Florida § 624.4094 - Bail bond premiums.

§ 624.4094. Bail bond premiums.

(1) The Legislature finds that a significant portion of bail bond premiums is retained by the licensed bail bond agents or appointed managing general agents. For purposes of reporting in financial statements required to be filed with the office pursuant to s. 624.424, direct written premiums for bail bonds by a domestic, foreign, or alien insurer doing business in this state shall be reported net of any amounts retained by licensed bail bond agents or appointed managing general agents. However, in no case shall the direct written premiums for bail bonds be less than 6.5 percent of the total consideration received by the agent for all bail bonds written by the agent. This subsection also applies to any determination of compliance with s. 624.4095. (2) Premiums assumed by a domestic, foreign, or alien insurer shall be reported consistent with subsections (1) and (4) for purposes of filing financial statements with the office. (3) Each domestic, foreign, or alien bail bond insurer shall keep complete and accurate records of the total consideration paid for all bail bonds written by such insurer. (4) Each domestic, foreign, or alien bail bond insurer shall disclose the following information in the notes to the financial statement in the insurer’s annual statement filed with the office. (a) The gross bail bond premiums written in each state by agents for the company. (b) The amount of premium taxes incurred by the company in each state. (c) Total consideration withheld by agents and not reported as an expense by the insurer in financial statements filed with the office. (d) The amount of bail bond premium included on the surety line of the annual statement filed with the office.