The Florida Senate

648.29  Build-up funds posted by bail bond agent.--

(1)  All build-up funds posted by a bail bond agent or managing general agent, either with the insurer or managing general agent representing such insurer, must be maintained in an individual build-up trust account for the bail bond agent by the insurer or the managing general agent in a bank or savings and loan association in this state jointly in the name of the bail bond agent and the surety or managing general agent or in trust for the bail bond agent by the surety or managing general agent and is open to inspection and examination by the department at all times. An accounting of all such funds shall be maintained which designates the amounts collected on each bond written.

(2)  Build-up funds may not exceed 40 percent of the premium as established by the agent's contract agreement with the insurer or managing general agent. Build-up funds received shall be immediately deposited to the build-up trust account. Interest on such accounts shall accrue to the bail bond agent.

(3)  Upon termination of the bail bond agent's contract and discharge of liabilities on the bonds written, build-up funds are due and payable to the bail bond agent not later than 6 months after final discharge of liabilities.

(4)  Each insurer authorized to write bail bonds in this state and each managing general agent must furnish to the department a certified copy of a statement listing each build-up trust account and the balance therein by March 1 of each year.

History.--s. 8, ch. 65-492; s. 177, ch. 70-339; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 71, 72, ch. 82-175; ss. 50, 51, ch. 84-103; s. 5, ch. 87-321; ss. 6, 46, 47, ch. 90-131; s. 4, ch. 91-429; s. 6, ch. 96-372.

Note.--Former s. 903.392.