(1) In order to purchase insurance or coverage for a risk located in this state, which risk is a subject of insurance of a member of the purchasing group, a purchasing group shall only purchase insurance or coverage from:
(a) A risk retention group that is certificated or licensed in one of the states of the United States;
(b) An authorized insurer; or
(c) An eligible surplus lines insurer.
(2) A purchasing group shall utilize an agent licensed and appointed in this state in order to solicit, transact, or purchase insurance or coverage for a risk located in this state, which risk is a subject of insurance of a member of the purchasing group.
History.—ss. 2, 5, ch. 87-282; s. 134, ch. 91-108; s. 114, ch. 92-318.
Structure Florida Statutes
Chapter 627 - Insurance Rates and Contracts
Part XIX - Purchasing Groups and Risk Retention Groups (Ss. 627.941-627.955)
627.943 - Risk retention groups certified in Florida.
627.944 - Risk retention groups not certificated in this state.
627.945 - Compulsory association.
627.946 - Countersignatures not required.
627.947 - Purchasing groups; exemption from certain insurer provisions.
627.948 - Notice and registration requirements of purchasing groups.
627.949 - Restrictions on insurance purchased by purchasing groups.
627.950 - Administrative and procedural authority regarding risk retention and purchasing groups.
627.951 - Penalties; cease and desist orders; injunctions.
627.952 - Risk retention and purchasing group agents.
627.953 - Binding effect of orders issued in United States District Court.