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: |
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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. |