Florida § 628.913 - Captive reinsurance companies.

§ 628.913. Captive reinsurance companies.

(1) A captive reinsurance company, if permitted by its articles of incorporation or charter, may apply to the office for a license to write reinsurance covering property and casualty insurance or reinsurance contracts. A captive reinsurance company authorized by the office may write reinsurance contracts covering risks in any state; however, a captive reinsurance company authorized by the office may not directly insure risks. (2) To conduct business in this state, a captive reinsurance company must: (a) Obtain from the office a license authorizing it to conduct business as a captive reinsurance company in this state; (b) Hold at least one board of directors’ meeting each year in this state; (c) Maintain its principal place of business in this state; and (d) Appoint a registered agent to accept service of process and act otherwise on its behalf in this state. (3) Before receiving a license, a captive reinsurance company must file with the office: (a) A certified copy of its charter and bylaws; (b) A statement under oath of its president and secretary showing its financial condition; and (c) Other documents required by the office. (4) In addition to the information required by this section, the captive reinsurance company must file with the office evidence of: (a) The amount and liquidity of the captive reinsurance company’s assets relative to the risks to be assumed; (b) The adequacy of the expertise, experience, and character of the person who manages the company; (c) The overall soundness of the company’s plan of operation; and (d) Other overall factors considered relevant by the office in ascertaining if the company would be able to meet its policy obligations.