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28 February 2012
Florida
Reporter Justin Lawson

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Florida captive legislation amended

CS/CS/HB 379: Captive Insurance

GENERAL BILL by Economic Affairs Committee; Insurance and Banking Subcommittee; Nunez; (CO-INTRODUCER) Horner
Captive Insurance;

Expands kinds of insurance for which captive insurer may seek licensure;
Limits risks certain captive insurers may insure;
Specifies requirements & conditions relating to captive insurer's authority to conduct business;
Requires before licensure captive insurers must file or submit to OIR specified information, documents, & statements;
Requires captive insurance company to file specific evidence with office relating to financial condition & quality of management & operations of company;
Specifies fees to be paid by captive insurance or reinsurance companies;
Authorises Commissioner of Insurance Regulation to grant captive insurance company license to conduct insurance business until specified date;
Authorises foreign or alien captive insurance company to become domestic captive insurance company by complying with requirements;
Authorises office to waive requirements for public hearings relating to redomestication of alien captive insurance company;
Specifies industrial insured captive insurance companies are not required to be incorporated in this state;
Requires biographical affidavits, background investigations, & fingerprint cards for all officers & directors;
Provides restrictions on officers & directors involved with insolvent insurers.

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