The Florida Senate

636.218  Annual reports.--

(1)  Each discount medical plan organization must file with the office, within 3 months after the end of each fiscal year, an annual report.

(2)  Such reports must be on forms prescribed by the commission and must include:

(a)  Audited financial statements prepared in accordance with generally accepted accounting principles certified by an independent certified public accountant, including the organization's balance sheet, income statement, and statement of changes in cash flow for the preceding year.

(b)  A list of the names and residence addresses of all persons responsible for the conduct of the organization's affairs, together with a disclosure of the extent and nature of any contracts or arrangements between such persons and the discount medical plan organization, including any possible conflicts of interest.

(c)  The number of discount medical plan members.

(d)  Such other information relating to the performance of the discount medical plan organization as is reasonably required by the commission or office.

(3)  Every discount medical plan organization which fails to file an annual report in the form and within the time required by this section shall forfeit up to $500 for each day for the first 10 days during which the neglect continues and shall forfeit up to $1,000 for each day after the first 10 days during which the neglect continues; and, upon notice by the office to that effect, the organization's authority to enroll new members or to do business in this state ceases while such default continues. The office shall deposit all sums collected by the office under this section to the credit of the Insurance Regulatory Trust Fund. The office may not collect more than $50,000 for each report.

History.--s. 31, ch. 2004-297.