Florida Statutes Part I - Stock And Mutual Insurers: Organization And Corporateprocedures (Ss. 628.011-628.535)

• 628.011 - Scope Of Part.
  This part applies only to domestic stock insurers, mutual insurers, and captive insurers, except that s. 628.341(2) applies also as to foreign and alien insurers.History.—s....
• 628.021 - “stock Insurer” Defined.
  A “stock insurer” is an incorporated insurer with its capital divided into shares and owned by its stockholders.History.—s. 622, ch. 59-205; s. 3, ch. 76-168;...
• 628.031 - “mutual Insurer” Defined.
  A “mutual insurer” is an incorporated insurer without permanent capital stock, the governing body of which is elected in accordance with this part.History.—s. 623, ch....
• 628.041 - Applicability Of General Corporation Statutes.
  The applicable statutes of this state relating to the powers and procedures of domestic private corporations formed for profit shall apply to domestic stock insurers...
• 628.051 - Application For Permit To Form Insurer; Contents; Fee.
  (1) No domestic insurer shall be formed unless the persons so proposing have received a permit from the office.(2) Written application for such permit shall be filed...
• 628.061 - Investigation Of Proposed Organization.
  In connection with any proposal to incorporate a domestic insurer, the office shall make an investigation of:(1) The character, reputation, financial standing, and motives of the...
• 628.071 - Granting, Denial Of Permit.
  (1) The office shall expeditiously examine and investigate the application for a permit as referred to in s. 628.051. If the office finds that:(a) The application is...
• 628.081 - Incorporation Of Domestic Insurer.
  (1) Five or more individuals, none of whom is less than 18 years of age, may incorporate a stock insurer; 10 or more individuals, none of...
• 628.091 - Filing, Approval Of Articles Of Incorporation.
  (1) No domestic stock or mutual insurer shall be formed unless its articles of incorporation are approved by the office prior to filing the same with...
• 628.101 - Amendment Of Certificate Of Incorporation; Stock Insurer.
  A domestic stock insurer shall not amend its certificate of incorporation until a copy of the proposed amendment has been filed with and approved by...
• 628.111 - Amendment Of Articles Of Incorporation; Mutual Insurer.
  (1) A domestic mutual insurer may amend its articles of incorporation by vote of a majority of those members present or represented by proxy at a...
• 628.121 - Capital Stock; Amount; Payment.
  (1) The articles of incorporation of a stock insurer shall provide for authorized capital in an amount not less than that required under this code.(2) In the...
• 628.131 - Limitation On Organization And Stock Sales Expenses.
  (1) The total expense involved in the incorporation and financing of a new domestic stock insurer, including incorporation fees, underwriting fees and costs, attorneys’ fees, printing...
• 628.151 - Insurance Business Exclusive.
  (1) No domestic insurer shall engage directly or indirectly in any business other than the insurance business and business activities reasonably and necessarily incidental to such...
• 628.152 - Domestic Stock Insurers; Proxies, Consents, And Authorizations With Respect To Any Voting Security.
  (1) The commission may, by rule, prescribe the form, content, and manner of solicitation of any proxy, consent, or authorization with respect to any voting security...
• 628.161 - Initial Qualifications; Mutuals.
  (1) When newly organized, a mutual insurer may be authorized to transact any of the kinds of insurance listed in the schedule contained in subsection (2).(2)(a) When...
• 628.171 - Formation Of Mutual Insurer; Bond.
  The incorporators of the proposed insurer shall file with the office a copy of a fidelity bond or insurance policy providing coverage in an amount...
• 628.221 - Bylaws Of Mutual Insurer.
  (1) The initial board of directors of a domestic mutual insurer shall adopt original bylaws, subject to the approval of the insurer’s members at the next...
• 628.231 - Directors.
  (1) The affairs of every domestic insurer shall be managed by not less than five directors.(2) Directors must be elected by the members or stockholders of a...
• 628.251 - Management And Exclusive Agency Contracts.
  (1) No domestic mutual insurer or stock insurer shall make any contract whereby any person is granted or is to enjoy in fact the management of...
• 628.255 - Person With Effective Control Cannot Receive Commission Unless Contract Approved; Penalties.
  (1) No director, officer, or other person having effective control of a domestic insurer shall receive, and no such insurer shall pay to such person, a...
• 628.261 - Notice Of Change Of Director Or Officer.
  An insurer shall give the office written notice of any change of personnel among the directors or principal officers of the insurer within 45 days...
• 628.271 - Office And Records; Penalty For Unlawful Removal Of Records.
  (1) Every domestic insurer shall have an office in this state and shall keep therein complete records of its assets, transactions, and affairs, specifically including:(a) Financial records;(b) Corporate...
• 628.281 - Exceptions To Requirement That Office, Records, And Assets Be Maintained In This State.
  (1) The provisions of s. 628.271 shall not be deemed to prohibit or prevent an insurer from:(a) Establishing and maintaining branch offices or regional home offices in...
• 628.291 - Unauthorized Transactions In Other States.
  (1) No domestic insurer shall enter into a contract of insurance upon the life or person of a resident of a reciprocal state or covering property...
• 628.301 - Membership In Mutual Insurer.
  (1) Each policyholder of a domestic mutual insurer, other than of a reinsurance contract, is a member of the insurer with all rights and obligations of...
• 628.341 - Nonassessable Policies; Mutual Insurers.
  (1) While possessing surplus funds in amount not less than the paid-in capital stock required of a domestic stock insurer transacting like kinds of insurance, a...
• 628.351 - Nonassessable Policies; Revocation Of Authority Of Mutual Insurer.
  The office shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if at any time the insurer’s assets are...
• 628.361 - Participating Policies.
  (1) If provided in its certificate of incorporation, a domestic stock or domestic mutual insurer may issue any or all of its policies with or without...
• 628.371 - Dividends To Stockholders.
  (1) A domestic stock insurer shall not pay any dividend or distribute cash or other property to stockholders except out of that part of its available...
• 628.381 - Dividends To Mutual Policyholders.
  (1) The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members dividends only out of that...
• 628.391 - Illegal Dividends; Penalty.
  (1) Any director of a domestic stock or mutual insurer who knowingly votes for or concurs in declaration or payment of a dividend to stockholders or...
• 628.401 - Borrowed Surplus.
  (1) A domestic stock or mutual insurer may borrow money to defray the expenses of its organization, to provide itself with surplus funds, or for any...
• 628.411 - Impairment Of Capital Or Assets.
  (1) If a domestic stock insurer’s capital, as represented by the aggregate par value of its outstanding capital stock, becomes impaired, or if the assets of...
• 628.421 - Assessment Of Stockholders Or Members.
  (1) Any insurer receiving the notice of the office mentioned in s. 628.411(1):(a) If a stock insurer, by resolution of its board of directors and subject to...
• 628.431 - Mutualization Of Stock Insurers.
  (1) A stock insurer other than a title insurer may become a mutual insurer under such plan and procedure as may be approved by the office.(2) The...
• 628.441 - Converting Mutual Insurer.
  (1) A mutual insurer may become a stock insurer under such plan and procedure as may be approved by the office.(2) The office shall not approve any...
• 628.451 - Merger Or Share Exchange Of Stock Insurers And Other Entities.
  (1) Notwithstanding general limitations on the ability of corporations to merge with other types of entities, a merger may be effected between or among one or...
• 628.461 - Acquisition Of Controlling Stock.
  (1) A person may not, individually or in conjunction with any affiliated person of such person, acquire directly or indirectly, conclude a tender offer or exchange...
• 628.4615 - Specialty Insurers; Acquisition Of Controlling Stock, Ownership Interest, Assets, Or Control; Merger Or Consolidation.
  (1) For the purposes of this section, the term “specialty insurer” means any person holding a license or certificate of authority as:(a) A motor vehicle service agreement...
• 628.471 - Mergers; Mutual Insurers.
  (1) A domestic mutual insurer shall not merge with a stock insurer.(2) A domestic mutual insurer may merge with another mutual insurer under the applicable procedures prescribed...
• 628.481 - Bulk Reinsurance; Stock Insurers.
  (1) A domestic stock insurer may reinsure all or substantially all of its insurance in force or a major class thereof, with another insurer by an...
• 628.491 - Mergers And Consolidations; Mutual Insurers; Agreement Of Bulk Reinsurance.
  (1) A domestic mutual insurer may reinsure all or substantially all its business in force, or all or substantially all of a major class thereof, with...
• 628.501 - Mutual Member’s Share Of Assets On Liquidation.
  (1) Upon any liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness, policy obligations, repayment of contributed or borrowed surplus, if...
• 628.511 - Ownership Or Transfer Of Securities Without Physical Delivery Of Certificates.
  (1) The purpose of this section is to authorize domestic insurers to use modern systems for holding and transferring securities without physical delivery of securities certificates,...
• 628.520 - Change Of Domicile Of A Foreign Insurer.
  Any insurer which is organized under the laws of any other state for the purpose of writing insurance may become a domestic insurer by complying...
• 628.525 - Change Of Domicile Of A Domestic Insurer.
  Any domestic insurer may, upon the approval of the office, transfer its domicile to any other state in which it is admitted to transact the...
• 628.530 - Effects Of Redomestication.
  The certificate of authority, agents appointments and licenses, rates, and other items which the office or department allows, in its discretion, which are in existence...
• 628.535 - Authority To Adopt Rules.
  The commission may adopt rules pursuant to ss. 120.536(1) and 120.54 to implement the provisions of this chapter.History.—s. 7, ch. 85-214; s. 1, ch. 86-286;...

Last modified: September 23, 2016