Florida § 625.051 - Unearned premium reserve.
Full text of Florida Florida Statutes § 625.051 — Unearned premium reserve., with citation guidance and answers to common questions.
§ 625.051. Unearned premium reserve.
(1) As to insurance against loss or damage to property, except as provided in s. 625.061, and as to all general casualty insurance and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force. (2) The office may require that such reserves be equal to the unearned portions of the gross premiums in force after deducting applicable reinsurance in solvent insurers as computed on each respective risk from the date of issue of the policy. If the office does not so require, the portions of the gross premium in force, less applicable reinsurance in solvent insurers, to be held as an unearned premium reserve, shall be computed according to the following table: Term for which policy Reserve for unearned was written premium 1 year or less .......... 1 / 2 2 years .......... 1st year— 3 / 4 2nd year— 1 / 4 3 years .......... 1st year— 5 / 6 2nd year— 1 / 2 3rd year— 1 / 6 4 years .......... 1st year— 7 / 8 2nd year— 5 / 8 3rd year— 3 / 8 4th year— 1 / 8 5 years .......... 1st year— 9 / 10 2nd year— 7 / 10 3rd year— 1 / 2 4th year— 3 / 10 5th year— 1 / 10 Over 5 years .......... pro rata (3) In lieu of computation according to the foregoing table, the insurer at its option may compute all of such reserves on a monthly or more frequent pro rata basis. (4) After adopting a method for computing such reserve, an insurer shall not change methods without approval of the public insurance supervisory official of the state of domicile. (5) This section does not apply to title insurance.
Frequently Asked Questions About Florida § 625.051
What does Florida Statutes § 625.051 cover?
Section 625.051 ("Unearned premium reserve.") is part of the Florida Statutes, the codified statutory law of Florida. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Florida § 625.051?
A common citation format is "Florida Statutes § 625.051" (Florida). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Florida law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Florida official source linked on this page or consult a licensed Florida attorney.
How does Florida § 625.051 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Florida can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Florida.