The Florida Senate

642.0262  Net worth required to maintain certificate of authority.--

(1)  To maintain a certificate of authority to transact legal expense insurance, a legal expense insurance corporation must maintain a net worth of not less than the greater of:

(a)  Ten thousand dollars; or

(b)  Ten percent of the insurer's total liabilities.

(2)  A legal expense insurance corporation holding a license issued before October 1, 1993, must increase its required net worth:

(a)  By January 1, 1994, to at least $5,000 or 5 percent of its total liabilities, whichever is greater.

(b)  By January 1, 1995, to at least $10,000 or 10 percent of its total liabilities, whichever is greater.

History.--ss. 4, 7, ch. 93-147.