(1) A captive reinsurance company must be incorporated as a stock insurer with its capital divided into shares and held by its shareholders.
(2) A captive reinsurance company may not have fewer than three incorporators of whom at least two must be residents of this state.
(3) Before the articles of incorporation are transmitted to the Secretary of State, the incorporators must comply with all the requirements of s. 628.091.
(4) The capital stock of a captive reinsurance company must be issued at par value of not less than $1 or more than $100 per share.
(5) At least one of the members of the board of directors of a captive reinsurance company incorporated in this state must be a resident of this state.
History.—s. 30, 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.