Florida Statutes Part XIX - Purchasing Groups And Risk Retention Groups (Ss. 627.941-627.955)

• 627.941 - Purpose.
  The purpose of this part is to regulate the formation or operation of risk retention groups and purchasing groups in this state.History.—ss. 2, 5, ch....
• 627.942 - Definitions.
  As used in this part, unless the context otherwise requires:(1) “Completed operations liability” means liability arising out of the installation, maintenance, or repair of any product...
• 627.943 - Risk Retention Groups Certified In Florida.
  (1) A risk retention group seeking to be certified in this state shall first obtain a permit pursuant to chapter 628. The risk retention group shall...
• 627.944 - Risk Retention Groups Not Certificated In This State.
  Risk retention groups certificated or licensed in states other than this state and seeking to do business as a risk retention group in this state...
• 627.945 - Compulsory Association.
  (1) No risk retention group shall be permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, nor...
• 627.946 - Countersignatures Not Required.
  A policy of insurance issued to a risk retention group or any member of that group shall not be required to be countersigned by a...
• 627.947 - Purchasing Groups; Exemption From Certain Insurer Provisions.
  Any purchasing group meeting the criteria established under the provisions of the federal Liability Risk Retention Act of 1986 shall be exempt from any law...
• 627.948 - Notice And Registration Requirements Of Purchasing Groups.
  (1) A purchasing group which intends to do business in this state shall furnish notice to the office which shall:(a) Identify the state in which the group...
• 627.949 - Restrictions On Insurance Purchased By Purchasing Groups.
  (1) In order to purchase insurance or coverage for a risk located in this state, which risk is a subject of insurance of a member of...
• 627.950 - Administrative And Procedural Authority Regarding Risk Retention And Purchasing Groups.
  The office is authorized to make use of any of the powers established under the Florida Insurance Code to enforce the laws of this state...
• 627.951 - Penalties; Cease And Desist Orders; Injunctions.
  (1) A risk retention group which violates any applicable provision of the Florida Insurance Code shall be subject to fines and penalties applicable to licensed insurers...
• 627.952 - Risk Retention And Purchasing Group Agents.
  (1) Any person offering, soliciting, selling, purchasing, administering, or otherwise servicing insurance contracts, certificates, or agreements for any purchasing group or risk retention group to any...
• 627.953 - Binding Effect Of Orders Issued In United States District Court.
  An order issued by any district court of the United States enjoining a risk retention group from transacting, soliciting, or selling insurance or from operating...
• 627.954 - Rules.
  The commission may establish and from time to time amend such rules relating to risk retention groups and purchasing groups as may be necessary or...
• 627.955 - Limitation On Deductibles.
  A purchasing group may not purchase insurance that provides for a deductible or self-insured retention that is applicable to the group as a whole. However,...

Last modified: September 23, 2016