Section 69B-221.070 - Build-up Funds; Reporting(1) All insurers authorized to write bail bonds in this state who maintain build-up trust accounts pursuant to section 648.29, F.S., shall annually file with the Department on or before March 1 of each year a certified statement listing each build-up trust account established on behalf of any bail bond agent or agency and the balance therein as of January 1 of that year. The statement shall be printed on 8 1/2'' x 11'' paper. The first page of the statement shall contain the name, address, and phone number of the insurer, and the name and title of the person who certified the statement. The statement shall further list the name of each bail bond agent or agency the name of the financial institution where the account is maintained, the account number, and the balance therein. The statement shall then be certified by the person who prepared and reviewed the accuracy of the statement.(2) Build-up funds collected by an insurer shall not exceed 40 percent of the premium for each bond written. The exact amount shall be designated in the agent's or agency's contract agreement with the insurer. References to "points" in such an agreement are the equivalent to increments of 10%. Therefore 1 pt = 10%; 2 pts = 20%; 3 pts = 30%; and 4 pts = 40% of the premium.Fla. Admin. Code Ann. R. 69B-221.070
Rulemaking Authority 648.26 FS. Law Implemented 648.29, 648.36 FS.
New 9-10-91, Formerly 4-1.021, Amended 4-14-97, 1-22-03, Formerly 4-221.070.New 9-10-91, Formerly 4-1.021, Amended 4-14-97, 1-22-03, Formerly 4-221.070.