Florida Statutes
Part III - Authorization of Insurers and General Requirements (Ss. 624.401-624.491)
624.45 - Participation of financial institutions in reinsurance and in insurance exchanges.


(1) Own or control, directly or indirectly, any insurer which is authorized or approved by the office, which insurer transacts only reinsurance in this state and which actively engages in reinsuring risks located in this state.
(2) Participate, directly or indirectly, as an underwriting member or as an investor in an underwriting member of any insurance exchange authorized in accordance with s. 629.401, which underwriting member transacts only aggregate or specific excess insurance over underlying self-insurance coverage for self-insurance organizations authorized under the Florida Insurance Code, for multiple-employer welfare arrangements, or for workers’ compensation self-insurance trusts, in addition to any reinsurance the underwriting member may transact.

Nothing in this section shall be deemed to prohibit a financial institution from engaging in any presently authorized insurance activity.

History.—s. 3, ch. 86-160; s. 188, ch. 91-108; s. 4, ch. 91-429; s. 823, ch. 2003-261.

Structure Florida Statutes

Florida Statutes

Title XXXVII - Insurance

Chapter 624 - Insurance Code: Administration and General Provisions

Part III - Authorization of Insurers and General Requirements (Ss. 624.401-624.491)

624.401 - Certificate of authority required.

624.402 - Exceptions, certificate of authority required.

624.4031 - Church benefit plans and church benefit board.

624.404 - General eligibility of insurers for certificate of authority.

624.4055 - Restrictions on existing private passenger automobile insurance.

624.406 - Combinations of insuring powers, one insurer.

624.407 - Surplus required; new insurers.

624.40711 - Restrictions on insurers that are wholly owned subsidiaries of insurers to do business in state.

624.4073 - Officers and directors of insolvent insurers.

624.408 - Surplus required; current insurers.

624.4085 - Risk-based capital requirements for insurers.

624.40851 - Confidentiality of risk-based capital information.

624.4094 - Bail bond premiums.

624.4095 - Premiums written; restrictions.

624.410 - Permissible insuring combinations without additional capital funds.

624.411 - Deposit requirement; domestic insurers and foreign insurers.

624.412 - Deposit of alien insurers.

624.413 - Application for certificate of authority.

624.4135 - Redomestication.

624.414 - Issuance or refusal of authority.

624.415 - Ownership of certificate of authority; return.

624.416 - Continuance, expiration, reinstatement, and amendment of certificate of authority.

624.418 - Suspension, revocation of certificate of authority for violations and special grounds.

624.420 - Order, notice of suspension or revocation of certificate of authority; effect; publication.

624.421 - Duration of suspension; insurer’s obligations during suspension period; reinstatement.

624.4211 - Administrative fine in lieu of suspension or revocation.

624.4212 - Confidentiality of proprietary business and other information.

624.4213 - Trade secret documents.

624.422 - Service of process; appointment of Chief Financial Officer as process agent.

624.423 - Serving process.

624.424 - Annual statement and other information.

624.4241 - NAIC filing requirements.

624.4243 - Reporting of premium growth.

624.4245 - Change in controlling interest of foreign or alien insurer; report required.

624.425 - Agent countersignature required, property, casualty, surety insurance.

624.426 - Exceptions to countersignature law.

624.428 - Licensed agent law, life and health insurances.

624.430 - Withdrawal of insurer or discontinuance of writing certain kinds or lines of insurance.

624.4305 - Nonrenewal of residential property insurance policies.

624.4315 - Workers’ compensation insurers; notice of significant underwriting change.

624.436 - Florida Nonprofit Multiple-Employer Welfare Arrangement Act.

624.4361 - Definitions.

624.437 - “Multiple-employer welfare arrangement” defined; certificate of authority required; penalty.

624.438 - General eligibility.

624.4385 - Certain words prohibited in name of organization.

624.439 - Filing of application.

624.4392 - Fund balance.

624.44 - Examination by the office.

624.441 - Insolvency protection.

624.4411 - Administrative, provider, and management contracts.

624.4412 - Policy forms.

624.4414 - Employer participants’ liability.

624.4415 - Assessments.

624.4416 - Assessments by receiver.

624.4417 - Certain sales prohibited.

624.442 - Annual reports; actuarial certification; quarterly reports; penalties.

624.443 - Place of business; maintenance of records.

624.4431 - Administration; rules.

624.4432 - Assets, liabilities, and investments.

624.444 - Suspension, revocation of approval.

624.445 - Order, notice, duration, effect of suspension or revocation; administrative fine.

624.446 - Rehabilitation, dissolution.

624.447 - Certificate of insurance for contractors.

624.448 - Assets of insurers; reporting requirements.

624.449 - Insurer investment in foreign companies.

624.45 - Participation of financial institutions in reinsurance and in insurance exchanges.

624.460 - Short title.

624.461 - Definition.

624.462 - Commercial self-insurance funds.

624.4621 - Group self-insurance funds.

624.4622 - Local government self-insurance funds.

624.46223 - Notice of intent to withdraw.

624.46225 - Self-insured public utilities.

624.46226 - Public housing authorities self-insurance funds; exemption for taxation and assessments.

624.4623 - Independent Educational Institution Self-Insurance Funds.

624.4625 - Corporation not for profit self-insurance funds.

624.4626 - Electric cooperative self-insurance fund.

624.464 - Certificate of authority required; penalties.

624.466 - Application requirements for certificate of authority.

624.468 - Continuing requirements for certificate of authority.

624.470 - Annual reports.

624.472 - Member’s liability.

624.473 - Dividends.

624.474 - Assessments.

624.4741 - Venue in assessment actions.

624.475 - Tax on premiums, contributions, and assessments.

624.476 - Impaired self-insurance funds.

624.477 - Liquidation, rehabilitation, reorganization, and conservation.

624.480 - Filing, approval, and disapproval of forms.

624.482 - Making and use of rates.

624.483 - Self-insurer members; payment of delinquent premiums and assessments.

624.484 - Registration of agent.

624.486 - Examination.

624.487 - Enforcement of specified insurance provisions.

624.488 - Applicability of related laws.

624.489 - Liability of trustees of self-insurance trust fund and directors of self-insurance funds operating as corporations.

624.490 - Registration of pharmacy benefit managers.

624.491 - Pharmacy audits.