(1) A captive reinsurance company may discount its loss and loss adjustment expense reserves at treasury rates applied to the applicable payments projected through the use of the expected payment pattern associated with the reserves.
(2) A captive reinsurance company must file annually an actuarial opinion on loss and loss adjustment expense reserves provided by an independent actuary. The actuary may not be an employee of the captive reinsurance company or its affiliates.
(3) The office may disallow the discounting of reserves if a captive reinsurance company violates a provision of this part.
History.—s. 27, ch. 2012-151.
Structure Florida Statutes
Chapter 628 - Stock and Mutual Insurers; Holding Companies
Part V - Captive Insurers (Ss. 628.901-628.920)
628.905 - Licensing; authority.
628.906 - Application requirements; restrictions on eligibility of officers and directors.
628.907 - Minimum capital and net assets requirements; restriction on payment of dividends.
628.908 - Surplus requirements; restriction on payment of dividends.
628.909 - Applicability of other laws.
628.910 - Incorporation options and requirements.
628.911 - Reports and statements.
628.912 - Discounting of loss and loss adjustment expense reserves.
628.913 - Captive reinsurance companies.
628.914 - Minimum capitalization or reserves for captive reinsurance companies.
628.9141 - Incorporation of a captive reinsurance company.
628.9142 - Reinsurance; effect on reserves.
628.915 - Exemption from compulsory association.
628.917 - Insolvency and liquidation.
628.918 - Management of assets of captive reinsurance company.
628.919 - Standards to ensure risk management control by parent company.