Fla. Admin. Code Ann. R. 69O-196.035 - Required Books and Records

At a minimum for permanent books and records, each licensed premium finance company shall maintain:

(1) A complete set of accounting records including:

(a) A general ledger;

(b) Cash receipts and disbursements journals;

(c) Accounts receivable registers; and

(d) Accounts payable registers, together with supporting documentation evidencing each entry.

(2) A detailed register of premium finance contracts in force. The register shall include:

(a) Date of issue;

(b) Issuing agent and address;

(c) Name and address of the insured;

(d) Policy period;

(e) Policy number;

(f) Type of policy;

(g) Total premium;

(h) Down payment;

(i) Documentary stamp tax;

(j) Amount financed;

(k) Finance charges;

(l) Number of payments; and

(m) Amount of each payment.

(3) A detailed payment history of each premium finance contract, supported by, at a minimum, copies of any and all correspondence, notices, contracts, and agreements between the premium finance company and any other person, related to the contract.

(4) A record of receipts and disbursements relative to each contract, including supporting documentation therefor.

(5) Copies of all forms and rates utilized by the premium finance company bearing the approval stamp of the Office.

(6) Evidence of compliance with the financial requirements of Section 627.828, F.S.

(7) A detailed register of all contracts assigned including at a minimum the following information:

(a) Date of contract;

(b) Date contract funded;

(c) Date assigned;

(d) To whom assigned;

(e) Dollar amount of contract;

(f) Amount received;

(g) Name of issuing agent.

(8) A detailed register of all contracts accepted for assignment from others, including at a minimum the following information:

(a) Date of contract;

(b) Date assigned;

(c) From whom assignment accepted;

(d) Dollar amount of contract;

(e) Amount paid;

(f) Name of issuing agent.

(9) Copies of all contracts with independent contractors or third parties performing services directly or indirectly related to the premium finance business. Each such contract shall be submitted to the Office and shall contain at a minimum the following provisions:

(a) Specific details as to the services to be provided to or on behalf of the licensee;

(b) Specific details concerning the charges to be paid by the licensee for these services, including the method of calculation;

(c) A clause whereby the Office reserves the right to require the licensee to alter or void any contract provision or part thereof which violates the Florida Insurance Code.

(d)

1. A clause providing that all books and records of the person providing services pertaining to the licensee shall be made available to the Office for examination, which shall include at a minimum those books and records specified in subsections (1)-(8) of this rule, as they apply to the services rendered to the licensee.

2. All persons providing marketing services shall maintain and make available to the Office a register of the names and addresses of all agents solicited on behalf of the licensee, together with the number of contracts provided to the licensee by each agent and a record of any payments to or from these agents related thereto.

3. Contract terms or provisions notwithstanding, the licensee remains responsible for the acts of any person it hires or otherwise engages to act on its behalf.

(10) All filings submitted pursuant to subsection (9) shall be submitted electronically to https://www.floir.com/iportal.

(11) Records maintained in accordance with this rule shall be kept as originals, photocopies, or electronically stored reproductions.

Notes

Fla. Admin. Code Ann. R. 69O-196.035

Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 624.424, 627.828, 627.834, 627.836, 627.838, 627.840, 627.8405, 627.841, 627.844, 627.845, 627.848 FS.

New 7-27-95, Formerly 4-196.035, Amended by Florida Register Volume 43, Number 138, July 18, 2017 effective 7/30/2017, Amended by Florida Register Volume 47, Number 091, May 11, 2021 effective 5/24/2021.

New 7-27-95, Formerly 4-196.035, Amended 7-30-17, 5-24-21.