Fla. Admin. Code Ann. R. 61G7-10.001 - Examination of Financial Records: Verification of Compliance
(1) In accordance with Sections
468.525(3)(d)
and 468.535, F.S., the department
may make investigations, audits, or reviews of each individual or company
licensed pursuant to Section
468.526(1),
F.S., to determine whether it has violated or is in danger of violating Chapter
468, Part XI, F.S.; Chapter 455, F.S.; or any rule of the board or department.
In order for the Board to determine that each employee leasing company has
maintained net worth and positive working capital, each employee leasing
company shall submit quarterly reports. The reports shall be made on Board Form
DBPR EL-4504, Quarterly Report Form, effective 10/2019, incorporated herein by
reference and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-11321.
All required submissions, as set forth below, shall be made in furtherance of a
licensure renewal application and shall be submitted to the department within
75 days of the end of each quarter.
(a) The
first and third quarterly reports shall include a balance sheet and income
statement demonstrating that the employee leasing company has adequate reserves
to pay, when due, all payroll and payroll-related taxes, workers' compensation
and health related premiums, and amounts due under any plan or self-insurance.
A copy of the company's workers' compensation certificate of insurance in
effect for the applicable quarter shall be submitted.
(b) For the second and the fourth quarterly
reports, no balance sheet or income statement shall be submitted; however, a
copy of the company's workers' compensation certificate of insurance in effect
for the applicable quarter shall be submitted with the report. The department
will accept a timely filed annual financial report along with a copy of the
company's workers' compensation certificate of insurance in effect for the
applicable quarter in lieu of a quarterly report for the last quarter in an
employee leasing company's fiscal year.
(2) In furtherance of its verifications of
compliance, investigations, audits or reviews under Section
468.535, F.S., the department
may, as frequently as deemed necessary, request applicable compliance
information from licensees. Failure to respond to the department's request for
information shall constitute grounds for disciplinary action.
(3) Providing false or misleading information
to the department shall constitute grounds for disciplinary
action.
Notes
Rulemaking Authority 468.522, 468.529(4) FS. Law Implemented 455.227, 468.525(3)(d), 468.529(4), 468.535 FS.
New 8-12-92, Amended 6-1-93, Formerly 21EE-10.001, Amended 5-8-94, 12-19-94, 3-1-05, 2-3-13, 2-18-15, 1-24-18, 12-9-19, 10-18-21.
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