Fla. Admin. Code Ann. R. 69O-200.003 - Licensing of Companies that Administer and Market Service Agreements

(1) Companies that administer service agreements as defined in subsection (2), or market service agreements must obtain a license as a service agreement company under chapter 634, Part I, F.S., and are subject to all applicable regulatory requirements of chapter 634, part I, F.S.

(2) An administering company is a company, other than an authorized property and casualty insurer, that performs substantially all of the claims adjusting and adjudication functions; performs substantially all of the functions of processing premium dollars and applications; or performs substantially all of the bookkeeping and accounting functions, computer processing, and other administrative functions on behalf of a service agreement company.

(3) The licensing provisions of section 634.031, F.S., do not apply to companies which are "running off" service agreements for an authorized property and casualty insurer which is fulfilling its responsibility under a contractual liability insurance policy.

Notes

Fla. Admin. Code Ann. R. 69O-200.003

Rulemaking Authority 634.021 FS. Law Implemented 634.031, 634.041 FS.

New 5-26-93, Formerly 4-200.003.

New 5-26-93, Formerly 4-200.003.