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Florida Insurance Code Section 624.406 - Insurance Code: Administration And General Provisions - Combinations of insuring powers, one insurer.

Legal Research Home > Florida Lawyer > Insurance > Florida Insurance Code Section 624.406 - Insurance Code: Administration And General Provisions - Combinations of insuring powers, one insurer.

Title XXXVII   INSURANCE

Chapter 624   INSURANCE CODE: ADMINISTRATION AND GENERAL PROVISIONS

624.406  Combinations of insuring powers, one insurer.--An insurer which otherwise qualifies therefor may be authorized to transact any one kind or combination of kinds of insurance as defined in part V except:

(1)  A life insurer may also grant annuities, but shall not be authorized to transact any other kind of insurance except health insurance, disability income insurance, excess coverage for health maintenance organizations, or excess insurance, specific and aggregate, for self-insurers of a plan of health insurance and multiple-employer welfare arrangements.

(2)  A reciprocal insurer shall not transact life insurance.

(3)  Except as to domestic business trust title insurers as referred to in s. 624.404(6), so authorized prior to the effective date of this code, a title insurer shall be a stock insurer.

(4)  A health insurer may also transact excess insurance, specific and aggregate, for self-insurers of a plan of health insurance and multiple-employer welfare arrangements and reinsurance for the medical and lost wages benefits provided under a workers' compensation insurance policy.

History.--s. 50, ch. 59-205; ss. 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 42, 64, 809(1st), ch. 82-243; s. 2, ch. 84-65; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 8, ch. 2003-267.

Last modified: November 21, 2006