| 1 | A bill to be entitled |
| 2 | An act relating to insurer financial statements; amending |
| 3 | s. 626.89, F.S.; revising certain annual financial |
| 4 | statement requirements; amending s. 626.9913, F.S.; |
| 5 | revising certain annual statement audited financial |
| 6 | statement requirements; providing an effective date. |
| 7 |
|
| 8 | Be It Enacted by the Legislature of the State of Florida: |
| 9 |
|
| 10 | Section 1. Subsection (2) of section 626.89, Florida |
| 11 | Statutes, is amended to read: |
| 12 | 626.89 Annual financial statement and filing fee; notice |
| 13 | of change of ownership.-- |
| 14 | (2) Each authorized administrator shall also file an |
| 15 | audited financial statement performed by an independent |
| 16 | certified public accountant. The audited financial statement |
| 17 | shall be filed with the office on or before June 1 for the |
| 18 | preceding calendar year ending December 31. An administrator |
| 19 | with an established fiscal year of July 1 to June 30 and whose |
| 20 | sole stockholder is an association representing health care |
| 21 | providers and is not an affiliate of an insurer may submit the |
| 22 | preceding fiscal year's audited financial statement on or before |
| 23 | December 31. An audited financial statement prepared on a |
| 24 | consolidated basis must include a columnar consolidating or |
| 25 | combining worksheet that must be filed with the statement and |
| 26 | must comply with the following: |
| 27 | (a) Amounts shown on the consolidated audited financial |
| 28 | statement must be shown on the worksheet; |
| 29 | (b) Amounts for each entity must be stated separately; and |
| 30 | (c) Explanations of consolidating and eliminating entries |
| 31 | must be included. |
| 32 | Section 2. Subsection (2) of section 626.9913, Florida |
| 33 | Statutes, is amended to read: |
| 34 | 626.9913 Viatical settlement provider license continuance; |
| 35 | annual report; fees; deposit.-- |
| 36 | (2) Annually, on or before March 1, the viatical |
| 37 | settlement provider licensee shall file a statement containing |
| 38 | information the commission requires and shall pay to the office |
| 39 | a license fee in the amount of $500. After December 31, 2007, |
| 40 | the annual statement shall include an annual audited financial |
| 41 | statement of the viatical settlement provider statements |
| 42 | prepared in accordance with generally accepted accounting |
| 43 | principles by an independent certified public accountant |
| 44 | covering a 12-month period ending on a day falling during as of |
| 45 | the last 6 months day of the preceding calendar year. If the |
| 46 | audited financial statement has not been completed, however, the |
| 47 | licensee shall include in its annual statement an unaudited |
| 48 | financial statement for the preceding calendar year and an |
| 49 | affidavit from an officer of the licensee stating that the audit |
| 50 | has not been completed. In this event, the licensee shall submit |
| 51 | the audited statement on or before June 1. The annual statement, |
| 52 | due on or before March 1 each year, shall also provide the |
| 53 | office with a report of all life expectancy providers who have |
| 54 | provided life expectancies directly or indirectly to the |
| 55 | viatical settlement provider for use in connection with a |
| 56 | viatical settlement contract or a viatical settlement |
| 57 | investment. A viatical settlement provider shall include in all |
| 58 | statements filed with the office all information requested by |
| 59 | the office regarding a related provider trust established by the |
| 60 | viatical settlement provider. The office may require more |
| 61 | frequent reporting. Failure to timely file the annual statement |
| 62 | or the audited financial statement or to timely pay the license |
| 63 | fee is grounds for immediate suspension of the license. The |
| 64 | commission may by rule require all or part of the statements or |
| 65 | filings required under this section to be submitted by |
| 66 | electronic means in a computer-readable form compatible with the |
| 67 | electronic data format specified by the commission. |
| 68 | Section 3. This act shall take effect July 1, 2007. |