The 2023 Florida Statutes (including Special Session C)

Title XXXVII
INSURANCE

Chapter 641
HEALTH CARE SERVICE PROGRAMS

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F.S. 641.285

641.285 Insolvency protection.—

(1) Each health maintenance organization shall deposit with the department cash or securities of the type eligible under s. 625.52, which shall have at all times a market value in the amount set forth in this subsection. The amount of the deposit shall be reviewed annually, or more often, as the office deems necessary. The market value of the deposit shall be a minimum of $300,000.

(2) If securities or assets deposited by a health maintenance organization under this part are subject to material fluctuations in market value, the office may, in its discretion, require the organization to deposit and maintain on deposit additional securities or assets in an amount as may be reasonably necessary to assure that the deposit will at all times have a market value of not less than the amount specified under this section. If for any reason the market value of assets and securities of a health maintenance organization held on deposit in this state under this code falls below the amount required, the organization shall promptly deposit other or additional assets or securities eligible for deposit sufficient to cure the deficiency. If the health maintenance organization has failed to cure the deficiency within 30 days after receipt of notice thereof by registered or certified mail from the office, the office may revoke the certificate of authority of the health maintenance organization.

(3) Whenever the office determines that the financial condition of a health maintenance organization has deteriorated to the point that the policyholders’ or subscribers’ best interests are not being preserved by the activities of a health maintenance organization, the office may require such health maintenance organization to deposit and maintain deposited in trust with the department for the protection of the health maintenance organization’s policyholders, subscribers, and creditors, for such time as the office deems necessary, securities eligible for such deposit under s. 625.52 having a market value of not less than the amount that the office determines is necessary, which amount must not be less than $100,000 or greater than $2 million. The deposit required under this subsection is in addition to any other deposits required of a health maintenance organization pursuant to subsections (1) and (2).

(4) All income from deposits shall belong to the depositing health maintenance organization and shall be paid to it as it becomes available. A health maintenance organization that has made a securities deposit may withdraw that deposit, or any part thereof, after making a substitute deposit of cash or eligible securities or any combination of these or other acceptable measures of equal amount and value.

History.—ss. 791, 809(1st), ch. 82-243; s. 10, ch. 83-198; s. 17, ch. 85-177; ss. 184, 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 21, ch. 98-159; s. 1574, ch. 2003-261.

F.S. 641.285 on Google Scholar

F.S. 641.285 on Casetext

Amendments to 641.285

Arrestable Offenses / Crimes under Fla. Stat. 641.285

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 641.285.

Annotations, Discussions, Cases:

Cases from cite.case.law:

In INTERNATIONAL MEDICAL CENTERS, INC. a STATE DEPARTMENT OF INSURANCE v. STATE MUTUAL LIFE ASSURANCE CO. OF AMERICA. In SUNSHINE HEALTH PLAN, INC. STATE DEPARTMENT OF INSURANCE, d b a v. PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY,, 604 So. 2d 505 (Fla. Dist. Ct. App. 1992)

. . . Based on the ambiguity of the term, the court properly looked at the context in which section 641.285 . . . See § 641.285, Fla.Stat. . . . See § 641.285(5)(a)2, Fla.Stat., supra note 4. . . . Section 641.285, Florida Statutes (1985), provides various methods of insolvency protection an HMO may . . . Section 641.285(5)(a) provides: 5(a) The requirements of this section do not apply to an applying or . . .