The Florida Senate

¹624.4075  Captive conversion or expansion.--

(1)  With respect to any attempt by a captive insurer to convert its license to a certificate of authority as a domestic insurer authorized to transact property and casualty insurance whose permit to form a domestic insurer was pending before the department on October 1, 1989, the applicable surplus as to policyholders requirement shall be the greater of $1,500,000 or the amount set forth in s. 624.407(1)(d), rather than the greater of $2,500,000 or the amount set forth in s. 624.407(1)(d).

(2)  With respect to the shareholders of any captive insurer in existence on October 1, 1989, desiring to obtain a certificate of authority as a domestic insurer authorized to transact property and casualty insurance, they shall be permitted to form a domestic insurer with a surplus as to policyholders requirement that is the greater of $1,500,000 or the amount set forth in s. 624.407(1)(d), rather than the greater of $2,500,000 or the amount set forth in s. 624.407(1)(d).

History.--s. 8, ch. 90-248; s. 188, ch. 91-108; s. 2, ch. 92-29.

¹Note.--Repealed October 1, 2001, by s. 188, ch. 91-108, and scheduled for review pursuant to s. 11.61 Section 4, ch. 91-429, repealed s. 11.61 effective April 5, 1993. Section 33, ch. 96-318, confirmed the repeal of s. 11.61