Fla. Stat. § 628.011
Scope of part
This part applies only to domestic insurers, mutual insurers, and captive insurers, except that s. 628.341(2) applies also as to foreign and alien insurers.
Florida Statutes Chapter 628 — STOCK AND MUTUAL INSURERS; HOLDING COMPANIES
Florida · statute · Fla. Stat. ch. 628 · 100 active provisions
Fla. Stat. § 628.021
“Stock insurer” defined
A “stock insurer” is an incorporated insurer with its capital divided into shares and owned by its stockholders.
Fla. Stat. § 628.031
“Mutual insurer” defined
A “mutual insurer” is an incorporated insurer without permanent capital stock, the governing body of which is elected in accordance with this part.
Fla. Stat. § 628.041
Applicability of general corporation statutes
The applicable statutes of this state relating to the powers and procedures of domestic private corporations formed for profit shall apply to domestic stock insurers and to domestic mutual insurers, except:(1) As to any domestic mutual insurers incorporated pursuant to chapter 617, which chapter shall govern such insur…
Fla. Stat. § 628.051
Application for permit to form insurer; contents; fee
(1) No domestic insurer shall be formed unless the persons so proposing have received a permit from the office.(2) Written application for such permit shall be filed with the office. Such application and filing shall include:(a) The name, type, and purpose of insurer.(b) The name, residence address, business background…
Fla. Stat. § 628.061
Investigation of proposed organization
In connection with any proposal to organize or incorporate a domestic insurer, the office shall make an investigation of:(1) The character, reputation, financial standing, and motives of the organizers, incorporators, and subscribers organizing the proposed insurer or any attorney in fact.(2) The character, financial r…
Fla. Stat. § 628.071
Granting, denial of permit
(1) The office shall expeditiously examine and investigate the application for a permit as referred to in s. 628.051. If the office finds that:(a) The application is complete;(b) The documents therewith filed are in compliance with law;(c) None of the stockholders, organizers, incorporators, subscribers, and other pers…
Fla. Stat. § 628.081
Incorporation of domestic insurer
(1) Five or more individuals, none of whom is less than 18 years of age, may incorporate a stock insurer; 10 or more individuals, none of whom is less than 18 years of age, may incorporate a mutual insurer. At least a majority of the incorporators shall be citizens of the United States.(2) The incorporators shall execu…
Fla. Stat. § 628.091
Filing, approval of articles of incorporation
(1) No domestic stock or mutual insurer shall be formed unless its articles of incorporation are approved by the office prior to filing the same with and approval by the Department of State as provided by law.(2) The incorporators shall file the triplicate originals of the articles of incorporation with the office, acc…
Fla. Stat. § 628.101
Amendment of certificate of incorporation; stock insurer
A domestic stock insurer shall not amend its certificate of incorporation until a copy of the proposed amendment has been filed with and approved by the office. The office shall promptly examine any such proposed amendment and shall approve the same unless it finds that the proposed amendment does not comply with law.
Fla. Stat. § 628.111
Amendment of articles of incorporation; mutual insurer
(1) A domestic mutual insurer may amend its articles of incorporation by vote of a majority of those members present or represented by proxy at a lawful meeting of its members, if the notice given members included due notice of the proposal to amend.(2)(a) Upon adoption of the amendment, the insurer shall make in tripl…
Fla. Stat. § 628.121
Capital stock; amount; payment
(1) The articles of incorporation of a stock insurer shall provide for authorized capital in an amount not less than that required under this code.(2) In the sale of the insurer’s capital stock, an amount not less than the minimum paid-in capital stock required under this code shall be paid in with money of the United…
Fla. Stat. § 628.131
Limitation on organization and stock sales expenses
(1) The total expense involved in the incorporation and financing of a new domestic stock insurer, including incorporation fees, underwriting fees and costs, attorneys’ fees, printing costs, and other services and costs, shall not exceed 15 percent of the funds actually received by or on behalf of the corporation from…
Fla. Stat. § 628.151
Insurance business exclusive
(1) No domestic insurer shall engage directly or indirectly in any business other than the insurance business and business activities reasonably and necessarily incidental to such insurance business.(2) A title insurer may also engage in business as an escrow agent; and any insurer may also engage in the business of ma…
Fla. Stat. § 628.152
Domestic stock insurers; proxies, consents, and authorizations with respect to any voting security
(1) The commission may, by rule, prescribe the form, content, and manner of solicitation of any proxy, consent, or authorization with respect to any voting security issued by a domestic stock insurer, as may be necessary or appropriate in the public interest or for the proper protection of investors in the voting secur…
Fla. Stat. § 628.161
Initial qualifications; mutuals
(1) When newly organized, a mutual insurer may be authorized to transact any of the kinds of insurance listed in the schedule contained in subsection (2).(2)(a) When applying for an initial certificate of authority, the mutual insurer must have unencumbered surplus as to policyholder funds in the amount set out below a…
Fla. Stat. § 628.171
Formation of mutual insurer; bond
The incorporators of the proposed insurer shall file with the office a copy of a fidelity bond or insurance policy providing coverage in an amount equal to not less than 10 percent of the funds handled annually and issued in the name of the insurer covering its directors, employees, administrator, or other individuals…
Fla. Stat. § 628.221
Bylaws of mutual insurer
(1) The initial board of directors of a domestic mutual insurer shall adopt original bylaws, subject to the approval of the insurer’s members at the next succeeding meeting. The members shall have power to make, modify, and revoke bylaws.(2) The bylaws shall provide:(a) That each member is entitled to one vote upon eac…
Fla. Stat. § 628.231
Directors
(1) The affairs of every domestic insurer shall be managed by not less than five directors.(2) Directors must be elected by the members or stockholders of a domestic insurer at the annual meeting of stockholders or members. Directors may be elected for terms of not more than 3 years each and until their successors are…
Fla. Stat. § 628.251
Management and exclusive agency contracts
(1) No domestic mutual insurer or stock insurer shall make any contract whereby any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors or to have the controlling or preemptive right to produce substantially all insurance business for the insurer…
Fla. Stat. § 628.255
Person with effective control cannot receive commission unless contract approved; penalties
(1) No director, officer, or other person having effective control of a domestic insurer shall receive, and no such insurer shall pay to such person, a commission or other compensation with respect to particular risks insured by the insurer, unless such commission or other compensation is paid pursuant to a contract fi…
Fla. Stat. § 628.261
Notice of change of director or officer
An insurer shall give the office written notice of any change of personnel among the directors or principal officers of the insurer within 45 days of such change. The written notice shall include all information necessary to allow the office to determine that the insurer will be in compliance with s. 624.404(3) and at…
Fla. Stat. § 628.271
Office and records; penalty for unlawful removal of records
(1) Every domestic insurer shall have an office in this state and shall keep therein complete records of its assets, transactions, and affairs, specifically including:(a) Financial records;(b) Corporate records;(c) Reinsurance documents;(d) Access to all accounting transactions and access in this state, upon demand by…
Fla. Stat. § 628.281
Exceptions to requirement that office, records, and assets be maintained in this state
(1) The provisions of s. 628.271 shall not be deemed to prohibit or prevent an insurer from:(a) Establishing and maintaining branch offices or regional home offices in other states where necessary or convenient to the transaction of its business and keeping therein the detailed records and assets customary and reasonab…
Fla. Stat. § 628.291
Unauthorized transactions in other states
(1) No domestic insurer shall enter into a contract of insurance upon the life or person of a resident of a reciprocal state or covering property or risks located in a reciprocal state, unless the insurer is authorized pursuant to the laws of such reciprocal state to do business therein, subject to the following except…
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