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Florida Statutes Title XXXVII. Insurance § 629.081. Organization of reciprocal insurer

Current as of January 01, 2025 | Updated by Findlaw Staff

(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 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.

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Cite this article: FindLaw.com - Florida Statutes Title XXXVII. Insurance § 629.081. Organization of reciprocal insurer - last updated January 01, 2025 | https://codes.findlaw.com/fl/title-xxxvii-insurance/fl-st-sect-629-081/

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