Fla. Admin. Code Ann. R. 69O-196.006 - Filing Other Acceptable Collateral in Lieu of Net Worth

(1) Other acceptable collateral as permitted by Section 627.828(1), F.S., includes cash, certificates of deposit in a qualified public depository, and securities, such as filed with the Office by insurance companies pursuant to Section 625.52, F.S.

(2) Other acceptable collateral as defined herein filed by licensed premium finance companies in lieu of having a statutory net worth of $35,000.00 must maintain a constant value of not less than the prescribed amount of $35,000.00 at all times, and shall not relieve the premium finance company from the requirement to remain solvent.

Notes

Fla. Admin. Code Ann. R. 69O-196.006

Rulemaking Authority 624.308(1), 627.828(2) FS. Law Implemented 624.424, 624.307(1), 627.828, 627.829 FS.

New 10-20-73, Repromulgated 12-24-74, Formerly 4-18.06, 4-18.006, Amended 7-27-95, Formerly 4-196.006.

New 10-20-73, Repromulgated 12-24-74, Formerly 4-18.06, 4-18.006, Amended 7-27-95, Formerly 4-196.006.