(1) Legal title to the trusteed assets is vested in the trustee or trustees, and their successors lawfully appointed, in trust for the purposes and duration as stated in s. 630.041.
(2) Substitution of a new trustee or trustees in case of a vacancy by death, resignation or otherwise may be made, subject to the office’s approval.
(3) All trusteed assets shall at all times be maintained as a trust fund separate and distinct from all other assets.
(4) The trustee or trustees shall maintain a record at all times sufficient to identify the assets of the trust.
(5) Withdrawal of or from the trusteed assets shall be made only as provided in s. 630.081.
History.—s. 707, ch. 59-205; ss. 13, 35, ch. 69-106; s. 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 1334, ch. 2003-261.
Structure Florida Statutes
Chapter 630 - Alien Insurers: Trusteed Assets; Domestication
630.021 - Required Deposit of Assets.
630.041 - Purpose and Duration.
630.051 - Trust Agreement; Approval; Amendment.
630.061 - Authority to Execute Trust Agreement.
630.071 - Requirements and Contents of Trust Agreement.
630.081 - Withdrawal of Assets, in General.
630.091 - Statement of Trustee.
630.101 - Examination of Assets.
630.121 - Domestication of Alien Insurer; Definitions.
630.131 - Domestication Procedure.
630.141 - Domestication Agreement; Authorization; Execution.
630.151 - Office Approval of Domestication Agreement.
630.161 - Consummation of Domestication; Transfer of Assets and Deposits.