624.4622  Local government self-insurance funds.--

(1)  Any two or more local governmental entities may enter into interlocal agreements for the purpose of securing the payment of benefits under chapter 440, provided the local government self-insurance fund that is created must:

(a)  Have annual normal premiums in excess of $5 million;

(b)  Maintain 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;

(c)  Submit annually an audited fiscal year-end financial statement by an independent certified public accountant within 6 months after the end of the fiscal year to the department; and

(d)  Have a governing body which is comprised entirely of local elected officials.

(2)  A local government self-insurance fund that meets the requirements of this section is not subject to s. 624.4621 and is not required to file any report with the department under s. 440.38(2)(b) which is uniquely required of group self-insurer funds qualified under s. 624.4621. If any of the requirements of this section are not met, the local government self-insurance fund is subject to the requirements of s. 624.4621.

History.--s. 6, ch. 84-267; s. 43, ch. 89-289; ss. 44, 56, ch. 90-201; ss. 42, 52, ch. 91-1; s. 80, ch. 93-415.