Florida Statutes Part III - Authorization Of Insurers And General Requirements (Ss. 624.401-624.489)

• 624.401 - Certificate Of Authority Required.
  (1) No person shall act as an insurer, and no insurer or its agents, attorneys, subscribers, or representatives shall directly or indirectly transact insurance, in this...
• 624.402 - Exceptions, Certificate Of Authority Required.
  A certificate of authority shall not be required of an insurer with respect to:(1) Investigation, settlement, or litigation of claims under its policies lawfully written in...
• 624.4031 - Church Benefit Plans And Church Benefit Board.
  (1) For purposes of this section, “church benefits board” means an organization as described in s. 414(e)(3)(A) of the Internal Revenue Code of 1986, as amended,...
• 624.404 - General Eligibility Of Insurers For Certificate Of Authority.
  To qualify for and hold authority to transact insurance in this state, an insurer must be otherwise in compliance with this code and with its...
• 624.4055 - Restrictions On Existing Private Passenger Automobile Insurance.
  Effective January 1, 2008, no insurer writing private passenger automobile insurance in this state may continue to write such insurance if the insurer writes homeowners’...
• 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...
• 624.407 - Surplus Required; New Insurers.
  (1) To receive authority to transact any one kind or combinations of kinds of insurance, as defined in part V of this chapter, an insurer applying...
• 624.40711 - Restrictions On Insurers That Are Wholly Owned Subsidiaries Of Insurers To Do Business In State.
  Effective December 31, 2008, and notwithstanding any other provision of law:(1) A new certificate of authority for the transaction of residential property insurance may not be...
• 624.4073 - Officers And Directors Of Insolvent Insurers.
  Any person who was an officer or director of an insurer doing business in this state and who served in that capacity within the 2-year...
• 624.408 - Surplus Required; Current Insurers.
  (1) 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,...
• 624.4085 - Risk-based Capital Requirements For Insurers.
  (1) As used in this section, the term:(a) “Adjusted risk-based capital report” means a risk-based capital report that has been adjusted by the office in accordance with...
• 624.40851 - Confidentiality Of Risk-based Capital Information.
  (1) The initial risk-based capital report and any adjusted risk-based capital report; any risk-based capital plan and any revised risk-based capital plan; and working papers and...
• 624.4094 - Bail Bond Premiums.
  (1) The Legislature finds that a significant portion of bail bond premiums is retained by the licensed bail bond agents or licensed managing general agents. For...
• 624.4095 - Premiums Written; Restrictions.
  (1) Whenever an insurer’s ratio of actual or projected annual written premiums as adjusted in accordance with subsection (4) to current or projected surplus as to...
• 624.410 - Permissible Insuring Combinations Without Additional Capital Funds.
  A property insurer may include such amount and kind of insurance against legal liability for injury, damage, or loss to the person or property of...
• 624.411 - Deposit Requirement; Domestic Insurers And Foreign Insurers.
  (1) As to domestic insurers, the office shall not issue or permit to exist a certificate of authority unless such insurer has deposited and maintains deposited...
• 624.412 - Deposit Of Alien Insurers.
  (1) An alien insurer shall not have authority to transact insurance in this state unless it has and maintains within the United States as trust deposits...
• 624.413 - Application For Certificate Of Authority.
  (1) To apply for a certificate of authority, an insurer shall file its application therefor with the office, upon a form adopted by the commission and...
• 624.4135 - Redomestication.
  The commission shall adopt rules establishing procedures and forms for a foreign insurer to apply for a certificate of authority as a domestic insurer.History.—s. 3,...
• 624.414 - Issuance Or Refusal Of Authority.
  The fee for filing application for a certificate of authority shall not be subject to refund. The office shall issue to the applicant insurer a...
• 624.415 - Ownership Of Certificate Of Authority; Return.
  Although issued to the insurer, the certificate of authority is at all times the property of this state. Upon any expiration, suspension, or termination thereof,...
• 624.416 - Continuance, Expiration, Reinstatement, And Amendment Of Certificate Of Authority.
  (1) A certificate of authority issued under this code shall continue in force as long as the insurer is entitled thereto under this code and until...
• 624.418 - Suspension, Revocation Of Certificate Of Authority For Violations And Special Grounds.
  (1) The office shall suspend or revoke an insurer’s certificate of authority if it finds that the insurer:(a) Is in unsound financial condition.(b) Is using such methods and...
• 624.420 - Order, Notice Of Suspension Or Revocation Of Certificate Of Authority; Effect; Publication.
  (1) Suspension or revocation of an insurer’s certificate of authority shall be by the order of the office. The office shall promptly also give notice of...
• 624.421 - Duration Of Suspension; Insurer’s Obligations During Suspension Period; Reinstatement.
  (1) Suspension of an insurer’s certificate of authority shall be for:(a) A fixed period of time not to exceed 2 years; or(b) Until the occurrence of a specific...
• 624.4211 - Administrative Fine In Lieu Of Suspension Or Revocation.
  (1) If the office finds that one or more grounds exist for the discretionary revocation or suspension of a certificate of authority issued under this chapter,...
• 624.4212 - Confidentiality Of Proprietary Business And Other Information.
  (1) As used in this section, the term “proprietary business information” means information, regardless of form or characteristics, which is owned or controlled by an insurer,...
• 624.4213 - Trade Secret Documents.
  (1) If any person who is required to submit documents or other information to the office or department pursuant to the insurance code or by rule...
• 624.422 - Service Of Process; Appointment Of Chief Financial Officer As Process Agent.
  (1) Each licensed insurer, whether domestic, foreign, or alien, shall be deemed to have appointed the Chief Financial Officer and her or his successors in office...
• 624.423 - Serving Process.
  (1) Service of process upon the Chief Financial Officer as process agent of the insurer (under s. 624.422) shall be made by serving a copy of...
• 624.424 - Annual Statement And Other Information.
  (1)(a) Each authorized insurer shall file with the office full and true statements of its financial condition, transactions, and affairs. An annual statement covering the preceding...
• 624.4241 - Naic Filing Requirements.
  (1) Each domestic, foreign, and alien insurer who is authorized to transact insurance in this state shall file one extra copy of its annual statement convention...
• 624.4243 - Reporting Of Premium Growth.
  (1) Each insurer that has been authorized to transact property and casualty insurance in this state for a continuous period of less than 3 years shall...
• 624.4245 - Change In Controlling Interest Of Foreign Or Alien Insurer; Report Required.
  In the event of a change in the controlling capital stock or a change of 50 percent or more of the assets of a foreign...
• 624.425 - Agent Countersignature Required, Property, Casualty, Surety Insurance.
  (1) Except as stated in s. 624.426, no authorized property, casualty, or surety insurer shall assume direct liability as to a subject of insurance resident, located,...
• 624.426 - Exceptions To Countersignature Law.
  Section 624.425 does not apply to:(1) Contracts of reinsurance.(2) Policies of insurance on the rolling stock of railroad companies doing a general freight and passenger business.(3) United States...
• 624.428 - Licensed Agent Law, Life And Health Insurances.
  (1) No insurer shall deliver or issue for delivery in this state any policy of life insurance, master group life insurance contract, master credit life policy...
• 624.430 - Withdrawal Of Insurer Or Discontinuance Of Writing Certain Kinds Or Lines Of Insurance.
  (1) Any insurer desiring to surrender its certificate of authority, withdraw from this state, or discontinue the writing of any one or multiple kinds or lines...
• 624.4305 - Nonrenewal Of Residential Property Insurance Policies.
  Any insurer planning to nonrenew more than 10,000 residential property insurance policies in this state within a 12-month period shall give notice in writing to...
• 624.4315 - Workers’ Compensation Insurers; Notice Of Significant Underwriting Change.
  Each workers’ compensation insurer shall notify the office in writing or by electronic means of a significant underwriting change that materially limits or restricts the...
• 624.436 - Florida Nonprofit Multiple-employer Welfare Arrangement Act.
  Sections 624.436-624.446 may be cited as the “Florida Nonprofit Multiple-Employer Welfare Arrangement Act.”History.—s. 3, ch. 83-203; s. 3, ch. 84-94; ss. 22, 187, 188, ch....
• 624.4361 - Definitions.
  As used in ss. 624.436-624.446:(1) “Arrangement” means a multiple-employer welfare arrangement.(2) “Fund balance” means total statutory assets in excess of total statutory liabilities, except that assets pledged...
• 624.437 - “multiple-employer Welfare Arrangement” Defined; Certificate Of Authority Required; Penalty.
  (1) For the purposes of ss. 624.436-624.446, the term “multiple-employer welfare arrangement” means an employee welfare benefit plan or any other arrangement which is established or...
• 624.438 - General Eligibility.
  (1) To meet the requirements for issuance of a certificate of authority and to maintain a multiple-employer welfare arrangement, an arrangement:(a) Must be nonprofit.(b)1. Must be established by...
• 624.4385 - Certain Words Prohibited In Name Of Organization.
  No entity holding a certificate as a multiple-employer welfare arrangement other than a licensed insurer may use in its name, contracts, or literature the term...
• 624.439 - Filing Of Application.
  The sponsoring association shall file with the office an application for a certificate of authority upon a form to be adopted by the commission and...
• 624.4392 - Fund Balance.
  (1) Each multiple-employer welfare arrangement licensed on or after October 1, 1991, shall have a fund balance equal to $200,000 before a certificate of authority may...
• 624.44 - Examination By The Office.
  (1)(a) The office shall examine the affairs, transactions, accounts, business records, and assets of any multiple-employer welfare arrangement as often as it deems necessary for the...
• 624.441 - Insolvency Protection.
  (1) To assure the faithful performance of its obligations to its member employers and covered employees and their dependents, every arrangement shall deposit with the department...
• 624.4411 - Administrative, Provider, And Management Contracts.
  (1) The office may require a multiple-employer welfare arrangement to submit any contract for administrative services, contract with a provider other than an individual physician, contract...
• 624.4412 - Policy Forms.
  (1) No policy or contract form, application form, certificate, rider, endorsement, summary plan description, or other evidence of coverage shall be issued by an arrangement unless...
• 624.4414 - Employer Participants’ Liability.
  (1) The liability of each employer participant for the obligations of the multiple-employer welfare arrangement shall be individual, several, and proportionate, but not joint, except as...
• 624.4415 - Assessments.
  (1) All multiple-employer welfare arrangements shall provide that employers are assessable in accordance with this section.(2) Each multiple-employer welfare arrangement may assess all employers if its prior...
• 624.4416 - Assessments By Receiver.
  (1) In the event of delinquency proceedings against a multiple-employer welfare arrangement, the department as receiver may assess employer participants. Any person or entity that was...
• 624.4417 - Certain Sales Prohibited.
  (1) A multiple-employer welfare arrangement may not offer, advertise, or sell insurance coverage to the general public.(2) As used in this section, a member of the general...
• 624.442 - Annual Reports; Actuarial Certification; Quarterly Reports; Penalties.
  (1) Every arrangement shall, annually within 3 months after the end of the fiscal year or within such extension of time therefor as the office for...
• 624.443 - Place Of Business; Maintenance Of Records.
  Each arrangement shall have and maintain its principal place of business in this state and shall therein make available to the office complete records of...
• 624.4431 - Administration; Rules.
  The administration of ss. 624.436-624.446 is vested in the commission and office. The commission may adopt rules pursuant to ss. 120.536(1) and 120.54 to implement...
• 624.4432 - Assets, Liabilities, And Investments.
  Each arrangement that obtains or maintains a certificate of authority is subject to parts I and II of chapter 625 as they apply to domestic...
• 624.444 - Suspension, Revocation Of Approval.
  (1) The office shall deny, suspend, or revoke an arrangement’s certificate of authority if it finds that the arrangement:(a) Is insolvent;(b) Is using such methods and practices in...
• 624.445 - Order, Notice, Duration, Effect Of Suspension Or Revocation; Administrative Fine.
  (1) Suspension or revocation of an arrangement’s certificate of authority shall be in accordance with ss. 624.420 and 624.421.(2) If the office finds that one or more...
• 624.446 - Rehabilitation, Dissolution.
  Any rehabilitation, liquidation, conservation, or dissolution of a multiple-employer welfare arrangement shall be conducted under the supervision of the department, which shall have all power...
• 624.447 - Certificate Of Insurance For Contractors.
  Any insurer shall, upon request, verify a certificate of insurance on any contractor, as defined in s. 768.0425.History.—s. 14, ch. 87-310; s. 188, ch. 91-108;...
• 624.448 - Assets Of Insurers; Reporting Requirements.
  (1) As used in this section, the term:(a) “Material acquisition of assets” or “material disposition of assets” means one or more transactions occurring during any 30-day period...
• 624.449 - Insurer Investment In Foreign Companies.
  A domestic insurer shall provide to the office on an annual basis a list of investments that the insurer has in companies included on the...
• 624.45 - Participation Of Financial Institutions In Reinsurance And In Insurance Exchanges.
  Subject to applicable laws relating to financial institutions and to any other applicable provision of the Florida Insurance Code, any financial institution or aggregation of...
• 624.460 - Short Title.
  Sections 624.460-624.488 may be cited as the “Commercial Self-Insurance Fund Act.”History.—s. 25, ch. 86-160; s. 188, ch. 91-108; s. 4, ch. 91-429.
• 624.461 - Definition.
  For the purposes of the Florida Insurance Code, “self-insurance fund” means both commercial self-insurance funds organized under s. 624.462 and group self-insurance funds organized under...
• 624.462 - Commercial Self-insurance Funds.
  (1) Any group of persons may form a commercial self-insurance fund for the purpose of pooling and spreading liabilities of its group members in any commercial...
• 624.4621 - Group Self-insurance Funds.
  (1) The commission shall adopt rules that allow two or more employers to enter into agreements to pool their liabilities under chapter 440 for the purpose...
• 624.4622 - Local Government Self-insurance Funds.
  (1) Any two or more local governmental entities may enter into interlocal agreements for the purpose of securing the payment of benefits under chapter 440, or...
• 624.46223 - Notice Of Intent To Withdraw.
  Any association, fund, or pool authorized by state law and created for the purpose of forming a risk management mechanism or providing self insurance for...
• 624.46225 - Self-insured Public Utilities.
  A self-insured public utility, as authorized by s. 440.38(1)(c), may assume by contract the liabilities under this chapter of contractors and subcontractors, or each of...
• 624.46226 - Public Housing Authorities Self-insurance Funds; Exemption For Taxation And Assessments.
  (1) Notwithstanding any other provision of law, any two or more public housing authorities in the state as defined in chapter 421 may form a self-insurance...
• 624.4623 - Independent Educational Institution Self-insurance Funds.
  (1) Notwithstanding any other provision of law, any two or more independent nonprofit colleges or universities accredited by the Commission on Colleges of the Southern Association...
• 624.4625 - Corporation Not For Profit Self-insurance Funds.
  (1) Notwithstanding any other provision of law, any two or more corporations not for profit located in and organized under the laws of this state may...
• 624.4626 - Electric Cooperative Self-insurance Fund.
  (1) Notwithstanding any other provision of law, any two or more electric cooperatives organized pursuant to chapter 425 may operate a self-insurance fund for the purpose...
• 624.464 - Certificate Of Authority Required; Penalties.
  (1) No person shall establish a commercial self-insurance fund unless such fund is issued a certificate of authority by the office pursuant to s. 624.466.(2)(a) Any person...
• 624.466 - Application Requirements For Certificate Of Authority.
  All applications for a certificate of authority for a commercial self-insurance fund shall be on a form adopted by the commission and furnished by the...
• 624.468 - Continuing Requirements For Certificate Of Authority.
  After issuance of its initial certificate of authority a commercial self-insurance fund shall thereafter meet the following requirements as a condition of maintaining its certificate...
• 624.470 - Annual Reports.
  (1)(a) Every self-insurance fund shall, annually within 3 months of the end of the fiscal year, file a financial statement of the fund, including its balance...
• 624.472 - Member’s Liability.
  (1) The liability of each member other than a governmental entity for the obligations of the commercial self-insurance fund unrelated to governmental entities shall be individual,...
• 624.473 - Dividends.
  A commercial self-insurance fund shall obtain the approval of the office prior to paying any dividend or refund to its members. No such dividend or...
• 624.474 - Assessments.
  (1) The trustees of a self-insurance fund operating as a trust, or the corporate directors of a self-insurance fund operating as a corporation, may assess from...
• 624.4741 - Venue In Assessment Actions.
  In any action brought by a self-insurance fund to collect assessments levied under this chapter, venue lies where the fund maintains its principal place of...
• 624.475 - Tax On Premiums, Contributions, And Assessments.
  Premiums, contributions, and assessments received by a commercial self-insurance fund are subject to ss. 624.509(1) and (2) and 624.5092, except that the tax rate shall...
• 624.476 - Impaired Self-insurance Funds.
  (1) If the assets of a self-insurance fund are at any time insufficient to comply with the requirements of law or to discharge its liabilities, other...
• 624.477 - Liquidation, Rehabilitation, Reorganization, And Conservation.
  Any rehabilitation, liquidation, conservation, or dissolution of a self-insurance fund shall be conducted under the supervision of the office and department, which shall each have...
• 624.480 - Filing, Approval, And Disapproval Of Forms.
  (1) A basic insurance policy or application form for which written application is required and is to be a part of the policy or contract or...
• 624.482 - Making And Use Of Rates.
  (1) With respect to all classes of insurance which a self-insurance fund underwrites, the rates must not be excessive, inadequate, or unfairly discriminatory. In determining what...
• 624.483 - Self-insurer Members; Payment Of Delinquent Premiums And Assessments.
  Upon petition of the trustees of the following self-insurers groups: Printing Industry Associates, Allied Gasoline Retailers Association, Florida Plumbing and Mechanical Contractors, Florida State Retailers...
• 624.484 - Registration Of Agent.
  A self-insurance fund shall register with and designate the Chief Financial Officer as its agent solely for the purpose of receiving service of legal documents...
• 624.486 - Examination.
  Self-insurance funds licensed under ss. 624.460-624.488 are subject to periodic examination by the office in the same manner and subject to the same terms and...
• 624.487 - Enforcement Of Specified Insurance Provisions.
  The office may enforce, with respect to group self-insurance funds established or operated under s. 624.4621, the provisions of s. 624.316, s. 624.424, s. 625.091,...
• 624.488 - Applicability Of Related Laws.
  In addition to other provisions of the code cited in ss. 624.460-624.488:(1) Sections 624.155, 624.308, 624.414, 624.415, and 624.416(4); ss. 624.418-624.4211, except s. 624.418(2)(f); and s....
• 624.489 - Liability Of Trustees Of Self-insurance Trust Fund And Directors Of Self-insurance Funds Operating As Corporations.
  (1) A trustee of any self-insurance trust fund organized under the laws of this state is not personally liable for monetary damages to any person for...

Last modified: September 23, 2016