Florida Senate - 2007                      COMMITTEE AMENDMENT
    Bill No. SB 2198
                        Barcode 075352
                            CHAMBER ACTION
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11  The Committee on Banking and Insurance (Gaetz) recommended the
12  following amendment:
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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
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    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