The Florida Senate

628.909  Applicability of other laws.--

(1)  The Florida Insurance Code shall not apply to captive insurers or industrial insured captive insurers except as provided in this part and subsections (2), (3), and (4).

(2)  The following provisions of the Florida Insurance Code shall apply to captive insurers who are not industrial insured captive insurers to the extent that such provisions are not inconsistent with this part:

(a)  Chapter 624, except for ss. 624.425 and 624.426.

(b)  Chapter 625, part II.

(c)  Chapter 626, ¹part X.

(d)  Sections 627.730-627.7405, when no-fault coverage is provided.

(e)  Chapter 628.

(3)  The following provisions of the Florida Insurance Code shall apply to industrial insured captive insurers to the extent that such provisions are not inconsistent with this part:

(a)  Chapter 624, except for ss. 624.408, 624.4095, 624.425, 624.426, and 624.609(1).

(b)  Chapter 625, part II, if the industrial insured captive insurer is incorporated in this state.

(c)  Chapter 626, ¹part X.

(d)  Sections 627.730-627.7405 when no-fault coverage is provided.

(e)  Chapter 628, except for ss. 628.341, 628.351, and 628.6018.

(4)  Section 624.404(8) shall not apply to an industrial insured captive insurer if:

(a)  Not more than 5 percent of the voting rights of such insurer is held or controlled by any single government or government agency, other than an agency or instrumentality of the Federal Government;

(b)  Not more than 10 percent of the voting rights of such insurer is held or controlled by any single agency or instrumentality of the Federal Government; and

(c)  Not more than 20 percent of the voting rights of such insurer is held or controlled in the aggregate by government or government agencies, including agencies or instrumentalities of the Federal Government.

History.--ss. 664, 809(1st), ch. 82-243; s. 46, ch. 83-215; ss. 5, 11, ch. 87-127; s. 34, ch. 87-226; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 33, ch. 95-211.

¹Note.--Redesignated as part IX of ch. 626 to conform to the transfer of ss. 626.941-626.945, comprising former part IX, by ch. 98-89.

Note.--Former s. 628.607.