Chapter 629 — Chapter 629
35 sections in this chapter.
Fla. Stat. § 629.011 Definitions
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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 p…
Fla. Stat. § 629.031 Scope of chapter
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All authorized reciprocal insurers shall be governed by those sections of this chapter not expressly made applicable to domestic reciprocal insurers.
Fla. Stat. § 629.041 Insuring powers of reciprocals
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(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. (1) A reciprocal insurer may transact any kind of insura…
Fla. Stat. § 629.051 Name; suits
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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 …
Fla. Stat. § 629.071 Surplus funds required
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(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…
Fla. Stat. § 629.081 Organization of reciprocal insurer
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(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…
Fla. Stat. § 629.091 Reciprocal certificate of authority
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(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 …
Fla. Stat. § 629.094 Continued eligibility for certificate of authority
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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.
Fla. Stat. § 629.101 Power of attorney
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(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 emp…
Fla. Stat. § 629.111 Modifications
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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 cont…
Fla. Stat. § 629.121 Attorney’s bond
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(1) Concurrently with the filing of the declaration 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…
Fla. Stat. § 629.131 Deposit in lieu of bond
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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.
Fla. Stat. § 629.141 Action on bond
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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 …
Fla. Stat. § 629.161 Contributions to insurer
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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, shal…
Fla. Stat. § 629.171 Annual statement
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(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 …
Fla. Stat. § 629.181 Financial condition; method of determining
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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 depos…
Fla. Stat. § 629.191 Who may be subscribers
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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.
Fla. Stat. § 629.201 Subscribers’ advisory committee
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(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, repre…
Fla. Stat. § 629.211 Subscribers’ liability
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(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 contingen…
Fla. Stat. § 629.221 Subscribers’ liability; on judgment
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(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 h…
Fla. Stat. § 629.225 Acquisitions
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(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 outsta…
Fla. Stat. § 629.227 Background information
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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 comm…
Fla. Stat. § 629.229 Attorneys in fact, officers, and directors of insolvent reciprocal insurers or other insurers
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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 sta…
Fla. Stat. § 629.231 Assessments
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(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 …
Fla. Stat. § 629.241 Time limit for assessments
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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 te…
Fla. Stat. § 629.251 Aggregate liability
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No one policy or subscriber as to such policy shall be assessed or charged with an aggregate of contingent liability as to obligations incurred by a domestic reciprocal insurer in any one calendar year in excess of the amount provided for in the power of attorney or in the subscr…
Fla. Stat. § 629.261 Nonassessable policies
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Upon the impairment of the surplus of a nonassessable reciprocal insurer, the office shall revoke the authorization issued under s. 629.091(3) or s. 629.291(5). Upon the revocation of the authority to issue nonassessable policies, the reciprocal insurer may no longer issue or ren…
Fla. Stat. § 629.271 Distribution of savings
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(1) A reciprocal insurer may return to its subscribers any unused premiums, savings, or credits accruing to their accounts. Such distribution may not unfairly discriminate between classes of risks or policies, or between subscribers, but may vary as to classes of subscribers base…
Fla. Stat. § 629.281 Subscribers’ share in assets
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Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions of the attorney or other persons to its surplus made as provided in s. 629.161, and the return of any unused pre…
Fla. Stat. § 629.291 Merger or conversion
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(1) A reciprocal insurer, upon affirmative vote of not less than two-thirds of its subscribers who vote on such merger pursuant to due notice, and subject to approval by the office of the terms therefor, may merge with another reciprocal insurer or be converted to a stock or mutu…
Fla. Stat. § 629.301 Impaired reciprocal insurers
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(1) If the assets of a domestic reciprocal insurer are at any time insufficient to discharge its liabilities, other than any liability on account of funds contributed by the attorney or others, and to maintain the required surplus, its attorney shall forthwith make up the deficie…
Fla. Stat. § 629.401 Insurance exchange
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(1) There may be created one or more insurance exchanges, with one or more offices each, subject to such rules as are adopted by the commission. For the purposes of this section, the term “exchange” applies to any such insurance exchange proposed or created under this section. Th…
Fla. Stat. § 629.5011 Tax on premiums
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Premiums and assessments received by reciprocal insurers are subject to any premium tax provided for in s. 624.509.
Fla. Stat. § 629.520 Authority of a limited reciprocal insurer
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The authority of any limited reciprocal insurer to accept new business or renewals shall not continue beyond October 1, 1992; however, such limited reciprocal insurer shall continue to service its obligations previously incurred or with the approval of the office, arrange for the…
Fla. Stat. § 629.525 Rulemaking authority
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The commission shall adopt, amend, or repeal rules pursuant to chapter 120 which are necessary to implement this chapter.