Florida Senate - 2005 SENATOR AMENDMENT
Bill No. CS for SB 2412
Barcode 380218
CHAMBER ACTION
Senate House
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11 Senator Garcia moved the following amendment:
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13 Senate Amendment (with title amendment)
14 On page 21, line 19, through
15 page 27, line 25, delete those lines
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17 and insert:
18 Section 15. Paragraph (f) of subsection (3) of section
19 626.9912, Florida Statutes, is amended, present paragraph (g)
20 of that subsection is redesignated as paragraph (h) and a new
21 paragraph (g) is added to that subsection, and subsection (4)
22 of that section is amended to read:
23 626.9912 Viatical settlement provider license
24 required; application for license.--
25 (3) In the application, the applicant must provide all
26 of the following:
27 (f) All applications, viatical settlement contract
28 forms, viatical settlement purchase agreement forms, escrow
29 forms, and other related forms proposed to be used by the
30 applicant.
31 (g) A general description of the method the viatical
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Florida Senate - 2005 SENATOR AMENDMENT
Bill No. CS for SB 2412
Barcode 380218
1 settlement provider will use in determing life expectancies,
2 including a description of the applicant's intended receipt of
3 life expectancies, the applicant's intended receipt of life
4 expectancies, the applicant's intended use of life expectancy
5 providers, and the written plan or plans of policies and
6 procedures used to determine life expectancies.
7 (4) The office may not issue a license to an entity
8 other than a natural person if it is not satisfied that all
9 officers, directors, employees, stockholders, partners, and
10 any other persons who exercise or have the ability to exercise
11 effective control of the entity or who have the ability to
12 influence the transaction of business by the entity meet the
13 standards of this act and have not violated any provision of
14 this act or rules of the commission related to the business of
15 viatical settlement contracts or viatical settlement purchase
16 agreements.
17 Section 16. Section 626.9913, Florida Statutes, is
18 amended to read:
19 626.9913 Viatical settlement provider license
20 continuance; annual report; fees; deposit.--
21 (1) A viatical settlement provider license continues
22 in force until suspended or revoked.
23 (2) Annually, on or before March 1, the viatical
24 settlement provider licensee shall file a statement containing
25 information the commission requires and shall pay to the
26 office a license fee in the amount of $500. The annual
27 statement shall include audited financial statements prepared
28 in accordance with generally accepted accounting principles by
29 an independent certified public accountant as of the last day
30 of the preceding calendar year. If the audited financial
31 statement has not been completed, however, the licensee shall
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7:08 AM 04/27/05 s2412c1c-40-t3y
Florida Senate - 2005 SENATOR AMENDMENT
Bill No. CS for SB 2412
Barcode 380218
1 include in its annual statement an unaudited financial
2 statement and an affidavit from an officer of the licensee
3 stating that the audit has not been completed. In this event,
4 the licensee shall submit the audited statement on or before
5 June 1. The annual statement shall also provide the office
6 with a report of all life expectancy providers who have
7 provided life expectancies directly or indirectly to the
8 viatical settlement provider for use in connection with a
9 viatical settlement contract or a viatical settlement
10 investment. A viatical settlement provider shall include in
11 all statements filed with the office all information requested
12 by the office regarding a related provider trust established
13 by the viatical settlement provider. The office may require
14 more frequent reporting. Failure to timely file the annual
15 statement or to timely pay the license fee is grounds for
16 immediate suspension of the license.
17 (3) To ensure the faithful performance of its
18 obligations to its viators in the event of insolvency or the
19 loss of its license, a viatical settlement provider licensee
20 must deposit and maintain deposited in trust with the
21 department securities eligible for deposit under s. 625.52,
22 having at all times a value of not less than $100,000;
23 however, a viatical settlement provider licensed in this state
24 prior to June 1, 2004, which has deposited and maintains
25 continuously deposited in trust with the department securities
26 in the amount of $25,000 and which posted and maintains
27 continuously posted a security bond acceptable to the
28 department in the amount of $75,000, has until June 1, 2005,
29 to comply with the requirements of this subsection. As an
30 alternative to meeting the $100,000 deposit requirement, the
31 provider may deposit and maintain deposited in trust with the
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7:08 AM 04/27/05 s2412c1c-40-t3y
Florida Senate - 2005 SENATOR AMENDMENT
Bill No. CS for SB 2412
Barcode 380218
1 department such securities in the amount of $25,000 and post
2 with the office a surety bond acceptable to the office in the
3 amount of $75,000.
4 (4) There shall be no additional annual license fee or
5 deposit requirements under this act for a related provider
6 trust established by a viatical settlement provider.
7 (5) A judgment creditor or other claimant of a
8 viatical settlement provider does not have the right to levy
9 upon any of the assets or securities held in this state
10 pursuant to this section.
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14 And the title is amended as follows:
15 On page 2, lines 20-21, delete those lines
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17 and insert:
18 amending s. 626.9914, F.S.;
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