1(1) 2Notwithstanding any other provision of law, any two or more electric cooperatives organized pursuant to chapter 425 may operate a self-insurance fund for the purpose of pooling and spreading liabilities of its group members in securing the payment of benefits under chapter 440. A self-insurance fund established under this section must:53(a) 54Require that every member of the fund is jointly and severally liable for the obligations of the fund.
72(b) 73Maintain a continuing program of excess insurance coverage and reserve evaluation to protect the financial stability of the fund in an amount and manner determined by a qualified and independent actuary.
104(c) 105Subscribe to, or be a member of, a rating organization as prescribed in s. 119627.231120. 121(d) 122Employ an independent certified public accountant to complete an audit of its fiscal year-end financial statement within 6 months after the end of the fiscal year.
148(e) 149Have a governing body comprised of a representative from each member of the fund.
163(f) 164Limit membership in the fund to electric cooperatives that operate in this state, their subsidiaries, and the current members of the Florida Rural Electric Self-Insurer’s Fund.
190(g) 191At renewal, provide the members of the fund with a disclosure statement that notifies the members that the fund is not regulated by the office.