| 1 | A bill to be entitled |
| 2 | An act relating to viatical settlement provider licensees; |
| 3 | amending s. 626.9913, F.S.; revising certain annual |
| 4 | statement audited financial statement requirements; |
| 5 | providing an effective date. |
| 6 |
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| 7 | Be It Enacted by the Legislature of the State of Florida: |
| 8 |
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| 9 | Section 1. Subsection (2) of section 626.9913, Florida |
| 10 | Statutes, is amended to read: |
| 11 | 626.9913 Viatical settlement provider license continuance; |
| 12 | annual report; fees; deposit.-- |
| 13 | (2) Annually, on or before March 1, the viatical |
| 14 | settlement provider licensee shall file a statement containing |
| 15 | information the commission requires and shall pay to the office |
| 16 | a license fee in the amount of $500. After December 31, 2007, |
| 17 | the annual statement shall include an annual audited financial |
| 18 | statement of the viatical settlement provider statements |
| 19 | prepared in accordance with generally accepted accounting |
| 20 | principles by an independent certified public accountant |
| 21 | covering a 12-month period ending on a day falling during as of |
| 22 | the last day of the preceding calendar year. If the audited |
| 23 | financial statement has not been completed, however, the |
| 24 | licensee shall include in its annual statement an unaudited |
| 25 | financial statement for the preceding calendar year and an |
| 26 | affidavit from an officer of the licensee stating that the audit |
| 27 | has not been completed. In this event, the licensee shall submit |
| 28 | the audited statement on or before June 1. The annual statement, |
| 29 | due on or before March 1 each year, shall also provide the |
| 30 | office with a report of all life expectancy providers who have |
| 31 | provided life expectancies directly or indirectly to the |
| 32 | viatical settlement provider for use in connection with a |
| 33 | viatical settlement contract or a viatical settlement |
| 34 | investment. A viatical settlement provider shall include in all |
| 35 | statements filed with the office all information requested by |
| 36 | the office regarding a related provider trust established by the |
| 37 | viatical settlement provider. The office may require more |
| 38 | frequent reporting. Failure to timely file the annual statement |
| 39 | or the audited financial statement or to timely pay the license |
| 40 | fee is grounds for immediate suspension of the license. The |
| 41 | commission may by rule require all or part of the statements or |
| 42 | filings required under this section to be submitted by |
| 43 | electronic means in a computer-readable form compatible with the |
| 44 | electronic data format specified by the commission. |
| 45 | Section 2. This act shall take effect July 1, 2007. |