To all Health Maintenance Organizations (“HMOs”) required to file financial statements with the Life and Health Financial Oversight business unit within the Florida Office of Insurance Regulation (“Office”)
This memorandum is intended to provide guidance to HMOs operating in Florida regarding financial solvency reporting requirements. Continuous Compliance:
• HMOs are required to remain in compliance with Florida laws and regulations, the most recent NAIC Accounting Practices and Procedures Manual, and individual solvency and reporting requirements at all times, not just at the end of each reporting period. See Section 641.225, Fla. Stat.
• Pursuant to Section 641.39001, Florida Statutes, except with written permission of the Office, it is a felony for an officer or director of an HMO to authorize or permit the HMO to solicit or accept new or renewal insurance contracts or provider contracts after the officer or director knew or reasonably should have known the HMO was impaired or insolvent.