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Florida Statutes, Title XXXVII

Florida/Statutes

← All Florida coverage

Title XXXVII, Insurance

19 chapters · 2,278 sections in this title.

All chapters in Title XXXVII2,278 Ch 627, Insurance Rates and Contracts626 Ch 626, Insurance Field Representatives and …368 Ch 624, Insurance Code: Administration and G…222 Ch 641, Health Care Service Programs165 Ch 634, Warranty Associations154 Ch 631, Insurer Insolvency; Guaranty of Payment150 Ch 628, Stock and Mutual Insurers; Holding C…100 Ch 633, Fire Prevention and Control89 Ch 636, Prepaid Limited Health Service Organ…79 Ch 625, Accounting, Investments, and Deposit…78 Ch 651, Continuing Care Contracts54 Ch 648, Bail Bond Agents49 Ch 629, Reciprocal Insurers35 Ch 632, Fraternal Benefit Societies35

2,278 sections·Filtered byTitle XXXVII✕

Fla. Stat. § 628.071 Granting, denial of permit
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(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, in…
Fla. Stat. § 628.081 Incorporation of domestic insurer
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(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 …
Fla. Stat. § 628.091 Filing, approval of articles of incorporation
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(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 articl…
Fla. Stat. § 628.101 Amendment of certificate of incorporation; stock insurer
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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 propo…

Showing 1,301–1,350 of 2,278

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Fla. Stat. § 628.111 Amendment of articles of incorporation; mutual insurer

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(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 am…

Fla. Stat. § 628.121 Capital stock; amount; payment

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(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 sh…

Fla. Stat. § 628.131 Limitation on organization and stock sales expenses

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(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 …

Fla. Stat. § 628.151 Insurance business exclusive

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(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 insur…

Fla. Stat. § 628.152 Domestic stock insurers; proxies, consents, and authorizations with respect to any voting security

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(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 pro…

Fla. Stat. § 628.161 Initial qualifications; mutuals

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(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 policyho…

Fla. Stat. § 628.171 Formation of mutual insurer; bond

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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, employe…

Fla. Stat. § 628.221 Bylaws of mutual insurer

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(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…

Fla. Stat. § 628.231 Directors

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(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 ye…

Fla. Stat. § 628.251 Management and exclusive agency contracts

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(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 substantiall…

Fla. Stat. § 628.255 Person with effective control cannot receive commission unless contract approved; penalties

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(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 compen…

Fla. Stat. § 628.261 Notice of change of director or officer

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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 …

Fla. Stat. § 628.271 Office and records; penalty for unlawful removal of records

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(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 a…

Fla. Stat. § 628.281 Exceptions to requirement that office, records, and assets be maintained in this state

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(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 r…

Fla. Stat. § 628.291 Unauthorized transactions in other states

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(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 …

Fla. Stat. § 628.301 Membership in mutual insurer

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(1) Each policyholder of a domestic mutual insurer, other than of a reinsurance contract, is a member of the insurer with all rights and obligations of such membership; and the policy shall so specify. Group certificateholders may also be members of the insurer if so specified in…

Fla. Stat. § 628.341 Nonassessable policies; mutual insurers

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(1) While possessing surplus funds in amount not less than the paid-in capital stock required of a domestic stock insurer transacting like kinds of insurance, a domestic mutual insurer may, upon receipt of the order of the office so authorizing, extinguish the contingent liabilit…

Fla. Stat. § 628.351 Nonassessable policies; revocation of authority of mutual insurer

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The office shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if at any time the insurer’s assets are less than the sum of its liabilities and the surplus required for such authority, or if the insurer, by resolution of its boar…

Fla. Stat. § 628.361 Participating policies

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(1) If provided in its certificate of incorporation, a domestic stock or domestic mutual insurer may issue any or all of its policies with or without participation in profits, savings, or unabsorbed portions of premiums, may classify policies issued on a participating and nonpart…

Fla. Stat. § 628.371 Dividends to stockholders

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(1) A domestic stock insurer shall not pay any dividend or distribute cash or other property to stockholders except out of that part of its available and accumulated surplus funds which is derived from realized net operating profits on its business and net realized capital gains.…

Fla. Stat. § 628.381 Dividends to mutual policyholders

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(1) The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members dividends only out of that part of its surplus funds which represents net realized savings and net realized earnings in excess of the surplus required by law to be main…

Fla. Stat. § 628.391 Illegal dividends; penalty

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(1) Any director of a domestic stock or mutual insurer who knowingly votes for or concurs in declaration or payment of a dividend to stockholders or members other than as authorized under s. 628.371 or s. 628.381 is guilty of a misdemeanor of the second degree, punishable as prov…

Fla. Stat. § 628.401 Borrowed surplus

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(1) A domestic stock or mutual insurer may borrow money to defray the expenses of its organization, to provide itself with surplus funds, or for any purpose of its business, upon a written agreement that such money is required to be repaid only out of the insurer’s surplus in exc…

Fla. Stat. § 628.411 Impairment of capital or assets

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(1) If a domestic stock insurer’s capital, as represented by the aggregate par value of its outstanding capital stock, becomes impaired, or if the assets of a mutual insurer are less than the sum of its liabilities and the minimum amount of surplus required to be maintained by it…

Fla. Stat. § 628.421 Assessment of stockholders or members

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(1) Any insurer receiving the notice of the office mentioned in s. 628.411(1):(a) If a stock insurer, by resolution of its board of directors and subject to any limitations upon assessment contained in its certificate of incorporation, may assess its stockholders for amounts nece…

Fla. Stat. § 628.431 Mutualization of stock insurers

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(1) A stock insurer other than a title insurer may become a mutual insurer under such plan and procedure as may be approved by the office.(2) The office shall not approve any such plan, procedure, or mutualization unless:(a) It is equitable to stockholders and policyholders;(b) I…

Fla. Stat. § 628.441 Converting mutual insurer

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(1) A mutual insurer may become a stock insurer under such plan and procedure as may be approved by the office.(2) The office shall not approve any such plan or procedure unless:(a) It is equitable to the insurer’s members;(b) It is subject to approval by vote of not less than th…

Fla. Stat. § 628.451 Merger or share exchange of stock insurers and other entities

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(1) Notwithstanding general limitations on the ability of corporations to merge with other types of entities, a merger may be effected between or among one or more domestic or foreign stock insurers authorized to transact insurance in this state and one or more other entities aut…

Fla. Stat. § 628.461 Acquisition of controlling stock

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(1) A person may not, individually or in conjunction with any affiliated person of such person, acquire 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 t…

Fla. Stat. § 628.4615 Specialty insurers; acquisition of controlling stock, ownership interest, assets, or control; merger or consolidation

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(1) For the purposes of this section, the term “specialty insurer” means any person holding a license or certificate of authority as:(a) A motor vehicle service agreement company authorized to issue motor vehicle service agreements as those terms are defined in s. 634.011;(b) A h…

Fla. Stat. § 628.471 Mergers; mutual insurers

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(1) A domestic mutual insurer shall not merge with a stock insurer.(2) A domestic mutual insurer may merge with another mutual insurer under the applicable procedures prescribed by the statutes of this state applying to corporations formed for profit, except as hereinbelow provid…

Fla. Stat. § 628.481 Bulk reinsurance; stock insurers

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(1) A domestic stock insurer may reinsure all or substantially all of its insurance in force or a major class thereof, with another insurer by an agreement of bulk reinsurance; but no such agreement shall become effective unless filed with the office and approved by it in writing…

Fla. Stat. § 628.491 Mergers and consolidations; mutual insurers; agreement of bulk reinsurance

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(1) A domestic mutual insurer may reinsure all or substantially all its business in force, or all or substantially all of a major class thereof, with another insurer, stock or mutual, by an agreement of bulk reinsurance after compliance with this section. No such agreement shall …

Fla. Stat. § 628.501 Mutual member’s share of assets on liquidation

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(1) Upon any liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness, policy obligations, repayment of contributed or borrowed surplus, if any, and expenses of administration, shall be distributed to existing persons who were its members…

Fla. Stat. § 628.511 Ownership or transfer of securities without physical delivery of certificates

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(1) The purpose of this section is to authorize domestic insurers to use modern systems for holding and transferring securities without physical delivery of securities certificates, subject to appropriate rules of the commission.(2) The following terms are defined for use in this…

Fla. Stat. § 628.520 Change of domicile of a foreign insurer

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Any insurer which is organized under the laws of any other state for the purpose of writing insurance may become a domestic insurer by complying with all of the requirements of law relative to the organization and licensing of a domestic insurer of the same type and by designatin…

Fla. Stat. § 628.525 Change of domicile of a domestic insurer

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Any domestic insurer may, upon the approval of the office, transfer its domicile to any other state in which it is admitted to transact the business of insurance; upon such a transfer it shall cease to be a domestic insurer and shall be admitted to this state, if qualified, as a …

Fla. Stat. § 628.530 Effects of redomestication

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The certificate of authority, agents appointments and licenses, rates, and other items which the office or department allows, in its discretion, which are in existence at the time any insurer licensed to transact the business of insurance in this state transfers its corporate dom…

Fla. Stat. § 628.535 Authority to adopt rules

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The commission may adopt rules pursuant to ss. 120.536(1) and 120.54 to implement the provisions of this chapter.History.—s. 7, ch. 85-214; s. 1, ch. 86-286; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 206, ch. 98-200; s. 1293, ch. 2003-261.

Fla. Stat. § 628.6011 Assessable mutual insurers

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(1) An “assessable mutual insurer” is an insurer incorporated in Florida without permanent capital stock which has only policyholders, insureds, or risks located in Florida and which transacts insurance only within Florida. An assessable mutual insurer may be formed only in accor…

Fla. Stat. § 628.6012 Premiums written; restrictions

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Assessable mutual insurers shall be subject to a cap on net annual premiums on the same basis and in the same manner as provided in former s. 624.469 as to commercial self-insurance funds. For an assessable mutual that has converted from a commercial self-insurance fund, the firs…

Fla. Stat. § 628.6013 Converted self-insurance fund; trade association; board of directors

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(1) Any self-insurance fund regulated under the insurance code other than a commercial self-insurance fund may, with the approval of a majority of the members of the fund and after written notice to the sponsoring association and approved by the office, elect to convert to an ass…

Fla. Stat. § 628.6014 Annual reports

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(1) An assessable mutual shall file a financial statement within 90 days of the end of its accounting year. The requirements of s. 624.470 shall apply, except an entry for future investment income, reported on or after January 1, 1998, may only be reflected as an aggregate write-…

Fla. Stat. § 628.6015 Tax on premiums, contributions, and assessments of assessable mutual insurers

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Premiums, contributions, and assessments received by an assessable mutual insurer are subject to ss. 624.509(1) and (2) and 624.5092, except that the tax rate shall be 1.6 percent of the gross amount of such premiums, contributions, and assessments.History.—ss. 76, 188, ch. 91-10…

Fla. Stat. § 628.6016 Applicability of related laws

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In addition to other provisions of the code cited in ss. 628.6011-628.6018:(1) Sections 624.155, 624.308, 624.414, 624.415, and 624.416(4); ss. 624.418-624.4211, except s. 624.418(2)(f); ss. 624.464, 624.468(1), (2), (4), (6), and (11), 624.472-624.474, 624.480, 624.482, 624.484,…

Fla. Stat. § 628.6017 Converting assessable mutual insurer

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(1) An assessable mutual insurer may become a stock insurer by filing an application which complies with s. 628.051 and by submitting a plan of conversion which is approved by the office. The office shall not approve any such plan unless the plan:(a) Is equitable to the insurer’s…