Fla. Stat. § 629.081
Organization of reciprocal insurer
Redline — January 1, 2011 → current.View current text →
Current — January 1, 2024
As of January 1, 2011
(1) Twenty-five or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the office for a certificate of authority to transact insurance.
(1) Twenty-five or more persons domiciled in this state may organize a domestic reciprocal insurer by applying to the office for a permit to do so. A domestic reciprocal insurer may not be formed unless the persons so proposing have first received a permit from the office.
(2) The proposed attorney shall fulfill the requirements of and shall execute and file with the office, when applying for a certificate of authority, a declaration setting forth: (a) The name of the insurer; (b) The location of the insurer’s principal office, which shall be the same as that of the attorney and shall be maintained within this state; (c) The kinds of insurance proposed to be transacted; (d) The names and addresses of the original subscribers; (e) The designation and appointment of the proposed attorney and a copy of the power of attorney; (f) The names and addresses of the officers and directors of the attorney, if a corporation, or of its members, if other than a corporation; (g) The powers of the subscribers’ advisory committee, and the names and terms of office of the members thereof; (h) That all moneys paid to the reciprocal shall, after deducting therefrom any sum payable to the attorney, be held in the name of the insurer and for the purposes specified in the subscribers’ agreement; (i) A copy of the subscribers’ agreement; (j) A statement that each of the original subscribers has in good faith applied for insurance of a kind proposed to be transacted, and that the insurer has received from each such subscriber the full premium or premium deposit required for the policy applied for, for a term of not less than 6 months at an adequate rate theretofore filed with and approved by the office; (k) A statement of the financial condition of the insurer, a schedule of its assets, and a statement that the surplus as required by s. 629.071 is on hand; and (l) A copy of each policy, endorsement, and application form it then proposes to issue or use.Such declaration shall be acknowledged by the attorney before an officer authorized to take acknowledgments.
(2) The permit application, to be filed by the organizers or the proposed attorney in fact, must be in writing and made in accordance with forms prescribed by the commission. In addition to any applicable requirements of s. 628.051 and other relevant statutes, the application must include all of the following: (a) The name of the proposed reciprocal insurer, which must be in accordance with s. 629.051. (b) The location of the insurer’s principal office, which must be the same as that of the proposed attorney in fact and must be maintained within this state. (c) The kinds of insurance proposed to be transacted. (d) The names and addresses of the original 25 or more subscribers. (e) The proposed designation and appointment of the proposed attorney in fact and a copy of the proposed power of attorney. (f) The names and addresses of the officers and directors of the proposed attorney in fact, if a corporation, or of its members, if other than a corporation. (g) The background information as specified in s. 629.227 for all officers, directors, managers, and those in equivalent positions of the proposed attorney in fact as well as for any person with an ownership interest of 10 percent or more in the proposed attorney in fact. (h) The articles of incorporation and bylaws, or equivalent documents, of the proposed attorney in fact, dated within the last year and appropriately certified. (i) The proposed charter of the subscribers’ advisory committee, and the names and terms of office of the members thereof, as well as the background information as specified in s. 629.227 for each proposed member. (j) A copy of the proposed subscribers’ agreement. (k) A copy of each policy, endorsement, and application form it then proposes to issue or use. (l) Any other pertinent information and documents as reasonably requested by the office.
(3) The filing must be accompanied by the application fee required by s. 624.501(1)(a).
(4) The office shall evaluate and grant or deny the permit application in accordance with ss. 628.061, 628.071, and other relevant provisions of the code.
Official source: Online Sunshine (Florida Legislature). Reproduced from public-domain Florida statutes; confirm against the official source for the current text. Not legal advice.