69L-5.215. Parental Guaranty

Notwithstanding any other provisions of these Rules to the contrary, if a parent company that directly or indirectly owns 100% of a Current Self-Insurer, Former Self-Insurer or applicant for self-insurance elects to execute Form DFS-F2-SI-10 (Parental Guaranty and Corporate Resolution for Self-Insured Subsidiary Entity), effective 08/09, as incorporated by reference, then: (1) The Financial Statements of the parent company shall be used to apply the financial statement requirements of subsections 69L-5.209(1) and 69L-5.225(1), F.A.C.; (2) The Credit Rating of the parent company shall be used to determine the amount of the Security Deposit in accordance with Rule 69L-5.218, F.A.C.; (3) The Net Worth of the parent company shall be used to determine the excess insurance requirements in accordance with paragraph 69L-5.219(1)(a), F.A.C.; (4) The Net Worth of the parent company shall be used to apply the Net Worth requirements in subsection 69L-5.225(1), F.A.C.; and, (5) The Credit Rating of the parent company shall be used to apply the minimum requirements in paragraph 69L-5.225(1)(b), F.A.C., and the initial security deposit requirements of paragraph 69L-5.225(1)(e), F.A.C. (6) Copies of Form DFS-F2-SI-10 (Parental Guaranty and Corporate Resolution for Self-Insured Subsidiary Entity), effective 08/09, are available at the Division of Workers’ Compensation, Bureau of Monitoring and Audit, Self-Insurance Section, 1579 Summit Lake Drive, Tallahassee, FL 32317.