1(1) 2A nonprofit religious organization is not subject to the requirements of the Florida Insurance Code if the nonprofit religious organization:22(a) 23Qualifies under Title 26, s. 501 of the Internal Revenue Code of 1986, as amended;
38(b) 39Limits its participants to those members who share a common set of ethical or religious beliefs;
55(c) 56Acts as a facilitator among participants who have financial, physical, or medical needs to assist those with financial, physical, or medical needs in accordance with criteria established by the nonprofit religious organization;
88(d) 89Provides for the financial or medical needs of a participant through contributions from other participants, or through payments directly from one participant to another participant;
114(e) 115Provides amounts that participants may contribute, with no assumption of risk and no promise to pay:1311. 132Among the participants; or
1362. 137By the nonprofit religious organization to the participants;
145(f) 146Provides a monthly accounting to the participants of the total dollar amount of qualified needs actually shared in the previous month in accordance with criteria established by the nonprofit religious organization; and
178(g) 179Conducts an annual audit that is performed by an independent certified public accounting firm in accordance with generally accepted accounting principles and that is made available to the public by providing a copy upon request or by posting on the nonprofit religious organization’s website.
223(2) 224This section does not prevent:229(a) 230A participant from limiting the financial or medical needs that may be eligible for payment; or
246(b) 247The nonprofit religious organization from canceling the membership of a participant when such participant indicates his or her unwillingness to participate by failing to meet the conditions of membership for a period in excess of 60 days.