be disbursed only as provided by:
(a) The rules and regulations, mutual covenants, and bylaws of the Fund;
(b) The Service Agent’s contract; and,
(c) The Rules of the Commission pertaining to medical malpractice self-insurance trust funds.
Rulemaking Authority Florida Statutes § 627.357(6), 624.308(1) FS. Law Implemented 624.307(1), 627.357 FS. History-New 5-10-89, Formerly 4-39.0015, 4-187.002.
Terms Used In Florida Regulations 69O-187.002
- Contract: A legal written agreement that becomes binding when signed.
(2) For handling the administrative and servicing functions of the Fund, the Service Agent shall receive a service fee which shall be negotiated from time to time by the Trustees. This service fee shall be in consideration of all services and expenses contracted for with the Fund. The Service Agent’s contract shall clearly show all fees to be paid to the Service Agent, and all fees shall be reasonable in consideration of the duties performed.
(3) The Service Agent shall maintain accurate books and records of all transactions concerning the collection and disbursement of funds, purchases of equipment, and all other business-related expenses incurred by the Fund or the Service Agent, and these books and records are to be open to inspection by the Office and by the Trustees or their agents at all reasonable times.
(4) The Service Agent shall deposit at any bank or banks designated by the Trustees, all charges, premiums and assessments as and when collected, and said monies shall be disbursed only as provided by:
(a) The rules and regulations, mutual covenants, and bylaws of the Fund;
(b) The Service Agent’s contract; and,
(c) The Rules of the Commission pertaining to medical malpractice self-insurance trust funds.
Rulemaking Authority Florida Statutes § 627.357(6), 624.308(1) FS. Law Implemented 624.307(1), 627.357 FS. History-New 5-10-89, Formerly 4-39.0015, 4-187.002.