Florida · statute · Fla. Stat. ch. 629 · 35 active provisions
As used in this part, the term:(1) “Affiliated person” of another person means any of the following:(a) The spouse of the other person.(b)1. The parents of the other person or their lineal descendants.2. The parents of the other person’s spouse or their lineal descendants.(c) A person who directly or indirectly owns or…
All authorized reciprocal insurers shall be governed by those sections of this chapter not expressly made applicable to domestic reciprocal insurers.
(1) A reciprocal insurer may transact any kind of insurance other than life or title.(2) Such an insurer may purchase reinsurance, and may grant reinsurance as to any kind of insurance it is authorized to transact directly.
A reciprocal insurer shall:(1) Have and use a business name. The name shall include the word “reciprocal,” or “interinsurer,” or “interinsurance,” or “exchange,” or “underwriters,” or “underwriting,” but this requirement shall not apply as to any insurer holding a certificate of authority to transact insurance in this…
(1) A domestic reciprocal insurer hereunder formed, if it has otherwise complied with the applicable provisions of this code, may be authorized to transact insurance if it has and thereafter maintains surplus funds of not less than $250,000.(2) In addition to the surplus required to be maintained under subsection (1),…
(1) Twenty-five or more persons domiciled in this state may organize a domestic reciprocal insurer by applying to the office for a permit to do so. A domestic reciprocal insurer may not be formed unless the persons so proposing have first received a permit from the office.(2) The permit application, to be filed by the…
(1) A domestic reciprocal insurer may seek a certificate of authority only after obtaining a permit.(2) To apply for a certificate of authority as a domestic reciprocal insurer, the attorney in fact of an applicant who has previously received a permit from the office may file an application for a certificate of authori…
In order to maintain its eligibility for a certificate of authority, a domestic reciprocal insurer must continue to meet all applicable conditions required for receiving the initial permit and certificate of authority under the insurance code and the rules adopted thereunder.
(1) The rights and powers of the attorney in fact of a reciprocal insurer are as provided in the power of attorney given it by the subscribers.(2) The power of attorney must set forth all of the following:(a) The powers of the attorney in fact.(b) That the attorney in fact is empowered to accept service of process on b…
Modifications of the terms of the subscribers’ agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney and the subscribers’ advisory committee. No such modification shall be effective retroactively, nor as to any insurance contract issued prior thereto.
(1) Concurrently with the filing of the permit application provided for in s. 629.081, the attorney of a domestic reciprocal insurer shall file with the office a bond in favor of this state for the benefit of all persons damaged as a result of breach by the attorney of the conditions of his or her bond as set forth in…
In lieu of the bond required under s. 629.121, the attorney may maintain on deposit with the department a like amount in value of securities qualified for deposit under s. 625.52 and subject to the same conditions as the bond.
Action on the attorney’s bond or to recover against any such deposit made in lieu thereof may be brought at any time by one or more subscribers suffering loss through a violation of its conditions or by a receiver or liquidator of the insurer. Amounts recovered on the bond shall be deposited in and become part of the i…
The attorney or other parties may advance to a domestic reciprocal insurer upon reasonable terms such funds as it may require from time to time in its operations. Sums so advanced shall not be treated as a liability of the insurer and, except upon liquidation of the insurer, shall not be withdrawn or repaid except out…
(1) The annual statement of a reciprocal insurer shall be made and filed by its attorney.(2) The statement shall be supplemented by such information as may be required by the office relative to the affairs and transactions of the attorney insofar as they relate to the reciprocal insurer.
In determining the financial condition of a reciprocal insurer, the office shall apply the following rules:(1) The surplus deposits of subscribers shall be allowed as assets, except that any premium deposits delinquent for 90 days shall first be charged against such surplus deposit.(2) An assessment levied upon subscri…
Individuals, partnerships, and corporations of this state may make applications for, enter into agreements for, and hold policies or contracts in or with, and be subscribers of, any domestic, foreign, or alien reciprocal insurer.
(1) The advisory committee of a domestic reciprocal insurer exercising the subscribers’ rights shall be selected under such rules as the subscribers adopt.(2) Not less than two-thirds of such committee shall be subscribers other than the attorney, or any person employed by, representing, or having a financial interest…
(1) The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer shall be an individual, several, and proportionate liability, and not joint.(2) Except as to a nonassessable policy, each subscriber shall have a contingent assessment liability, in the amount pr…
(1) No action shall lie against any subscriber upon any obligation claimed against the insurer until a final judgment has been obtained against the insurer and remains unsatisfied for 30 days.(2) Any such judgment shall be binding upon each subscriber only in such proportion as his or her interests may appear and in am…
(1) A person may not, individually or in conjunction with an affiliated person of such person, directly or indirectly, conclude a tender offer or exchange offer for, enter into any agreement to exchange securities for, or otherwise finally acquire 10 percent or more of the outstanding voting securities of an attorney i…
The information as to the background and identity of each person about whom information is required to be furnished pursuant to s. 629.081 or s. 629.225 must include, but need not be limited to, all of the following:(1) A sworn biographical statement, on forms adopted by the commission, which must include, but need not…
A person who served as an attorney in fact, or as an officer, director, or manager of an attorney in fact; a member of a subscribers’ advisory committee of a reciprocal insurer doing business in this state; or an officer or director of any other insurer doing business in this state, and who served in that capacity with…
(1) Assessments may from time to time be levied upon subscribers of a domestic reciprocal insurer liable therefor under the terms of their policies by the attorney upon approval in advance by the subscribers’ advisory committee and the office, or by the department as receiver of the insurer.(2) Each subscriber’s share…
Every subscriber of a domestic reciprocal insurer having contingent liability shall be liable for, and shall pay his or her share of, any assessment, as computed and limited in accordance with this chapter, if:(1) While his or her policy is in force or within 4 years after its termination, the subscriber is notified by…