Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-187 - PROFESSIONAL LIABILITY SELF-INSURANCE TRUST FUNDS › Section 69O-187.007 - Continuing Requirements Including Filing of Reports and Rates

Current through Reg. 50, No. 138; July 16, 2024
(1) The Trustees shall have the accounts and
				records of the Fund audited annually or at any time as may be required by the
				Office, such audit to be made by Certified Public Accountants or by authorized
				representatives of the Office, with the Office reserving the right to prescribe
				a uniform accounting system to be used by the Fund in order that it may
				determine the solvency of the Fund. An audit prepared by other than Office
				personnel shall be a certified audit filed with and received by the Office in
				Tallahassee within ninety (90) days after the close of the fund year. All
				filings shall be submitted electronically to
				http://www.floir.com/iportal.
(2)
				The Trustees shall annually file a report as to financial condition, loss
				experience, and operational expense of the Fund on Form OIR-342 entitled
				"Medical Malpractice Self-Insurance Trust Fund Annual Audit." This report shall
				be due and must be received by the Office within ninety (90) days of the close
				of the fund year. Form OIR-342, rev. 2/93, is hereby adopted and incorporated
				by reference. Forms are available at http://www.floir.com/iportal.
(3) The Fund and its Service Agent shall be
				subject to Office inspection and examination of the affairs, transactions,
				accounts, books, records, and assets of the self-insurance trust fund or
				Service Agent as often as the Office deems advisable. The reasonable expense of
				any such examination including record reconstruction or costs of appraisals
				shall be borne by the Fund but for no more than one examination per
				year.
(4) Each Fund shall comply
				with Section 627.912, F.S., and Rule
				69O-171.003, F.A.C., by filing
				Form OIR-303 entitled "Florida Medical Professional Liability Insurance Claims
				Report," which is incorporated by reference in Rule
				69O-171.003, F.A.C., with the
				Office. Form OIR-303 may be obtained from the Office of Insurance Regulation,
				Bureau of Property and Casualty Forms and Rates, Larson Building, Tallahassee,
				Florida 32399-0300.
(5) The
				Trustees and the Service Agent shall make available to the Office at their
				request any or all minutes pertaining to the meetings of the Trustees. Any
				matter relating to individual members or individual claims may be edited to
				preserve the confidentiality of the member's name or claim
				information.
(6) The Fund shall
				file with the Office all changes or modifications to documents previously filed
				with the Office at least thirty (30) days prior to the date of implementation
				and all changes and modifications shall be subject to Office approval. All
				filings shall be submitted electronically to
				http://www.floir.com/iportal.
(7)
				The Fund shall file all rate changes with the Office at least thirty (30) days
				prior to use and include in such filings the expense factors underlying the
				proposed rates and such additional information that demonstrates that rates are
				adequate so as to guarantee the maintenance of sufficient reserves to cover
				contingent liabilities. The Office's responsibility in the review of such
				filings shall be as follows:
(a) At such time
				the Office determines the expense factors are justified, and the associated
				rates are adequate so as to guarantee the maintenance of sufficient reserves to
				cover contingent liabilities, the Fund shall be notified in writing that the
				expense factors are approved and the rates utilizing such expense factors are
				acceptable for use.
(b) The Office
				shall disapprove any rate if it is determined that the expense factors are not
				justified and reasonable or that the rates are inadequate and do not guarantee
				the maintenance of sufficient reserves to cover contingent liabilities. The
				Fund shall be notified by certified mail of this fact with an explanation of
				the underlying factors that led to such conclusion. The Fund shall be entitled
				to the rights as specified in Chapter 120, F.S. In the event the filing is
				deficient and the Office cannot make an initial determination, the Office shall
				within thirty (30) days of the receipt of such filing request in writing
				additional information. The Fund shall have thirty (30) days from the date of
				the Office's request to respond, and if such information is not received or is
				not sufficiently responsive, the rates shall be disapproved. The Fund shall be
				entitled to the rights as specified in Chapter 120, F.S.