Current Self-Insurers and Former Self-Insurers, other than
Governmental Entities, shall submit their Financial Statements no later than
120 days after the end of their fiscal year. Failure to submit the required
Financial Statements shall constitute good cause for revocation of the
self-insurance authorization in addition to civil penalties specified in Rule
69L-5.217, F.A.C.
(1) The Financial Statements shall meet the
following requirements:
(a) The Financial
Statements shall be in the name of the entity holding the self-insurance
authorization;
(b) The Financial
Statements shall demonstrate that the self-insurer has the financial strength
necessary to ensure the timely payment of all current and future
claims;
(c) The Financial
Statements shall be audited in accordance with Generally Accepted Auditing
Standards;
(d) Financial statements
submitted for Current Self Insurers and Former Self Insurers under an
authorization granted prior to January 1, 1997, are not required to be audited
in accordance with Generally Accepted Auditing Standards.
(2) All legal entities included under the
self-insurance authorization shall submit Financial Statements in accordance
with this rule. Separate Financial Statements shall be submitted for each
entity unless consolidated or combined Financial Statements are submitted. All
Financial Statements submitted must comply with the provisions of this
rule.
(3) If a majority of the
assets and/or stocks of a Current Self-Insurer are purchased by a Successor
Entity and the Current Self-Insurer can no longer provide Financial Statements
in its own name, then the Current Self-Insurer's authorization shall be revoked
unless the Successor Entity becomes a Current Self-Insurer pursuant to this
rule or the Current Self-Insurer voluntarily terminates its self-insurance
authorization. Application for a self-insurance authorization by the Successor
Entity must be made within thirty (30) days of the effective date of the
acquisition or restructuring.
(4)
The Successor Entity of a Former Self-Insurer shall submit its Financial
Statements in accordance with this rule.
(5) The Successor Entity shall acknowledge
liability for payment of the Former Self-Insurer's self-insured workers'
compensation liabilities by providing a written statement executed by a senior
executive officer of the Successor Entity.
(6) FSIGA Members shall submit Financial
Statements to the:
Florida Self-Insurers Guaranty Association, Inc.
1427 E. Piedmont Dr., 2nd Floor
Tallahassee, Florida 32308
