Fla. Admin. Code Ann. R. 69O-188.024 - Deficiency/Assessment Procedure
(1) After four (4)
completed policy years, the commercial self-insurance fund trustees shall,
within sixty (60) days of filing Forms OIR-EX and OIR-IA with the Office, make
up any deficiencies identified in each policy year on Form OIR-EX, line 13., or
shall levy an assessment upon the members for the amount needed to make up said
deficiencies.
(2) Prior to a fund
reporting four (4) complete policy years, the Office shall order the trustees
of a fund to make up a deficiency or assess its members who participated in a
policy year in which a deficiency is reported unless the fund can present an
actuarially sound plan to amortize the deficiency. The Office may require that
such plan be certified by an actuary who is a member of the American Academy of
Actuaries.
(3) If needed, the
trustees shall levy an assessment by sending a notice of assessment by
certified mail to the address of record of each member of the fund from whom an
assessment is due. The trustees shall take all steps necessary and reasonable
to collect the assessment as soon as is reasonably possible. The trustees shall
not be required to pursue assessments against a member if to do so would not be
cost-effective.
(4) The fund may
petition the Office within thirty (30) days of filing Forms OIR-EX and OIR-IA,
to delay levying an assessment if it believes to do so is prudent. The Office
shall grant the petition if the fund demonstrates to the satisfaction of the
Office that the deficiency indicated on Form OIR-EX is likely to be resolved
without an assessment. While such petition is under consideration by the
Office, the sixty (60) day requirement in subsection
69O-188.024(1),
F.A.C., shall not be applicable. However, if such petition is denied by the
Office, the fund shall levy the assessment within sixty (60) days of such
denial. All forms shall be submitted electronically to
http://www.floir.com/iportal.
Notes
Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 624.424, 624.470, 624.474, 624.488 FS.
New 12-17-90, Formerly 4-78.024, 4-188.024, Amended 7-30-17.
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