Florida Statutes Part V - Captive Insurers (Ss. 628.901-628.920)

• 628.901 - Definitions.
  As used in this part, the term:(1) “Affiliated company” means a company in the same corporate system as a parent, an industrial insured, or a member...
• 628.905 - Licensing; Authority.
  (1) A captive insurance company, if permitted by its charter or articles of incorporation, may apply to the office for a license to do any and...
• 628.906 - Application Requirements; Restrictions On Eligibility Of Officers And Directors.
  (1) To evidence competence and trustworthiness of its officers and directors, the application for a license to act as a captive insurance company or captive reinsurance...
• 628.907 - Minimum Capital And Net Assets Requirements; Restriction On Payment Of Dividends.
  (1) A captive insurance company may not be issued a license unless it possesses and thereafter maintains unimpaired paid-in capital of:(a) In the case of a pure...
• 628.908 - Surplus Requirements; Restriction On Payment Of Dividends.
  (1) The office may not issue a license to a captive insurance company unless the company possesses and maintains unimpaired surplus of:(a) In the case of a...
• 628.909 - Applicability Of Other Laws.
  (1) The Florida Insurance Code does not apply to captive insurance companies or industrial insured captive insurance companies except as provided in this part and subsections...
• 628.910 - Incorporation Options And Requirements.
  (1) A pure captive insurance company may be:(a) Incorporated as a stock insurer with its capital divided into shares and held by the stockholders; or(b) Incorporated as a...
• 628.911 - Reports And Statements.
  (1) A captive insurance company may not be required to make any annual report except as provided in this part.(2) Annually no later than March 1, a...
• 628.912 - Discounting Of Loss And Loss Adjustment Expense Reserves.
  (1) A captive reinsurance company may discount its loss and loss adjustment expense reserves at treasury rates applied to the applicable payments projected through the use...
• 628.913 - Captive Reinsurance Companies.
  (1) A captive reinsurance company, if permitted by its articles of incorporation or charter, may apply to the office for a license to write reinsurance covering...
• 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...
• 628.9141 - Incorporation Of A Captive Reinsurance Company.
  (1) A captive reinsurance company must be incorporated as a stock insurer with its capital divided into shares and held by its shareholders.(2) A captive reinsurance company...
• 628.9142 - Reinsurance; Effect On Reserves.
  (1) A captive insurance company may provide reinsurance, as authorized in this part, on risks ceded by any other insurer.(2) A captive insurance company may take credit...
• 628.915 - Exemption From Compulsory Association.
  (1) No captive insurance company shall be permitted to join or contribute financially to any joint underwriting association or guaranty fund in this state; nor shall...
• 628.917 - Insolvency And Liquidation.
  In the event that a captive insurance company is insolvent as defined in chapter 631, the office shall liquidate the captive insurance company pursuant to...
• 628.918 - Management Of Assets Of Captive Reinsurance Company.
  At least 35 percent of the assets of a captive reinsurance company must be managed by an asset manager domiciled in this state.History.—s. 32, ch.
• 628.919 - Standards To Ensure Risk Management Control By Parent Company.
  A pure captive insurance company shall submit to the office for approval standards to ensure that a parent or affiliated company is able to exercise...
• 628.920 - Eligibility Of Licensed Captive Insurance Company For Certificate Of Authority To Act As Insurer.
  A licensed captive insurance company that meets the necessary requirements of this part imposed upon an insurer must be considered for issuance of a certificate...

Last modified: September 23, 2016