634.137 Financial and statistical reporting requirements. - Florida Statutes

634.137 Financial and statistical reporting requirements.

   (1) By March 1 of each year, each service agreement company shall submit to the office annual financial reports on forms prescribed by the commission and furnished by the office.

   (2) Any motor vehicle service agreement company engaged in the business of issuing service agreements in this state must transmit the following information, based on Florida data, to the office each year with the annual report of the company:

   (a) Net assets.

   (b) Premiums written.

   (c) Premiums earned.

   (d) Unearned premium reserve.

   (e) Percent of claim exposure for which contractual liability insurance has been obtained.

   (f) Incurred claims, not including claims incurred but not reported.

   (g) Claims incurred but not reported.

   (h) Loss reserve for all claims except those incurred but not reported.

   (i) Reserves for claims incurred but not reported.

   (j) Number and dollar amount of claims paid.

   (k) Itemized acquisition costs.

   (l) Net gain or loss from operations before income taxes.

   (m) Net investment income from all reserves.

   (n) Net investment income from surplus.

   (o) Ratio of claims paid to premium earned.

   (p) Ratio of all claims incurred to premium earned plus investment income from all reserves.

   (q) Number of claims resisted.

   (r) Any additional information that the commission requires in order to evaluate the financial condition or trade practices of companies issuing service agreements in this state.

   (3) Any service agreement company that does not file an annual statement in the form and within the time provided by this section shall forfeit up to $100 for each day during which the default continues, and, upon notice by the office, the authority of the company to do business in this state shall cease while the default continues. The office shall deposit all sums collected under this subsection in the Insurance Regulatory Trust Fund.

   (4) The office shall provide a summary of the information provided pursuant to subsection (2) in its annual report.

   (5) The commission may by rule require each motor vehicle service agreement company to submit to the office, as the commission may designate, all or part of the information contained in the financial reports required by this section in a computer-readable form compatible with the electronic data processing system specified by the office.

   (6) The office shall develop by rule an abbreviated form for motor vehicle manufacturers to use in submitting statistical reporting of sales of service agreements in this state in lieu of the financial reports required in subsections (1) and (2).

History. ss. 16, 33, ch. 82-234; s. 68, ch. 91-106; ss. 10, 20, ch. 93-195; s. 3, ch. 2001-281; s. 1431, ch. 2003-261; s. 4, ch. 2008-178; s. 16, ch. 2010-175.