1. (1) Once a policy year is closed, any excess funds must be:

   1. (a) Distributed as dividends to members subject to the approval of the Office; or
   2. (b) Transferred to any open fund year or years. Such transfer must be formally approved by the trustees.
2. (2) Such action must be effective as of the first December 31 following the closing of a policy year.

Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 624.470, 624.474, 624.488 FS. History–New 12-17-90, Formerly 4-78.027, 4-188.027.