The Florida Senate

636.045  Minimum surplus requirements.--

(1)  Except as provided in subsection (2), each prepaid limited health service organization must at all times maintain a minimum surplus in an amount which is the greater of $150,000 or 10 percent of total liabilities. Any prepaid limited health service organization which had a valid certificate of authority issued pursuant to part I, part II, or part III of ¹chapter 637, or ¹chapter 638, before October 1, 1993, must maintain the surplus required on September 30, 1993, until the following dates, and then shall increase its surplus as follows:


Date

Amount

$100,000 or 6 percent

of total liabilities,

whichever is greater.

$125,000 or 8 percent

of total liabilities,

whichever is greater.

$150,000 or 10 percent

of total liabilities,

whichever is greater.

(2)  The department may not issue a certificate of authority on or after October 1, 1993, unless the prepaid limited health service organization has a minimum surplus in an amount of $150,000 or 10 percent of liabilities, whichever is the greater amount.

History.--s. 36, ch. 93-148.

¹Note.--Repealed by s. 57, ch. 93-148.