624.441
Insolvency protection.
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624.441 Insolvency protection.—
(1) To assure the faithful performance of its obligations to its employer members and covered employees and their dependents, every arrangement shall deposit with the department cash, securities of the type eligible for deposit by insurers under s. 625.52, or any combination of these, in an amount equal to 25 percent of the preceding 12 months’ health care claims expenditures or 5 percent of gross annual premiums for the succeeding year, whichever is greater, which deposit shall be made within 30 days after the close of each fiscal year; however, in no case shall the amount of the deposit exceed $500,000.
(2) All income from deposits shall belong to the depositing arrangement and shall be paid to it as it becomes available. An arrangement that has made a securities deposit may withdraw that deposit, or any part thereof, after making a substitute deposit of cash, securities, or any combination of these or other measures of equal amount and value, upon approval by the office and department. No judgment creditor or other claimant of a multiple-employer welfare association shall have the right to levy upon any of the assets or securities held in this state as a deposit under this section.
(3) Deposits of securities or cash pursuant to this section shall be administered by the office and department in accordance with part III of chapter 625.
History.—s. 6, ch. 85-212; s. 1, ch. 86-286; ss. 30, 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 814, ch. 2003-261; s. 2, ch. 2023-212.
Notes of Decisions
Cited in 3
cases, 1988–1992 · leading case: In Re Intern. Forum of Fla. Health Ben. Tr.
In Re Intern. Forum of Fla. Health Ben. Tr. (1992)
“, § 624.441(1), Fla. Stat. (1989). [6] See Section 624.”
Appeal of Actron Contractors Equipment v. South Broward Hospital District (1992)
“, § 624.441(1), Fla.Stat. (1989). . See Section 624.”
Department of Insurance v. Dealers Ass'n Plan (1988)
“FS § 624.441. Each MEWA must annually, within four months after the end of its fiscal year, file with Petitioner an annual statement, including an audited financial statement.”
— 624.441(1) — 2 cases
In Re Intern. Forum of Fla. Health Ben. Tr. (1992)
“, § 624.441(1), Fla. Stat. (1989). [6] See Section 624.”
Appeal of Actron Contractors Equipment v. South Broward Hospital District (1992)
“, § 624.441(1), Fla.Stat. (1989). . See Section 624.”
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