Fla. Admin. Code Ann. R. 69K-5.0015 - Preneed Licenses
(1) For purposes of
a corporation qualifying for a preneed licensee pursuant to subsection
497.452(3),
F.S., by use of a corporate agent, such corporate agent must have common
ownership in excess of 50% of the voting stock with the preneed licensee or
applicant. If the applicant or preneed licensed is a not-for-profit
corporation, then it must have common membership with any corporate agent
through which it plans to sell preneed contracts in accordance with subsection
497.452(3),
F.S.
(2) Nothing herein shall
prohibit a corporate preneed licensee from selling preneed contracts through
corporate subsidiaries or other entities with common ownership in excess of 50%
of the voting stock or common membership in the case of not-for-profit
corporations, so long as such entities are made known to the Board prior to any
such preneed sales provided:
(a) The Board
determines that the preneed licensee will be legally liable for the acts and
liabilities of such entity arising out of its sales; and
(b) The financial condition of the selling
entity or subsidiary when viewed in the aggregate with the financial condition
of the preneed licensee does not impair the ability of the preneed licensee to
qualify for or retain a preneed license.
Notes
Rulemaking Authority 497.103 FS. Law Implemented 497.452(3) FS.
New 10-15-95, Formerly 3F-5.0015, Amended 1-12-04.
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