(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 by or on behalf of the corporation from the sale of its securities.
(2) No president, vice president, secretary, treasurer, director, or other executive officer of any such insurer shall participate, either directly or indirectly, in the commissions of any person selling or negotiating the sale of any security of such an insurer.
History.—s. 633, ch. 59-205; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 642, 665, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429.
Structure Florida Statutes
Chapter 628 - Stock and Mutual Insurers; Holding Companies
Part I - Stock and Mutual Insurers: Organization and Corporate Procedures (Ss. 628.011-628.535)
628.021 - “Stock insurer” defined.
628.031 - “Mutual insurer” defined.
628.041 - Applicability of general corporation statutes.
628.051 - Application for permit to form insurer; contents; fee.
628.061 - Investigation of proposed organization.
628.071 - Granting, denial of permit.
628.081 - Incorporation of domestic insurer.
628.091 - Filing, approval of articles of incorporation.
628.101 - Amendment of certificate of incorporation; stock insurer.
628.111 - Amendment of articles of incorporation; mutual insurer.
628.121 - Capital stock; amount; payment.
628.131 - Limitation on organization and stock sales expenses.
628.151 - Insurance business exclusive.
628.161 - Initial qualifications; mutuals.
628.171 - Formation of mutual insurer; bond.
628.221 - Bylaws of mutual insurer.
628.251 - Management and exclusive agency contracts.
628.261 - Notice of change of director or officer.
628.271 - Office and records; penalty for unlawful removal of records.
628.281 - Exceptions to requirement that office, records, and assets be maintained in this state.
628.291 - Unauthorized transactions in other states.
628.301 - Membership in mutual insurer.
628.341 - Nonassessable policies; mutual insurers.
628.351 - Nonassessable policies; revocation of authority of mutual insurer.
628.361 - Participating policies.
628.371 - Dividends to stockholders.
628.381 - Dividends to mutual policyholders.
628.391 - Illegal dividends; penalty.
628.411 - Impairment of capital or assets.
628.421 - Assessment of stockholders or members.
628.431 - Mutualization of stock insurers.
628.441 - Converting mutual insurer.
628.451 - Merger or share exchange of stock insurers and other entities.
628.461 - Acquisition of controlling stock.
628.471 - Mergers; mutual insurers.
628.481 - Bulk reinsurance; stock insurers.
628.491 - Mergers and consolidations; mutual insurers; agreement of bulk reinsurance.
628.501 - Mutual member’s share of assets on liquidation.
628.511 - Ownership or transfer of securities without physical delivery of certificates.
628.520 - Change of domicile of a foreign insurer.
628.525 - Change of domicile of a domestic insurer.