Fla. Admin. Code Ann. R. 69B-221.070 - Build-up Funds; Reporting

(1) All managing general agents and insurers authorized to write bail bonds in this state who maintain build-up trust accounts pursuant to Section 648.29, F.S., must annually file with the Department on or before March 1 of each year a certified statement listing each build-up trust account established on behalf of any bail bond agent or agency and the balance therein as of January 1 of that year in accordance with subsection (2) of this rule.

(2) The certified statement must:

(a) if mailed, be printed on 8 1/2'' x 11'' paper;

(b) contain the name, address, and telephone number of the insurer;

(c) contain, on the first page, the name and title of the person who certified the statement;

(d) be certified by the person who prepared and reviewed the statement's accuracy;

(e) be notarized; and

(f) either be sent by:

1. email to Bail.Bond@MyFloridaCFO.com; or

2. mailed to the Department of Financial Services, Division of Insurance Agent and Agency Services, Bureau of Investigation, 200 East Gaines Street, Tallahassee, FL 32399-0320.

(3) Build-up funds collected by an insurer or a managing general agent must not exceed 40 percent of the premium for each bond written. The exact amount must be designated in the agent's or agency's contract agreement with the insurer. References to "points" or "pts" in such an agreement are the equivalent to increments of ten percent (10%). Therefore 1 pt = 10%; 2 pts = 20%; 3 pts = 30%; and 4 pts = 40% of the premium.

Notes

Fla. Admin. Code Ann. R. 69B-221.070

Rulemaking Authority 624.308, 648.26 FS. Law Implemented 648.29, 648.36 FS.

New 9-10-91, Formerly 4-1.021, Amended 4-14-97, 1-22-03, Formerly 4-221.070, Amended by Florida Register Volume 50, Number 231, November 26, 2024 effective 12/9/2024.

New 9-10-91, Formerly 4-1.021, Amended 4-14-97, 1-22-03, Formerly 4-221.070.