Florida Statutes
Part III - Service Warranty Associations (Ss. 634.401-634.444)
634.416 - Examination of associations.


(1) Service warranty associations licensed under this part may be subject to periodic examination by the office, in the same manner and subject to the same terms and conditions that apply to insurers under part II of chapter 624. The office is not required to conduct periodic examinations pursuant to this section, but may examine a service warranty company at its discretion. An examination conducted pursuant to this section may cover a period of only the most recent 5 years. The costs of examinations conducted pursuant to ss. 624.316(2)(e) and 624.3161(3) may not exceed 10 percent of the companies’ reported net income for the prior year.
(2) On or before May 1 of each year, an association may submit to the office the Form 10-K, as filed with the United States Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended. Upon receipt and review of the most current Form 10-K, the office may waive the examination requirement; if the office determines not to waive the examination, such examination will be limited to that examination necessary to ensure compliance with this part. The Form 10-K shall be accompanied by a filing fee of $2,000 to be deposited into the Insurance Regulatory Trust Fund.
(3) If the office examines an association that has less than $20,000 in gross written premiums, the examination fee may not exceed 5 percent of the gross written premiums of the association.
History.—s. 5, ch. 78-255; s. 3, ch. 81-148; s. 2, ch. 81-318; s. 3, ch. 83-265; ss. 12, 36, 37, 38, ch. 83-322; s. 20, ch. 93-195; s. 1501, ch. 2003-261; s. 35, ch. 2010-175; s. 9, ch. 2012-77.

Structure Florida Statutes

Florida Statutes

Title XXXVII - Insurance

Chapter 634 - Warranty Associations

Part III - Service Warranty Associations (Ss. 634.401-634.444)

634.401 - Definitions.

634.402 - Powers of department, commission, and office; rules.

634.4025 - Part exclusive; applicability of other laws.

634.403 - License required; exemptions.

634.404 - Qualifications for license.

634.405 - Required deposit or bond.

634.4051 - Levy upon deposit limited.

634.406 - Financial requirements.

634.4061 - Assets and liabilities.

634.4062 - Prohibited investments and loans.

634.4065 - Guarantee agreements.

634.407 - Application for and issuance of license.

634.408 - License continuance.

634.4085 - Acquisition.

634.409 - Grounds for suspension or revocation of license.

634.411 - Order; notice of suspension or revocation of license; effect; publication.

634.412 - Duration of suspension; obligations of association during suspension; reinstatement.

634.413 - Administrative fine in lieu of suspension or revocation.

634.414 - Forms; required provisions.

634.4145 - Noncompliant forms.

634.415 - Tax on premiums; annual statement; reports.

634.416 - Examination of associations.

634.4165 - Office records required.

634.417 - Service of process.

634.419 - License and appointment required.

634.420 - License and appointment of sales representatives.

634.421 - Reporting and accounting for funds.

634.422 - Grounds for compulsory refusal, suspension, or revocation of license or appointment of sales representatives.

634.4225 - Rebating; when allowed.

634.423 - Grounds for discretionary refusal, suspension, or revocation of license or appointment of sales representatives.

634.424 - Procedure for refusal, suspension, or revocation of license or appointment of sales representatives.

634.425 - Duration of suspension or revocation.

634.426 - Administrative fine in lieu of suspension or revocation of license or appointment.

634.427 - Disposition of taxes and fees.

634.428 - Insurance business not authorized.

634.429 - Fronting not permitted.

634.430 - Dissolution or liquidation.

634.431 - Penalty for violation.

634.433 - Civil remedy.

634.435 - Unfair methods of competition and unfair or deceptive acts or practices prohibited.

634.436 - Unfair methods of competition and unfair or deceptive acts or practices defined.

634.437 - Power of department and office to examine and investigate.

634.438 - Prohibited practices; hearings; procedure; service of process.

634.4385 - Unauthorized entities; gifts and grants.

634.439 - Cease and desist and penalty orders.

634.44 - Appeals from orders of the department or office.

634.441 - Penalty for violation of cease and desist order.

634.442 - Injunctive proceedings.

634.443 - Civil liability.

634.444 - Investigatory records.