reglab/statecodes huggingface dataset:
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XIX - Purchasing Groups and Risk Retention Groups (Ss. 627.941-627.955) › 627.951 - Penalties; cease and desist orders; injunctions.

627.951 Penalties; cease and desist orders; injunctions.—
(1) A risk retention group which violates any applicable provision of the Florida Insurance Code shall be subject to fines and penalties applicable to licensed insurers generally, including revocation of its license or the right to do business in this state. In addition, any such risk retention group shall be subject to the issuance of a cease and desist order of the office or an injunction issued by a court of competent jurisdiction prohibiting such violation or prohibiting the soliciting, selling, or transacting of insurance or otherwise operating or conducting business in this state in violation of the laws of this state. The office may obtain an order from a court of competent jurisdiction to enjoin a risk retention group from further operation or from transacting insurance in this state if the risk retention group is in hazardous financial condition or financially impaired or to enjoin a risk retention group from the soliciting, selling, or transacting of insurance with respect to any person who is not eligible for membership in the group under state or federal law.
(2) A purchasing group which violates any applicable provision of the Florida Insurance Code shall be subject to fines and penalties applicable to licensed insurers and agents generally. In addition, any such purchasing group shall be subject to the issuance of a cease and desist order of the office or an injunction issued by any court of competent jurisdiction prohibiting the soliciting, selling, transacting, or purchasing of insurance or otherwise operating or conducting business in this state.
History.—ss. 2, 5, ch. 87-282; s. 114, ch. 92-318; s. 1249, ch. 2003-261.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XIX - Purchasing Groups and Risk Retention Groups (Ss. 627.941-627.955) › 627.953 - Binding effect of orders issued in United States District Court.

627.953 Binding effect of orders issued in United States District Court.—An order issued by any district court of the United States enjoining a risk retention group from transacting, soliciting, or selling insurance or from operating in any state or in all states or in any territory or possession of the United States, upon a finding that such a group is in a hazardous financial condition, shall be enforceable in the courts of this state.
History.—ss. 2, 5, ch. 87-282; s. 114, ch. 92-318.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XIX - Purchasing Groups and Risk Retention Groups (Ss. 627.941-627.955) › 627.954 - Rules.

627.954 Rules.—The commission may establish and from time to time amend such rules relating to risk retention groups and purchasing groups as may be necessary or desirable to carry out the provisions of this part.
History.—ss. 2, 5, ch. 87-282; s. 114, ch. 92-318; s. 1251, ch. 2003-261.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XIX - Purchasing Groups and Risk Retention Groups (Ss. 627.941-627.955) › 627.955 - Limitation on deductibles.

627.955 Limitation on deductibles.—A purchasing group may not purchase insurance that provides for a deductible or self-insured retention that is applicable to the group as a whole. However, coverage may provide for a deductible or self-insured retention that is applicable to individual members.
History.—s. 18, ch. 2000-370.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XX - Financial Guaranty Insurance (Ss. 627.971-627.975) › 627.974 - Filing of policy forms and rates.

627.974 Filing of policy forms and rates.—
(1) Policy forms and any amendments thereto must be filed with the office within 30 days after their use by the insurer. A policy may not provide coverage of the acceleration of payments due under the guaranteed obligations, including any payment in advance of scheduled maturity to be made by the issuer of the guaranteed obligations at the sole option of the owner of the guaranteed obligations, unless the acceleration is at the sole option of the insurer. Each policy must disclose that the insurance provided by the policy is not covered by the Florida Insurance Guaranty Association created under part II of chapter 631. The commission may prescribe additional minimum policy provisions which are determined by the commission to be necessary or appropriate to protect policyholders, claimants, obligees, or indemnitees.
(2) Rates may not be excessive, inadequate, unfairly discriminatory, destructive of competition, or detrimental to the solvency of the insurer.
(3) Criteria and guidelines used by insurers transacting financial guaranty insurance in establishing rating categories and ranges of rates to be used must be filed with the office for information prior to their use by the insurer.
(4) All such filings must be available for public inspection at the office.
(5) This section is in lieu of the requirements of ss. 627.062 and 627.410.
History.—ss. 1, 6, ch. 88-87; s. 114, ch. 92-318; s. 1255, ch. 2003-261.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXI - Mortgage Insurance Consolidations (Ss. 627.981-627.987) › 627.981 - Scope of part.

627.981 Scope of part.—This part applies to all mortgage insurance offered, issued, or delivered in this state, by mail or otherwise, in connection with consolidations.
History.—ss. 1, 2, ch. 90-149; s. 114, ch. 92-318.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXI - Mortgage Insurance Consolidations (Ss. 627.981-627.987) › 627.982 - Definitions.

627.982 Definitions.—As used in this part:
(1) “Consolidation” means any transaction in which a financial institution or servicer makes its premium collection services available to its mortgage debtors in connection with a particular insurer’s (“new insurer”) offer of mortgage insurance, which offer is made to debtors who, immediately prior to the offer, had mortgage insurance with another insurer (“old insurer”) and were paying premiums for that insurance with their monthly mortgage payments.
(2) “Financial institution” or “servicer” means any entity or organization that services mortgage loans by collecting and accounting for monthly mortgage payments.
(3) “Loan transfer” means a transaction in which the servicing of a block of mortgage loans is transferred from one servicer to another.
(4) “Mortgage” or “mortgage loan” means an indebtedness of more than 10 years’ duration which is secured by a first real estate mortgage and which is not subject to part IX.
(5) “Mortgage insurance” means life, accidental death, or disability insurance, or any combination thereof, designed to pay off all or a part of a mortgage loan in the event of the insured’s death or disability.
(6) “New coverage” or “new plan” means the mortgage insurance coverage or mortgage insurance plan for which the financial institution collects premiums beginning on the effective date of consolidation.
(7) “Old coverage” or “old plan” means the mortgage insurance coverage or mortgage insurance plan the insured debtor had or participated in immediately prior to the consolidation.
History.—ss. 1, 2, ch. 90-149; s. 114, ch. 92-318.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXI - Mortgage Insurance Consolidations (Ss. 627.981-627.987) › 627.984 - Group-to-group consolidations.

627.984 Group-to-group consolidations.—Where both the old coverage and the new coverage are provided under group policies:
(1) A signed application need not be obtained if all of the following apply:
(a) The premium for the new plan is the same as or less than the premium for the old plan.
(b) The amount of insurance provided by the new plan is the same or greater than that provided by the old plan.
(c) All supplemental benefits provided by the old plan, including, but not limited to, accidental death riders and waiver-of-premium benefits, are provided by the new plan.
(d) The maximum term of insurance under the new plan is as long or longer than the maximum term of insurance under the old plan.
(e) There is a clear disclosure to the prospective insured that payment of the required premium constitutes acceptance of the offer.
(2) If an insurer charges insureds the same premium for the new coverage as they were paying for their old coverage, and, as a result, insured debtors of a financial institution are charged different premium rates for the same coverage, such rate differences shall not constitute unfair rate discrimination under s. 626.9541.
History.—ss. 1, 2, ch. 90-149; s. 114, ch. 92-318.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXI - Mortgage Insurance Consolidations (Ss. 627.981-627.987) › 627.985 - Disclosure requirements.

627.985 Disclosure requirements.—
(1) In conjunction with any offer of new coverage made in any consolidation, the new insurer shall disclose in writing to each prospective insured all of the following:
(a) That the insured debtor may have the right to continue or convert her or his old coverage by paying premiums directly to the old insurer.
(b) That the offer of new coverage is not conditioned upon either the termination or replacement of the old coverage.
(c) The name and address of the old insurer and the new insurer.
(d) The effective date of the new coverage.
(e) The beneficiary of the new coverage.
(f) Whether premium rates under the new plan are guaranteed.
(g) Amount of coverage for both the new and old plans. If the amount of coverage for the old plan is not known, a statement that the amount may be scheduled and it may be less than or greater than the amount of the loan and the insured should check the policy schedule for an exact amount of coverage.
(h) Material differences, if any, between the new plan and the old plan.
(i) A statement as to whether the old plan was an individual or group plan and a statement as to whether the new plan is an individual or group plan.
(j) A consumer information phone number to call with questions regarding the consolidation.
(2) Disclosures required under this part may be made on behalf of the new insurer by the financial institution.
History.—ss. 1, 2, ch. 90-149; s. 114, ch. 92-318; s. 379, ch. 97-102.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXI - Mortgage Insurance Consolidations (Ss. 627.981-627.987) › 627.986 - Replacement rules.

627.986 Replacement rules.—Group-to-group consolidations shall be exempt from any rule of the commission relating to the replacement of existing life or health insurance. Nothing in this part shall be interpreted as creating an exemption for consolidations which involve individual policies.
History.—ss. 1, 2, ch. 90-149; s. 114, ch. 92-318; s. 1256, ch. 2003-261.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXI - Mortgage Insurance Consolidations (Ss. 627.981-627.987) › 627.987 - Policy forms.

627.987 Policy forms.—No policy or group certificate of mortgage insurance used in connection with any consolidation, and no application, endorsement, or rider which becomes a part of any such policy or certificate, shall be issued or delivered in this state until a copy of the form has been filed with and approved by the office.
History.—ss. 1, 2, ch. 90-149; s. 114, ch. 92-318; s. 1257, ch. 2003-261.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXII - Collateral Protection Insurance (Ss. 627.9901-627.9913) › 627.9901 - Purpose.

627.9901 Purpose.—The purpose of this part is to:
(1) Promote the public welfare by regulating collateral protection insurance on real property.
(2) Create a legal framework within which collateral protection insurance on real property may be written in this state.
(3) Help maintain the separation between the lenders and servicers and the insurers and insurance agents.
(4) Minimize the possibility of unfair competitive practices in the sale, placement, solicitation, and negotiation of collateral protection insurance.
History.—s. 2, ch. 2023-210.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXII - Collateral Protection Insurance (Ss. 627.9901-627.9913) › 627.9902 - Scope.

627.9902 Scope.—
(1) This part applies to insurers and insurance agents engaged in any mortgage transaction involving collateral protection insurance.
(2) All collateral protection insurance written in connection with mortgaged real property, including manufactured and mobile homes, is subject to the provisions of this part, except:
(a) Insurance associated with mortgage loans or other extensions of credit made primarily for business, commercial, or agricultural purposes.
(b) Insurance offered by the lender or servicer and elected by the mortgagor at the mortgagor’s option.
(c) Insurance purchased by a lender or servicer on real estate owned property.
(d) Insurance for which no specific charge is made to the mortgagor or the mortgagor’s account.
History.—s. 3, ch. 2023-210.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXII - Collateral Protection Insurance (Ss. 627.9901-627.9913) › 627.9903 - Definitions.

627.9903 Definitions.—As used in this part, the term:
(1) “Affiliate” has the same meaning as in s. 624.10.
(2) “Collateral protection insurance” has the same meaning as in s. 624.6085, provided that for purposes of this part, the term applies only to mortgaged real property and not to personal property.
(3) “Individual collateral protection insurance” means coverage for individual real property evidenced by a certificate of coverage under a master collateral protection insurance policy or a collateral protection insurance policy for individual real property.
(4) “Insurance agent” has the same meaning as the term “agent” in s. 626.015.
(5) “Insurer” has the same meaning as in s. 624.03, provided that for purposes of this part, the term is limited to an insurer, or an affiliate of the insurer, authorized to issue collateral protection insurance on mortgaged real property in this state.
(6) “Investor” means a person or an entity, or an affiliate thereof, holding a beneficial interest in loans secured by real property.
(7) “Lapse” means the date on which a mortgagor has failed to comply with a mortgage agreement’s requirements to maintain valid and sufficient insurance upon mortgaged real property.
(8) “Lender” means a person or an entity, or an affiliate thereof, making loans secured by an interest in real property.
(9) “Loss ratio” means the ratio of incurred losses to earned premium.
(10) “Master collateral protection insurance policy” means a group policy issued to a lender or servicer which provides coverage for all loans in the lender’s or servicer’s loan portfolio as needed.
(11) “Mortgage agreement” means the written document setting forth an obligation or a liability of any kind secured by a lien on real property and due from, owing by, or incurred by a mortgagor to a lender on account of a mortgage loan, which document includes the security agreement, the deed of trust, other documents of similar effect, and any other document incorporated by reference.
(12) “Mortgage loan” has the same meaning as in s. 494.001(25)(a).
(13) “Mortgagee” means a person who holds mortgaged real property as security for repayment of a mortgage agreement.
(14) “Mortgagor” means a person who is obligated on a mortgage loan pursuant to a mortgage agreement.
(15) “Real estate owned property” means property owned or held by a lender or servicer as a result of a foreclosure under the related mortgage agreement or acceptance of a deed in lieu of foreclosure.
(16) “Replacement cost value” means the estimated cost to replace covered property at the time of loss or damage without deduction for depreciation. Replacement cost value is not market value but is the cost to replace covered property to its pre-loss condition.
(17) “Servicer” means a person or an entity, or an affiliate thereof, contractually obligated to service one or more mortgage loans for a lender or an investor. The term includes an entity involved in subservicing arrangements.
History.—s. 4, ch. 2023-210.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXII - Collateral Protection Insurance (Ss. 627.9901-627.9913) › 627.9904 - Term of insurance policy.

627.9904 Term of insurance policy.—
(1) Collateral protection insurance must become effective no earlier than the date of lapse of insurance upon mortgaged real property subject to the terms of a mortgage agreement or any state or federal law requiring the same.
(2) Individual collateral protection insurance must terminate on the earliest of the following dates:
(a) The date on which insurance acceptable under the mortgage agreement becomes effective, subject to the mortgagor providing sufficient evidence of such acceptable insurance.
(b) The date on which the applicable real property no longer serves as collateral for a mortgage loan pursuant to a mortgage agreement.
(c) Such other date as specified by the individual policy or certificate of insurance.
(d) Such other date as specified by the lender or servicer.
(e) The termination date of the policy.
(3) An insurance charge may not be made to a mortgagor for collateral protection insurance before the effective date of the collateral protection insurance or for a term longer than the scheduled term of the collateral protection insurance.
History.—s. 5, ch. 2023-210.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXII - Collateral Protection Insurance (Ss. 627.9901-627.9913) › 627.9905 - Calculation of coverage and payment of premiums.

627.9905 Calculation of coverage and payment of premiums.—
(1) Any collateral protection insurance coverage, and the subsequent calculation of premium, should be based upon the replacement cost value of the property, which is determined as:
(a) If known to the lender or servicer, the last known coverage amount, which is the dwelling coverage amount set forth in the most recent evidence of insurance coverage provided by the mortgagee. The insurer shall inquire of the insured at least once as to the last known coverage amount. If the insurer is unable to obtain the last known coverage amount from the insured or in another manner, the insurer may proceed according to paragraph (b) or paragraph (c), as applicable.
(b) If the last known coverage amount is unknown, the replacement cost of the property serving as collateral, as calculated by the insurer, unless the use of replacement cost for this purpose is prohibited by other state or federal law.
(c) If the last known coverage amount is unknown and the replacement cost is not available or its use is prohibited by other state or federal law, the unpaid principal balance of the mortgage loan.
(2) In the event of a covered loss, any replacement cost coverage provided by an insurer in excess of the unpaid principal balance of the mortgage loan must be paid to the mortgagor.
(3) An insurer may not write collateral protection insurance for which the premium rate differs from that determined by the schedules of the insurer on file with the office as of the effective date of any such policy.
History.—s. 6, ch. 2023-210.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXII - Collateral Protection Insurance (Ss. 627.9901-627.9913) › 627.9906 - Prohibited practices.

627.9906 Prohibited practices.—
(1) An insurer or insurance agent may not issue collateral protection insurance on mortgaged property that the insurer or insurance agent, or an affiliate thereof, owns, performs the servicing for, or owns the servicing right to.
(2) An insurer or insurance agent may not compensate, including through the payment of commissions to, a lender, an insurer, an investor, or a servicer on collateral protection property insurance policies issued by the insurer.
(3) An insurer or insurance agent may not share collateral protection insurance premium or risk with the lender, investor, or servicer that obtained the collateral protection insurance.
(4) An insurer or insurance agent may not offer contingent commissions, profit sharing, or other payments dependent upon profitability or loss ratios to any person affiliated with a servicer or the insurer in connection with collateral protection insurance.
(5) An insurer may not provide free or below-cost outsourced services to lenders, investors, or servicers or outsource its own functions to lenders, insurance agents, investors, or servicers on an above-cost basis.
(6) An insurer or insurance agent may not make any payments, including, but not limited to, the payment of expenses to a lender, an insurer, an investor, or a servicer, for the purpose of securing collateral protection insurance business or related outsourced services.
History.—s. 7, ch. 2023-210.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXII - Collateral Protection Insurance (Ss. 627.9901-627.9913) › 627.9907 - Noncircumvention.

627.9907 Noncircumvention.—This part may not be construed to authorize an insurance agent or insurer solely underwriting collateral protection insurance to circumvent the requirements of this part. Any requirement, limitation, or exclusion provided in this part applies to an insurer or insurance agent involved in collateral protection insurance.
History.—s. 8, ch. 2023-210.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXII - Collateral Protection Insurance (Ss. 627.9901-627.9913) › 627.9908 - Evidence of coverage.

627.9908 Evidence of coverage.—Collateral protection insurance must be set forth in an individual policy or certificate of insurance. A copy of the individual policy, certificate of insurance, or other evidence of insurance coverage must be mailed, first-class mailed, or delivered in person to the last known address of the mortgagor, or delivered in accordance with s. 668.50. Notwithstanding any other information required by general law or by rule, the individual policy or certificate of insurance coverage must include all of the following information:
(1) The address and identification of the insured property.
(2) The coverage amount, or amounts if multiple coverages are provided.
(3) The effective date of the coverage.
(4) The term of coverage.
(5) The premium charge for the coverage.
(6) Contact information for filing a claim.
(7) A complete description of the coverage provided.
History.—s. 9, ch. 2023-210.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXII - Collateral Protection Insurance (Ss. 627.9901-627.9913) › 627.9909 - Filing, approval, and withdrawal of forms and rates.

627.9909 Filing, approval, and withdrawal of forms and rates.—
(1) Except as otherwise provided in this part, all policy forms and certificates of insurance to be delivered or issued for delivery in this state are subject to the applicable provisions of s. 627.410, and the schedules of premium rates pertaining thereto are subject to the applicable provisions of s. 627.062.
(2) With respect to any analysis of rates in accordance with s. 627.062(1), the analysis must also include a determination as to whether expenses included by the insurer in the rate are appropriate.
(3) Notwithstanding s. 627.0645, insurers subject to this part shall refile collateral protection property insurance rates at least once every 4 years.
(4) All insurers writing collateral protection insurance shall have separate rates for collateral protection insurance and voluntary insurance obtained by a mortgage servicer on real estate owned property.
(5) Upon the introduction of a new collateral protection insurance program, the insurer shall reference its experience in existing programs in the associated filings. This part does not limit an insurer’s discretion, as actuarially appropriate, to distinguish different terms, conditions, exclusions, eligibility criteria, or other unique or different characteristics. Moreover, an insurer may, where actuarially acceptable, rely upon models or, in the case of flood filings where applicable experience is not credible, on National Flood Insurance Program data.
(6) By April 1 of each year, each insurer with at least $100,000 in direct written premium for collateral protection insurance in this state during the prior calendar year shall report to the office the following information for the prior calendar year:
(a) Actual loss ratio.
(b) Earned premium.
(c) Any aggregate schedule rating debit or credit to earned premium.
(d) Itemized expenses.
(e) Paid losses.
(f) Loss reserves, including case reserves and reserves for incurred but not reported losses.
The report must be separately produced for each collateral protection insurance program and presented on both an individual-jurisdiction and countrywide basis.
(7) Except in the case of collateral protection insurance covering the peril of flood, to which this subsection does not apply, if an insurer experiences an annual loss ratio of less than 35 percent in any collateral protection insurance program for 2 consecutive years, it must submit a rate filing, either adjusting its rates or supporting their continuance, to the office no more than 90 days after the submission of the data required in paragraph (6)(f).
(8) Except as specifically set forth in this section, rate and form filing requirements are subject to the Florida Insurance Code.
History.—s. 10, ch. 2023-210.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXII - Collateral Protection Insurance (Ss. 627.9901-627.9913) › 627.9911 - Enforcement; proceedings; penalties.

627.9911 Enforcement; proceedings; penalties.—The office has all rights and powers to enforce the provisions of this part as provided by s. 624.307. All proceedings must be conducted in accordance with chapter 120. Any penalty must be assessed in accordance with s. 624.4211.
History.—s. 11, ch. 2023-210.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXII - Collateral Protection Insurance (Ss. 627.9901-627.9913) › 627.9912 - Rulemaking.

627.9912 Rulemaking.—The commission may adopt rules to administer this part.
History.—s. 12, ch. 2023-210.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 627 - Insurance Rates and Contracts › Part XXII - Collateral Protection Insurance (Ss. 627.9901-627.9913) › 627.9913 - Severability.

627.9913 Severability.—If any provision of this part or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this part which can be given effect without the invalid provision or application, and to this end the provisions of this part are severable.
History.—s. 13, ch. 2023-210.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 628 - Stock and Mutual Insurers; Holding Companies › Part I - Stock and Mutual Insurers: Organization and Corporate Procedures (Ss. 628.011-628.535) › 628.011 - Scope of part.

628.011 Scope of part.—This part applies only to domestic stock insurers, mutual insurers, and captive insurers, except that s. 628.341(2) applies also as to foreign and alien insurers.
History.—s. 621, ch. 59-205; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 631, 665, 809(1st), ch. 82-243; s. 3, ch. 85-214; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 628 - Stock and Mutual Insurers; Holding Companies › Part I - Stock and Mutual Insurers: Organization and Corporate Procedures (Ss. 628.011-628.535) › 628.021 - “Stock insurer” defined.

628.021 “Stock insurer” defined.—A “stock insurer” is an incorporated insurer with its capital divided into shares and owned by its stockholders.
History.—s. 622, ch. 59-205; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 665, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 628 - Stock and Mutual Insurers; Holding Companies › Part I - Stock and Mutual Insurers: Organization and Corporate Procedures (Ss. 628.011-628.535) › 628.031 - “Mutual insurer” defined.

628.031 “Mutual insurer” defined.—A “mutual insurer” is an incorporated insurer without permanent capital stock, the governing body of which is elected in accordance with this part.
History.—s. 623, ch. 59-205; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 665, 809(1st), ch. 82-243; s. 4, ch. 85-214; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 628 - Stock and Mutual Insurers; Holding Companies › Part I - Stock and Mutual Insurers: Organization and Corporate Procedures (Ss. 628.011-628.535) › 628.041 - Applicability of general corporation statutes.

628.041 Applicability of general corporation statutes.—The applicable statutes of this state relating to the powers and procedures of domestic private corporations formed for profit shall apply to domestic stock insurers and to domestic mutual insurers, except:
(1) As to any domestic mutual insurers incorporated pursuant to chapter 617, which chapter shall govern such insurers when in conflict with part I of chapter 607; and
(2) When in conflict with the express provisions of this code.
History.—s. 624, ch. 59-205; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 633, 665, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 55, ch. 2014-209.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 628 - Stock and Mutual Insurers; Holding Companies › Part I - Stock and Mutual Insurers: Organization and Corporate Procedures (Ss. 628.011-628.535) › 628.051 - Application for permit to form insurer; contents; fee.

628.051 Application for permit to form insurer; contents; fee.—
(1) No domestic insurer shall be formed unless the persons so proposing have received a permit from the office.
(2) Written application for such permit shall be filed with the office. Such application and filing shall include:
(a) The name, type, and purpose of insurer.
(b) The name, residence address, business background, and qualifications of each person associated or to be associated in the formation or financing of the insurer. Each such person with an ownership interest of 10 percent or more, or who will hold a position as an officer or director, must furnish on forms adopted by the commission and supplied by the office a sworn biographical statement, legible copies of fingerprints, and authority for release of information in regard to the investigation of such person’s background.
(c) A full disclosure of the terms of all understandings and agreements existing or proposed among persons so associated relative to the insurer, or the formation or financing thereof, accompanied by a copy of each such agreement or understanding.
(d) A full disclosure of the terms of all understandings and agreements existing or proposed for management or exclusive agency contracts.
(e) A copy of all proposed articles or certificates of incorporation and proposed bylaws of the proposed insurer.
(f) A copy of all articles or certificates of incorporation of involved corporations, if a copy of the same is not already on file in the office.
(g) A copy of all syndicate, association, firm, partnership, organization, or other similar agreements, by whatever name called, involved in the formation of the proposed insurer or its financing.
(h) If the applicant is a reciprocal insurer, a copy of the power of attorney and of other agreements existing or proposed as affecting investors, subscribers, the attorney in fact, or the applicant.
(i) A copy of any security, or of any proposed document evidencing any right or interest, proposed to be offered.
(j) Such other pertinent information and documents as reasonably requested by the commission or office.
(3) The application shall be accompanied by the filing fee specified in s. 624.501.
History.—s. 625, ch. 59-205; ss. 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 634, 665, 809(1st), ch. 82-243; ss. 67, 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 1258, ch. 2003-261.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 628 - Stock and Mutual Insurers; Holding Companies › Part I - Stock and Mutual Insurers: Organization and Corporate Procedures (Ss. 628.011-628.535) › 628.061 - Investigation of proposed organization.

628.061 Investigation of proposed organization.—In connection with any proposal to incorporate a domestic insurer, the office shall make an investigation of:
(1) The character, reputation, financial standing, and motives of the organizers, incorporators, and subscribers organizing the proposed insurer.
(2) The character, financial responsibility, insurance experience, and business qualifications of its proposed officers.
(3) The character, financial responsibility, business experience, and standing of the proposed stockholders and directors.
History.—s. 626, ch. 59-205; ss. 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 635, 665, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 1259, ch. 2003-261.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 628 - Stock and Mutual Insurers; Holding Companies › Part I - Stock and Mutual Insurers: Organization and Corporate Procedures (Ss. 628.011-628.535) › 628.071 - Granting, denial of permit.

628.071 Granting, denial of permit.—
(1) The office shall expeditiously examine and investigate the application for a permit as referred to in s. 628.051. If the office finds that:
(a) The application is complete;
(b) The documents therewith filed are in compliance with law;
(c) None of the stockholders, organizers, incorporators, subscribers, and other persons who directly or indirectly exercise or have the ability to exercise effective control of the proposed insurer or who will be involved in its management have been found guilty of, or have pleaded guilty or nolo contendere to, a felony or a crime punishable by imprisonment of 1 year or more under the law of the United States or any state thereof, or under the law of any other country, which involves moral turpitude, without regard to whether a judgment of conviction has been entered by the court having jurisdiction of such cases;
(d) The proposed financial structure is adequate; and
(e) All stockholders, organizers, incorporators, subscribers, and other persons who directly or indirectly exercise or have the ability to exercise effective control of the proposed insurer or who will be involved in management of the proposed insurer possess the financial standing and business experience to form an insurer;
it shall issue to the applicant a permit to form the proposed insurer.
(2) If the office does not so find, or finds that the insurer if formed or financed would not be able to qualify for or retain a certificate of authority by reason of the provisions of s. 624.404(3), a permit shall not be granted.
(3) A permit granted under the provisions of this section shall be valid for 1 year from the date of issue, and during any extension of such period, not to exceed an additional year, as may be authorized by the office upon cause shown. The articles of incorporation and all other proceedings thereunder shall become void 1 year from the issue date of such permit or upon the expiration of such extended period, unless the formation of the proposed insurer has been completed and a certificate of authority has been issued by the office.
History.—s. 627, ch. 59-205; s. 1, ch. 63-18; ss. 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 21, ch. 78-95; ss. 2, 3, ch. 81-318; ss. 636, 665, 809(1st), ch. 82-243; s. 122, ch. 83-216; s. 37, ch. 88-166; s. 48, ch. 89-360; ss. 184, 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 1260, ch. 2003-261.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 628 - Stock and Mutual Insurers; Holding Companies › Part I - Stock and Mutual Insurers: Organization and Corporate Procedures (Ss. 628.011-628.535) › 628.081 - Incorporation of domestic insurer.

628.081 Incorporation of domestic insurer.—
(1) Five or more individuals, none of whom is less than 18 years of age, may incorporate a stock insurer; 10 or more individuals, none of whom is less than 18 years of age, may incorporate a mutual insurer. At least a majority of the incorporators shall be citizens of the United States.
(2) The incorporators shall execute articles of incorporation in triplicate. At least three of them shall acknowledge execution before an officer authorized to take acknowledgments.
(3) The articles of incorporation shall state the purpose for which the corporation is formed and shall state and show:
(a) The name of the corporation.
(b) The duration of its existence, which may be perpetual.
(c) The kinds of insurance which the corporation is formed to transact.
(d) If a stock corporation, its authorized capital stock, the number of shares of stock into which divided, and the par value of each such share, which par value shall be at least $1 but not more than $100.
(e) If a mutual corporation, the maximum contingent liability of its members, other than as to nonassessable policies, for payment of losses and expenses incurred; such liability shall be as stated in the articles of incorporation but shall not be less than 3 nor more than 10 times the premium for the member’s policy at the annual premium rate for a term of 1 year.
(f) The number of directors, not less than five, who shall constitute the board of directors and conduct the affairs of the corporation. The term of office of initial directors shall not be for more than 1 year after the date of incorporation.
(g) The name of the county, and the city, town, or place within the county, in which its principal office or principal place of business is to be located in this state.
(h) Such other provisions, not inconsistent with law, deemed appropriate by the incorporators.
(i) The name and residence address of each incorporator and the citizenship of each incorporator who is not a citizen of the United States.
History.—s. 628, ch. 59-205; s. 3, ch. 76-168; s. 58, ch. 77-121; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 637, 665, 809(1st), ch. 82-243; ss. 68, 187, 188, ch. 91-108; s. 4, ch. 91-429.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 628 - Stock and Mutual Insurers; Holding Companies › Part I - Stock and Mutual Insurers: Organization and Corporate Procedures (Ss. 628.011-628.535) › 628.091 - Filing, approval of articles of incorporation.

628.091 Filing, approval of articles of incorporation.—
(1) No domestic stock or mutual insurer shall be formed unless its articles of incorporation are approved by the office prior to filing the same with and approval by the Department of State as provided by law.
(2) The incorporators shall file the triplicate originals of the articles of incorporation with the office, accompanied by the filing fee specified in s. 624.501.
(3) The office shall promptly examine the articles of incorporation. If it finds that the articles of incorporation conform to law, and that a permit has been or will be issued, it shall endorse its approval on each of the triplicate originals of the articles of incorporation, retain one copy for its files, and return the remaining copies to the incorporators for filing with the Department of State.
(4) If the office does not so find, it shall refuse to approve the articles of incorporation and shall return the originals.
History.—s. 629, ch. 59-205; ss. 10, 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 21, ch. 78-95; ss. 2, 3, ch. 81-318; ss. 638, 665, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 1261, ch. 2003-261.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 628 - Stock and Mutual Insurers; Holding Companies › Part I - Stock and Mutual Insurers: Organization and Corporate Procedures (Ss. 628.011-628.535) › 628.101 - Amendment of certificate of incorporation; stock insurer.

628.101 Amendment of certificate of incorporation; stock insurer.—A domestic stock insurer shall not amend its certificate of incorporation until a copy of the proposed amendment has been filed with and approved by the office. The office shall promptly examine any such proposed amendment and shall approve the same unless it finds that the proposed amendment does not comply with law.
History.—s. 630, ch. 59-205; ss. 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 639, 665, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 1262, ch. 2003-261.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 628 - Stock and Mutual Insurers; Holding Companies › Part I - Stock and Mutual Insurers: Organization and Corporate Procedures (Ss. 628.011-628.535) › 628.111 - Amendment of articles of incorporation; mutual insurer.

628.111 Amendment of articles of incorporation; mutual insurer.—
(1) A domestic mutual insurer may amend its articles of incorporation by vote of a majority of those members present or represented by proxy at a lawful meeting of its members, if the notice given members included due notice of the proposal to amend.
(2)(a) Upon adoption of the amendment, the insurer shall make in triplicate under its corporate seal a certificate thereof, setting forth the amendment and the date and manner of the adoption thereof, which certificate shall be executed by the insurer’s president or vice president and secretary or assistant secretary and acknowledged before an officer authorized to take acknowledgments. The insurer shall deliver the triplicate originals of the certificate to the office, together with the filing fee specified in s. 624.501.
(b) The office shall promptly examine the certificate of amendment; and, if it finds that the certificate and the amendment comply with law, it shall endorse its approval upon each of the triplicate originals, place one on file in its office, and return the remaining sets to the insurer. The insurer shall forthwith file such endorsed certificates of amendment with the Department of State. The amendment shall be effective when filed with and approved by the Department of State.
(3) If the office finds that the proposed amendment or certificate does not comply with the law, it shall not approve the same, and shall return the triplicate certificate of amendment to the insurer.
History.—s. 631, ch. 59-205; ss. 10, 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 21, ch. 78-95; ss. 2, 3, ch. 81-318; ss. 640, 665, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 1263, ch. 2003-261.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 628 - Stock and Mutual Insurers; Holding Companies › Part I - Stock and Mutual Insurers: Organization and Corporate Procedures (Ss. 628.011-628.535) › 628.121 - Capital stock; amount; payment.

628.121 Capital stock; amount; payment.—
(1) The articles of incorporation of a stock insurer shall provide for authorized capital in an amount not less than that required under this code.
(2) In the sale of the insurer’s capital stock, an amount not less than the minimum paid-in capital stock required under this code shall be paid in with money of the United States or in equivalent United States Government securities. Any additional sums paid for stock or any stock sold after the minimum required capital has been so paid in in money may be in the form of any type of securities in which the insurer is authorized to invest its funds under part II of chapter 625.
History.—s. 632, ch. 59-205; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 641, 665, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 628 - Stock and Mutual Insurers; Holding Companies › Part I - Stock and Mutual Insurers: Organization and Corporate Procedures (Ss. 628.011-628.535) › 628.131 - Limitation on organization and stock sales expenses.

628.131 Limitation on organization and stock sales expenses.—
(1) The total expense involved in the incorporation and financing of a new domestic stock insurer, including incorporation fees, underwriting fees and costs, attorneys’ fees, printing costs, and other services and costs, shall not exceed 15 percent of the funds actually received by or on behalf of the corporation from the sale of its securities.
(2) No president, vice president, secretary, treasurer, director, or other executive officer of any such insurer shall participate, either directly or indirectly, in the commissions of any person selling or negotiating the sale of any security of such an insurer.
History.—s. 633, ch. 59-205; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 642, 665, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 628 - Stock and Mutual Insurers; Holding Companies › Part I - Stock and Mutual Insurers: Organization and Corporate Procedures (Ss. 628.011-628.535) › 628.151 - Insurance business exclusive.

628.151 Insurance business exclusive.—
(1) No domestic insurer shall engage directly or indirectly in any business other than the insurance business and business activities reasonably and necessarily incidental to such insurance business.
(2) A title insurer may also engage in business as an escrow agent; and any insurer may also engage in the business of making, acquiring, selling, dealing in, and servicing of real estate mortgage loans and loans incidental thereto.
(3) A business trust whose declaration of trust was filed with the Secretary of State of Florida prior to January 1, 1959, and which, at the time of the adoption of this code, held a certificate of authority as a title insurer may qualify as an insurer for lawyers’ professional liability insurance by complying with the applicable provisions of this code.
History.—s. 635, ch. 59-205; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 644, 665, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429.
2023 Florida Statutes › Title XXXVII - Insurance › Chapter 628 - Stock and Mutual Insurers; Holding Companies › Part I - Stock and Mutual Insurers: Organization and Corporate Procedures (Ss. 628.011-628.535) › 628.152 - Domestic stock insurers; proxies, consents, and authorizations with respect to any voting security.

628.152 Domestic stock insurers; proxies, consents, and authorizations with respect to any voting security.—
(1) The commission may, by rule, prescribe the form, content, and manner of solicitation of any proxy, consent, or authorization with respect to any voting security issued by a domestic stock insurer, as may be necessary or appropriate in the public interest or for the proper protection of investors in the voting securities issued by such insurer or to ensure the fair dealing in such voting securities.
(2) No person and no domestic stock insurer or any director, officer, or employee of such insurer shall solicit or permit the use of his or her name to solicit, by mail or otherwise, any person to give any proxy, consent, or authorization with respect to any voting security in contravention of any such rule.
(3) Any proxy or consent obtained in violation of this section is void. The domestic stock insurer, any stockholder of record, or the office may enforce compliance with this section, by an appropriate civil action.
(4) This section shall not apply to voting securities registered pursuant to s. 12 of the Securities Exchange Act of 1934, as amended.
(5) “Voting security” means any instrument which, in law or by contract, gives the holder the right to vote, consent to, or authorize any corporate action.
History.—s. 1, ch. 65-213; ss. 13, 35, ch. 69-106; s. 2, ch. 71-87; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 645, 665, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 380, ch. 97-102; s. 1264, ch. 2003-261.