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Florida Statutes (Last Updated: April 21, 2021) |
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TITLE XXXVII. INSURANCE |
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CHAPTER 628. STOCK AND MUTUAL INSURERS; HOLDING COMPANIES |
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PART I. STOCK AND MUTUAL INSURERS: ORGANIZATION AND CORPORATE PROCEDURES |
Latest version.
- 1(1) 2The office shall expeditiously examine and investigate the application for a permit as referred to in s. 19628.05120. If the office finds that:26(a) 27The application is complete;31(b) 32The documents therewith filed are in compliance with law;41(c) 42None of the stockholders, organizers, incorporators, subscribers, and other persons who directly or indirectly exercise or have the ability to exercise effective control of the proposed insurer or who will be involved in its management have been found guilty of, or have pleaded guilty or nolo contendere to, a felony or a crime punishable by imprisonment of 1 year or more under the law of the United States or any state thereof, or under the law of any other country, which involves moral turpitude, without regard to whether a judgment of conviction has been entered by the court having jurisdiction of such cases;145(d) 146The proposed financial structure is adequate; and153(e) 154All stockholders, organizers, incorporators, subscribers, and other persons who directly or indirectly exercise or have the ability to exercise effective control of the proposed insurer or who will be involved in management of the proposed insurer possess the financial standing and business experience to form an insurer;
201it shall issue to the applicant a permit to form the proposed insurer.
214(2) 215If the office does not so find, or finds that the insurer if formed or financed would not be able to qualify for or retain a certificate of authority by reason of the provisions of s. 251624.404(3), 252a permit shall not be granted.258(3) 259A permit granted under the provisions of this section shall be valid for 1 year from the date of issue, and during any extension of such period, not to exceed an additional year, as may be authorized by the office upon cause shown. The articles of incorporation and all other proceedings thereunder shall become void 1 year from the issue date of such permit or upon the expiration of such extended period, unless the formation of the proposed insurer has been completed and a certificate of authority has been issued by the office.
History.-s. 627, ch. 59-205; s. 1, ch. 63-18; ss. 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 21, ch. 78-95; ss. 2, 3, ch. 81-318; ss. 636, 665, 809(1st), ch. 82-243; s. 122, ch. 83-216; s. 37, ch. 88-166; s. 48, ch. 89-360; ss. 184, 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 1260, ch. 2003-261.
