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.