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State Law
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Florida Insurance Code Section 624.408 - Insurance Code: Administration And General Provisions - Surplus as to policyholders required; new and existing insurers.Legal Research Home > Florida Lawyer > Insurance > Florida Insurance Code Section 624.408 - Insurance Code: Administration And General Provisions - Surplus as to policyholders required; new and existing insurers. Title XXXVII INSURANCEChapter 624 INSURANCE CODE: ADMINISTRATION AND GENERAL PROVISIONS624.408 Surplus as to policyholders required; new and existing insurers.-- (1)(a) To maintain a certificate of authority to transact any one kind or combinations of kinds of insurance, as defined in part V of this chapter, an insurer in this state shall at all times maintain surplus as to policyholders not less than the greater of: 1. Except as provided in subparagraph 5. and paragraph (b), $1.5 million; 2. For life insurers, 4 percent of the insurer's total liabilities; 3. For life and health insurers, 4 percent of the insurer's total liabilities plus 6 percent of the insurer's liabilities relative to health insurance; or 4. For all insurers other than mortgage guaranty insurers, life insurers, and life and health insurers, 10 percent of the insurer's total liabilities. 5. For property and casualty insurers, $4 million. (b) For any property and casualty insurer holding a certificate of authority on December 1, 1993, the following amounts apply instead of the $4 million required by subparagraph (a)5.: 1. On December 31, 2001, and until December 30, 2002, $3 million. 2. On December 31, 2002, and until December 30, 2003, $3.25 million. 3. On December 31, 2003, and until December 30, 2004, $3.6 million. 4. On December 31, 2004, and thereafter, $4 million. (2) For purposes of this section, liabilities shall not include liabilities required under s. 625.041(4). For purposes of computing minimum surplus as to policyholders pursuant to s. 625.305(1), liabilities shall include liabilities required under s. 625.041(4). (3) No insurer shall be required under this section to have surplus as to policyholders greater than $100 million. (4) A mortgage guaranty insurer shall maintain a minimum surplus as required by s. 635.042. History.--s. 52, ch. 59-205; s. 2, ch. 63-29; s. 2, ch. 67-235; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 1, 2, ch. 79-72; ss. 2, 3, ch. 81-318; ss. 44, 64, 809(1st), ch. 82-243; s. 4, ch. 83-288; s. 3, ch. 85-245; s. 26, ch. 89-360; ss. 16, 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 6, ch. 93-410; s. 12, ch. 99-3; s. 1, ch. 2000-333; s. 1, ch. 2001-37; s. 44, ch. 2001-63; s. 89, ch. 2002-1. Florida Lawyers
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Last modified: November 21, 2006 |