Common use of Statutory Requirement Clause in Contracts

Statutory Requirement. This Contract has been adopted as part of Rule 19-8.010, Florida Administrative Code (F.A.C.), in fulfillment of the statutory requirement that the SBA enter into a Contract with each Company writing Covered Policies in Florida. Under Section 215.555(4)(a), Florida Statutes, the SBA must enter into such a Contract with each such Company, and each such Company must enter into the Contract as a condition of doing business in Florida. Under Section 215.555(16)(c), Florida Statutes, Companies writing Covered Policies must execute the Contract by March 1 of the immediately preceding Contract Year.

Statutory Requirement. This Contract has been adopted as part of Rule 19-8.010, Florida Administrative Code (F.A.C.)Code, in fulfillment of the statutory requirement that the SBA enter into a Contract reimbursement contract with each Company writing Covered Policies in Florida. Under Section 215.555(4)(a), Florida Statutes, the SBA must enter into such a Contract contract with each such Company, and each such Company must enter into the Contract reimbursement contract as a condition of doing business in Florida. Under Section 215.555(16)(c), Florida Statutes, Companies writing Covered Policies must execute the Contract reimbursement contract by March 1 of the immediately preceding Contract Year.