Florida Statutes Title XXXVII Chapter 629 - Reciprocal Insurers
- 629.011 - “reciprocal Insurance” Defined.
“Reciprocal insurance” is that resulting from an interexchange among persons, known as “subscribers,” of reciprocal agreements of indemnity, the interexchange being effectuated through an “attorney...
- 629.021 - “reciprocal Insurer” Defined.
A “reciprocal insurer” means an unincorporated aggregation of subscribers operating individually and collectively through an attorney in fact to provide reciprocal insurance among themselves.History.—s. 672,...
- 629.031 - Scope Of Chapter.
All authorized reciprocal insurers shall be governed by those sections of this chapter not expressly made applicable to domestic reciprocal insurers.History.—s. 673, ch. 59-205; s....
- 629.041 - Insuring Powers Of Reciprocals.
(1) A reciprocal insurer may transact any kind of insurance other than life or title.(2) Such an insurer may purchase reinsurance, and may grant reinsurance as to...
- 629.051 - Name; Suits.
A reciprocal insurer shall:(1) Have and use a business name. The name shall include the word “reciprocal,” or “interinsurer,” or “interinsurance,” or “exchange,” or “underwriters,” or...
- 629.061 - Attorney.
(1) “Attorney,” as used in this chapter, refers to the attorney in fact of a reciprocal insurer. The attorney may be an individual, corporation, or other...
- 629.071 - Surplus Funds Required.
(1) A domestic reciprocal insurer hereunder formed, if it has otherwise complied with the applicable provisions of this code, may be authorized to transact insurance if...
- 629.081 - Organization Of Reciprocal Insurer.
(1) Twenty-five or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the office for a certificate of authority...
- 629.091 - Certificate Of Authority.
The certificate of authority of a reciprocal insurer shall be issued to its attorney in the name of the insurer.History.—s. 679, ch. 59-205; ss. 13,...
- 629.101 - Power Of Attorney.
(1) The rights and powers of the attorney of a reciprocal insurer shall be as provided in the power of attorney given it by the subscribers.(2) The...
- 629.111 - Modifications.
Modifications of the terms of the subscribers’ agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the...
- 629.121 - Attorney’s Bond.
(1) Concurrently with the filing of the declaration provided for in s. 629.081, the attorney of a domestic reciprocal insurer shall file with the office a...
- 629.131 - Deposit In Lieu Of Bond.
In lieu of the bond required under s. 629.121, the attorney may maintain on deposit with the department a like amount in value of securities...
- 629.141 - Action On Bond.
Action on the attorney’s bond or to recover against any such deposit made in lieu thereof may be brought at any time by one or...
- 629.161 - Contributions To Insurer.
The attorney or other parties may advance to a domestic reciprocal insurer upon reasonable terms such funds as it may require from time to time...
- 629.171 - Annual Statement.
(1) The annual statement of a reciprocal insurer shall be made and filed by its attorney.(2) The statement shall be supplemented by such information as may be...
- 629.181 - Financial Condition; Method Of Determining.
In determining the financial condition of a reciprocal insurer, the office shall apply the following rules:(1) The surplus deposits of subscribers shall be allowed as assets,...
- 629.191 - Who May Be Subscribers.
Individuals, partnerships, and corporations of this state may make applications for, enter into agreements for, and hold policies or contracts in or with, and be...
- 629.201 - Subscribers’ Advisory Committee.
(1) The advisory committee of a domestic reciprocal insurer exercising the subscribers’ rights shall be selected under such rules as the subscribers adopt.(2) Not less than two-thirds...
- 629.211 - Subscribers’ Liability.
(1) The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer shall be an individual, several, and...
- 629.221 - Subscribers’ Liability; On Judgment.
(1) No action shall lie against any subscriber upon any obligation claimed against the insurer until a final judgment has been obtained against the insurer and...
- 629.231 - Assessments.
(1) Assessments may from time to time be levied upon subscribers of a domestic reciprocal insurer liable therefor under the terms of their policies by the...
- 629.241 - Time Limit For Assessments.
Every subscriber of a domestic reciprocal insurer having contingent liability shall be liable for, and shall pay his or her share of, any assessment, as...
- 629.251 - Aggregate Liability.
No one policy or subscriber as to such policy shall be assessed or charged with an aggregate of contingent liability as to obligations incurred by...
- 629.261 - Nonassessable Policies.
(1) If a reciprocal insurer has a surplus as to policyholders required of a domestic stock insurer authorized to transact like kinds of insurance, upon application...
- 629.271 - Distribution Of Savings.
A reciprocal insurer may from time to time return to its subscribers any unused premiums, savings, or credits accruing to their accounts. Any such distribution...
- 629.281 - Subscribers’ Share In Assets.
Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions of...
- 629.291 - Merger Or Conversion.
(1) A domestic reciprocal insurer, upon affirmative vote of not less than two-thirds of its subscribers who vote on such merger pursuant to due notice and...
- 629.301 - Impaired Reciprocal Insurers.
(1) If the assets of a domestic reciprocal insurer are at any time insufficient to discharge its liabilities, other than any liability on account of funds...
- 629.401 - Insurance Exchange.
(1) There may be created one or more insurance exchanges, with one or more offices each, subject to such rules as are adopted by the commission....
- 629.5011 - Tax On Premiums.
Premiums and assessments received by reciprocal insurers are subject to any premium tax provided for in s. 624.509.History.—s. 7, ch. 88-206; s. 188, ch. 91-108;...
- 629.520 - Authority Of A Limited Reciprocal Insurer.
The authority of any limited reciprocal insurer to accept new business or renewals shall not continue beyond October 1, 1992; however, such limited reciprocal insurer...
Last modified: September 23, 2016