Senate Bill sb2198
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Florida Senate - 2007 SB 2198
By Senator Gaetz
4-1119A-07
1 A bill to be entitled
2 An act relating to viatical settlement
3 providers; amending s. 626.89, F.S.; requiring
4 authorized administrators to file a financial
5 statement for each preceding calendar year or
6 fiscal year as appropriate; requiring that an
7 audited financial statement be filed within 6
8 months after the end of the administrator's
9 fiscal year; amending s. 626.9913, F.S.;
10 providing for annual statements required by the
11 Financial Services Commission to include an
12 annual audited financial statement of the
13 viatical settlement provider which is prepared
14 in accordance with general accounting
15 principles; specifying the timeframe to be
16 covered by the annual statement; providing an
17 effective date.
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19 Be It Enacted by the Legislature of the State of Florida:
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21 Section 1. Subsections (1) and (2) of section 626.89,
22 Florida Statutes, are amended to read:
23 626.89 Annual financial statement and filing fee;
24 notice of change of ownership.--
25 (1) Each authorized administrator shall file with the
26 office a full and true statement of its financial condition,
27 transactions, and affairs. The statement shall be filed
28 annually on or before March 1 or within such extension of time
29 therefor as the office for good cause may have granted and
30 shall be for the preceding calendar year or fiscal year as
31 applicable. The statement shall be in such form and contain
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Florida Senate - 2007 SB 2198
4-1119A-07
1 such matters as the commission prescribes and shall be
2 verified by at least two officers of such administrator.
3 (2) Each authorized administrator shall also file an
4 audited financial statement performed by an independent
5 certified public accountant. The audited financial statement
6 shall be filed with the office on or before June 1 for the
7 preceding calendar year ending December 31, or within 6 months
8 after the end of the administrator's preceding fiscal year. An
9 audited financial statement prepared on a consolidated basis
10 must include a columnar consolidating or combining worksheet
11 that must be filed with the statement and must comply with the
12 following:
13 (a) Amounts shown on the consolidated audited
14 financial statement must be shown on the worksheet;
15 (b) Amounts for each entity must be stated separately;
16 and
17 (c) Explanations of consolidating and eliminating
18 entries must be included.
19 Section 2. Subsection (2) of section 626.9913, Florida
20 Statutes, is amended to read:
21 626.9913 Viatical settlement provider license
22 continuance; annual report; fees; deposit.--
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. After December 31,
27 2007, the annual statement must shall include an annual
28 audited financial statement of the viatical settlement
29 provider statements prepared in accordance with generally
30 accepted accounting principles by an independent certified
31 public accountant covering a 12-month period ending on a day
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Florida Senate - 2007 SB 2198
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1 falling during as of the last day of the preceding calendar
2 year. If the audited financial statement has not been
3 completed, however, the licensee shall include in its annual
4 statement an unaudited financial statement for the preceding
5 calendar year and an affidavit from an officer of the licensee
6 stating that the audit has not been completed. In this event,
7 the licensee shall submit the audited statement on or before
8 June 1. The annual statement, due on or before March 1 each
9 year, shall also provide the office with a report of all life
10 expectancy providers who have provided life expectancies
11 directly or indirectly to the viatical settlement provider for
12 use in connection with a viatical settlement contract or a
13 viatical settlement investment. A viatical settlement provider
14 shall include in all statements filed with the office all
15 information requested by the office regarding a related
16 provider trust established by the viatical settlement
17 provider. The office may require more frequent reporting.
18 Failure to timely file the annual statement or the audited
19 financial statement or to timely pay the license fee is
20 grounds for immediate suspension of the license. The
21 commission may by rule require all or part of the statements
22 or filings required under this section to be submitted by
23 electronic means in a computer-readable form compatible with
24 the electronic data format specified by the commission.
25 Section 3. This act shall take effect July 1, 2007.
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Florida Senate - 2007 SB 2198
4-1119A-07
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2 SENATE SUMMARY
3 Requires that authorized administrators file a financial
statement for each preceding calendar year or fiscal year
4 as appropriate. Requires that an audited financial
statement be filed within 6 months after the end of the
5 administrator's fiscal year. Provides that annual
statements submitted by viatical settlement providers to
6 the Financial Services Commission include an annual
audited financial statement prepared in accordance with
7 general accounting rules. Specifies a timeframe for the
annual statement.
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