Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. SB 2198
Barcode 075352
CHAMBER ACTION
Senate House
.
.
1 Comm: RCS .
04/09/2007 06:05 PM .
2 .
.
3 .
.
4 ______________________________________________________________
5
6
7
8
9
10 ______________________________________________________________
11 The Committee on Banking and Insurance (Gaetz) recommended the
12 following amendment:
13
14 Senate Amendment (with title amendment)
15 Delete everything after the enacting clause
16
17 and insert:
18 Section 1. Subsection (2) of section 626.89, Florida
19 Statutes, is amended to read:
20 626.89 Annual financial statement and filing fee;
21 notice of change of ownership.--
22 (2) Each authorized administrator shall also file an
23 audited financial statement performed by an independent
24 certified public accountant. The audited financial statement
25 shall be filed with the office on or before June 1 for the
26 preceding calendar year ending December 31. An administrator
27 with an established fiscal year of July 1 through June 30
28 whose sole stockholder is an association representing health
29 care providers which is not an affiliate of an insurer may
30 submit the preceding fiscal year's audited financial statement
31 on or before December 31. An audited financial statement
1
11:37 AM 03/23/07 s2198d-bi04-r3e
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. SB 2198
Barcode 075352
1 prepared on a consolidated basis must include a columnar
2 consolidating or combining worksheet that must be filed with
3 the statement and must comply with the following:
4 (a) Amounts shown on the consolidated audited
5 financial statement must be shown on the worksheet;
6 (b) Amounts for each entity must be stated separately;
7 and
8 (c) Explanations of consolidating and eliminating
9 entries must be included.
10 Section 2. Subsection (2) of section 626.9913, Florida
11 Statutes, is amended to read:
12 626.9913 Viatical settlement provider license
13 continuance; annual report; fees; deposit.--
14 (2) Annually, on or before March 1, the viatical
15 settlement provider licensee shall file a statement containing
16 information the commission requires and shall pay to the
17 office a license fee in the amount of $500. After December 31,
18 2007, the annual statement shall include an annual audited
19 financial statement of the viatical settlement provider
20 statements prepared in accordance with generally accepted
21 accounting principles by an independent certified public
22 accountant covering a 12-month period ending on a day falling
23 during as of the last 6 months day of the preceding calendar
24 year. If the audited financial statement has not been
25 completed, however, the licensee shall include in its annual
26 statement an unaudited financial statement for the preceding
27 calendar year and an affidavit from an officer of the licensee
28 stating that the audit has not been completed. In this event,
29 the licensee shall submit the audited statement on or before
30 June 1. The annual statement, due on or before March 1 each
31 year, shall also provide the office with a report of all life
2
11:37 AM 03/23/07 s2198d-bi04-r3e
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. SB 2198
Barcode 075352
1 expectancy providers who have provided life expectancies
2 directly or indirectly to the viatical settlement provider for
3 use in connection with a viatical settlement contract or a
4 viatical settlement investment. A viatical settlement provider
5 shall include in all statements filed with the office all
6 information requested by the office regarding a related
7 provider trust established by the viatical settlement
8 provider. The office may require more frequent reporting.
9 Failure to timely file the annual statement or the audited
10 financial statement or to timely pay the license fee is
11 grounds for immediate suspension of the license. The
12 commission may by rule require all or part of the statements
13 or filings required under this section to be submitted by
14 electronic means in a computer-readable form compatible with
15 the electronic data format specified by the commission.
16 Section 3. This act shall take effect July 1, 2007.
17
18
19 ================ T I T L E A M E N D M E N T ===============
20 And the title is amended as follows:
21 Delete everything before the enacting clause
22
23 and insert:
24 A bill to be entitled
25 An act relating to insurer financial
26 statements; amending s. 626.89, F.S.; revising
27 certain requirements for annual statements;
28 amending s. 626.9913, F.S.; revising certain
29 requirements for an annual audited financial
30 statement; providing an effective date.
31
3
11:37 AM 03/23/07 s2198d-bi04-r3e