Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-187 - PROFESSIONAL LIABILITY SELF-INSURANCE TRUST FUNDS › Section 69O-187.001 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
When used in the rules in this Part, the following words or
				  terms shall have the meaning as described in this rule.
(1) "Office" means the Office of Insurance
				Regulation.
(2) "Fund" or
				"self-insurance trust fund" means a medical malpractice risk management trust
				fund established in accordance with Section
				627.357, F.S., and rule Chapter
				69O-187, F.A.C., part I.
(3)
				"Trustees" means a group of members elected by those members comprising the
				self-insurance trust fund for stated terms of office to direct the
				administration of a self-insurance trust fund, and whose duties shall include
				responsibility for approving applications for new members of such Fund. Such
				Trustees must be members of the self-insurance trust fund; and a Trustee shall
				not be an officer or employee of the Service Agent or any other entity retain
				by the Fund to manage the affairs of all or part of the Fund's operations nor
				have an ownership interest in any such entity.
(4) "Certified Audit" shall mean an audit
				upon which the auditor expresses his professional opinion that the accompanying
				statements present fairly the financial position of the self-insurance trust
				fund in conformity with generally accepted accounting principles consistently
				applied, and accordingly including such tests of the accounting records and
				such other auditing procedures as considered necessary in the
				circumstances.
(5) "Service Agent"
				or "Service Agency" means any individual or business entity which has obtained
				Office approval to contract with self-insurance trust funds for the purpose of
				providing all or any part of the services necessary to establish and maintain a
				self-insurance trust fund as defined in Section
				627.357(1),
				F.S. The terms "Service Agent" and "Service Agency" may be used interchangeably
				in this rule, and when one term is used it shall include the other
				term.
(6) "Members" means those
				persons, firms or corporations executing the mutual covenants who have pooled
				their medical malpractice liabilities pursuant to Section
				627.357, F.S.
(7) "Cash Account" shall mean cash in the
				possession of the Fund or in transit under its control and any funds maintained
				in a demand account in a bank insured by the FDIC or savings and loan
				association insured by the FSLIC.
(8) "Termination" means the liquidation of
				the Fund.
(9) "Voluntary
				termination" means the termination is initiated by the Fund.
(10) "Merger" means that the liabilities of
				the Fund are assumed by an insurer authorized to transact insurance in this
				state resulting in the dissolution of the Fund.
(11) "Voluntary merger" means the merger is
				initiated by the Fund.
Rulemaking Authority 624.308(1), 627.357(6) FS. Law
					 Implemented 624.307(1), 627.357 FS.
New 10-7-75, Formerly 4-39.01, Amended 5-10-89, Formerly
					 4-39.001, Amended 1-18-94, Formerly
					 4-187.001.