SECTION 628.913. Captive reinsurance companies.

Latest version.

1(1) 2A captive reinsurance company, if permitted by its articles of incorporation or charter, may apply to the office for a license to write reinsurance covering property and casualty insurance or reinsurance contracts. A captive reinsurance company authorized by the office may write reinsurance contracts covering risks in any state; however, a captive reinsurance company authorized by the office may not directly insure risks.
65(2) 66To conduct business in this state, a captive reinsurance company must:
77(a) 78Obtain from the office a license authorizing it to conduct business as a captive reinsurance company in this state;
97(b) 98Hold at least one board of directors’ meeting each year in this state;
111(c) 112Maintain its principal place of business in this state; and
122(d) 123Appoint a registered agent to accept service of process and act otherwise on its behalf in this state.
141(3) 142Before receiving a license, a captive reinsurance company must file with the office:
155(a) 156A certified copy of its charter and bylaws;
164(b) 165A statement under oath of its president and secretary showing its financial condition; and
179(c) 180Other documents required by the office.
186(4) 187In addition to the information required by this section, the captive reinsurance company must file with the office evidence of:
207(a) 208The amount and liquidity of the captive reinsurance company’s assets relative to the risks to be assumed;
225(b) 226The adequacy of the expertise, experience, and character of the person who manages the company;
241(c) 242The overall soundness of the company’s plan of operation; and
252(d) 253Other overall factors considered relevant by the office in ascertaining if the company would be able to meet its policy obligations.

History.-ss. 664, 809(1st), ch. 82-243; s. 2, ch. 83-165; ss. 7, 11, ch. 87-127; s. 35, ch. 87-226; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 1314, ch. 2003-261; s. 28, ch. 2012-151.

Note

Note.-Former s. 628.611.

Bills Cite this Section:

None

Cited by Court Cases:

None

                    
                        var val = document.getElementById('citecontent').innerHTML;
                        var href = decodeURIComponent(window.location.href);
                        var url = decodeURIComponent(escape(href.split("#")[0]));
                        url = decodeURIComponent(escape(url.split(",")[0]));
                        art.dialog.defaults.title = url;
                        art.dialog.data('cite', val);
                        art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                        art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');