1(1) 2By March 1 of each year, each service agreement company shall submit to the office annual financial reports on forms prescribed by the commission and furnished by the office.
31(2) 32Any motor vehicle service agreement company engaged in the business of issuing service agreements in this state must transmit the following information, based on Florida data, to the office each year with the annual report of the company:70(a) 71Net assets.
73(b) 74Premiums written.
76(c) 77Premiums earned.
79(d) 80Unearned premium reserve.
83(e) 84Percent of claim exposure for which contractual liability insurance has been obtained.
96(f) 97Incurred claims, not including claims incurred but not reported.
106(g) 107Claims incurred but not reported.
112(h) 113Loss reserve for all claims except those incurred but not reported.
124(i) 125Reserves for claims incurred but not reported.
132(j) 133Number and dollar amount of claims paid.
140(k) 141Itemized acquisition costs.
144(l) 145Net gain or loss from operations before income taxes.
154(m) 155Net investment income from all reserves.
161(n) 162Net investment income from surplus.
167(o) 168Ratio of claims paid to premium earned.
175(p) 176Ratio of all claims incurred to premium earned plus investment income from all reserves.
190(q) 191Number of claims resisted.
195(r) 196Any additional information that the commission requires in order to evaluate the financial condition or trade practices of companies issuing service agreements in this state.
221(3) 222Any service agreement company that does not file an annual statement in the form and within the time provided by this section shall forfeit up to $100 for each day during which the default continues, and, upon notice by the office, the authority of the company to do business in this state shall cease while the default continues. The office shall deposit all sums collected under this subsection in the Insurance Regulatory Trust Fund.
296(4) 297The office shall provide a summary of the information provided pursuant to subsection (2) in its annual report.
315(5) 316The commission may by rule require each motor vehicle service agreement company to submit to the office, as the commission may designate, all or part of the information contained in the financial reports required by this section in a computer-readable form compatible with the electronic data processing system specified by the office.
368(6) 369The office shall develop by rule an abbreviated form for motor vehicle manufacturers to use in submitting statistical reporting of sales of service agreements in this state in lieu of the financial reports required in subsections (1) and (2).
