Senate Bill sb2198er

    ENROLLED

    2007 Legislature                                CS for SB 2198



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  2         An act relating to insurer financial

  3         statements; amending s. 626.89, F.S.; revising

  4         certain requirements for annual statements;

  5         amending s. 626.9913, F.S.; revising certain

  6         requirements for an annual audited financial

  7         statement; providing an effective date.

  8  

  9  Be It Enacted by the Legislature of the State of Florida:

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11         Section 1.  Subsection (2) of section 626.89, Florida

12  Statutes, is amended to read:

13         626.89  Annual financial statement and filing fee;

14  notice of change of ownership.--

15         (2)  Each authorized administrator shall also file an

16  audited financial statement performed by an independent

17  certified public accountant. The audited financial statement

18  shall be filed with the office on or before June 1 for the

19  preceding calendar year ending December 31. An administrator

20  with an established fiscal year of July 1 through June 30

21  whose sole stockholder is an association representing health

22  care providers which is not an affiliate of an insurer may

23  submit the preceding fiscal year's audited financial statement

24  on or before December 31. An audited financial statement

25  prepared on a consolidated basis must include a columnar

26  consolidating or combining worksheet that must be filed with

27  the statement and must comply with the following:

28         (a)  Amounts shown on the consolidated audited

29  financial statement must be shown on the worksheet;

30         (b)  Amounts for each entity must be stated separately;

31  and


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CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2007 Legislature                                CS for SB 2198



 1         (c)  Explanations of consolidating and eliminating

 2  entries must be included.

 3         Section 2.  Subsection (2) of section 626.9913, Florida

 4  Statutes, is amended to read:

 5         626.9913  Viatical settlement provider license

 6  continuance; annual report; fees; deposit.--

 7         (2)  Annually, on or before March 1, the viatical

 8  settlement provider licensee shall file a statement containing

 9  information the commission requires and shall pay to the

10  office a license fee in the amount of $500. After December 31,

11  2007, the annual statement shall include an annual audited

12  financial statement of the viatical settlement provider

13  statements prepared in accordance with generally accepted

14  accounting principles by an independent certified public

15  accountant covering a 12-month period ending on a day falling

16  during as of the last 6 months day of the preceding calendar

17  year. If the audited financial statement has not been

18  completed, however, the licensee shall include in its annual

19  statement an unaudited financial statement for the preceding

20  calendar year and an affidavit from an officer of the licensee

21  stating that the audit has not been completed. In this event,

22  the licensee shall submit the audited statement on or before

23  June 1. The annual statement, due on or before March 1 each

24  year, shall also provide the office with a report of all life

25  expectancy providers who have provided life expectancies

26  directly or indirectly to the viatical settlement provider for

27  use in connection with a viatical settlement contract or a

28  viatical settlement investment. A viatical settlement provider

29  shall include in all statements filed with the office all

30  information requested by the office regarding a related

31  provider trust established by the viatical settlement


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CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2007 Legislature                                CS for SB 2198



 1  provider. The office may require more frequent reporting.

 2  Failure to timely file the annual statement or the audited

 3  financial statement or to timely pay the license fee is

 4  grounds for immediate suspension of the license. The

 5  commission may by rule require all or part of the statements

 6  or filings required under this section to be submitted by

 7  electronic means in a computer-readable form compatible with

 8  the electronic data format specified by the commission.

 9         Section 3.  This act shall take effect July 1, 2007.

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CODING: Words stricken are deletions; words underlined are additions.