Title XXXVII, Insurance

(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…

(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…

(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 …

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.Hist…

(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…

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…

(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 condit…

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.History.—s. 683, ch. 59-205; ss. 13, 35, ch. 69-106; s…

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 …

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…

(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 …

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…

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.History.—s. 689, ch. 59-205; s. 3, ch. 76-168; s. 1…

(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…

(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…

(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…

(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…

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…

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…

(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 …

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…

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…

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…

(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…

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…

(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…

(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…

(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…

Premiums and assessments received by reciprocal insurers are subject to any premium tax provided for in s. 624.509.History.—s. 7, ch. 88-206; s. 188, ch. 91-108; s. 4, ch. 91-429.

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…

The commission shall adopt, amend, or repeal rules pursuant to chapter 120 which are necessary to implement this chapter.History.—s. 24, ch. 2024-182.