628.914 Minimum capitalization or reserves for captive reinsurance companies.—
(1) The office may not issue a license to a captive reinsurance company unless the company possesses and maintains capital or unimpaired surplus of at least the greater of $300 million or 10 percent of reserves. The surplus may be in the form of cash or securities as permitted by part II of chapter 625.
(2) The office may prescribe additional capital or surplus based upon the type, volume, and nature of the insurance business transacted.
(3) A captive reinsurance company may not pay a dividend out of, or other distribution with respect to, capital or surplus in excess of the limitations without the prior approval of the office. Approval of an ongoing plan for the payment of dividends or other distributions must be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by, or determined in accordance with formulas approved by, the office.
History.—s. 29, ch. 2012-151.
Section: Previous 628.907 628.908 628.909 628.910 628.911 628.912 628.913 628.914 628.9141 628.9142 628.915 628.917 628.918 628.919 628.920 NextLast modified: September 23, 2016