Terms Used In Florida Statutes > Chapter 628 > Part V - Captive Insurers

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affiliated company: means a company in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management. See Florida Statutes 628.901
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annual public fair: means a community, county, district, regional, or state fair that is held and conducted by a fair association and permitted by the department pursuant to…. See Florida Statutes 616.001
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Applicant: means the person filing an application for registration of a mark under this chapter and the legal representatives, successors, or assigns of such person. See Florida Statutes 495.011
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Arrest: Taking physical custody of a person by lawful authority.
• Articles of incorporation: includes original, amended, and restated articles of incorporation, articles of consolidation, and articles of merger, and all amendments thereto, including documents designated by the laws of this state as charters, and, in the case of a foreign corporation, documents equivalent to articles of incorporation in the jurisdiction of incorporation. See Florida Statutes 617.01401
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• association: means an association not for profit incorporated under this chapter for the purpose of conducting and operating public fairs or expositions. See Florida Statutes 616.001
• Authority: means the Florida State Fair Authority. See Florida Statutes 616.001
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bylaws: means the code or codes of rules adopted for the regulation or management of the affairs of the corporation irrespective of the name or names by which such rules are designated. See Florida Statutes 617.01401
• Captive insurance company: means a domestic insurer established under this part. See Florida Statutes 628.901
• Captive reinsurance company: means a reinsurance company that is formed and licensed under this part and is wholly owned by a qualifying reinsurance parent company. See Florida Statutes 628.901
• Certification mark: means any word, name, symbol, or device, or any combination thereof, used by a person other than the owner of the mark to certify regional or other origin, material, mode of manufacture, quality, accuracy, or other characteristics of such person's goods or services or that the work or labor on the goods or services was performed by members of a union or other organization. See Florida Statutes 495.011
• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• Collective mark: means a trademark or service mark used by the members of a cooperative, an association, or other collective group or organization, and includes marks used to indicate membership in a union, an association, or other organization. See Florida Statutes 495.011
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Concession: means use by a fair association, or a grant, lease, or license to a third party, of a portion of the land under the ownership, custody, or control of a fair association for specific uses, or the right to enter upon the land for specific purposes, such as providing rides, games, food, beverage, merchandise for sale, exhibits, projects, activities, events, programs, or other uses authorized in this chapter. See Florida Statutes 616.001
• Consolidated debt to total capital ratio: means the ratio of the sum of all debts and hybrid capital instruments as described in paragraph (a) to total capital as described in paragraph (b). See Florida Statutes 628.901
• Contract: A legal written agreement that becomes binding when signed.
• Controlled unaffiliated business: means a company:
  (a) That is not in the corporate system of a parent and affiliated companies;
  (b) That has an existing contractual relationship with a parent or affiliated company; and
  (c) Whose risks are managed by a captive insurance company in accordance with…. See Florida Statutes 628.901
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Corporation not for profit: means a corporation no part of the income or profit of which is distributable to its members, directors, or officers, except as otherwise provided under this chapter. See Florida Statutes 617.01401
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Department: means the Florida Department of State or its designee charged with the administration of this chapter. See Florida Statutes 495.011
• Department: means the Department of State. See Florida Statutes 617.01401
• Department: means the Department of Agriculture and Consumer Services. See Florida Statutes 616.001
• Dilution: means the lessening of the capacity of a mark to identify and distinguish goods or services, regardless of the presence or absence of:
  (a) Competition between the owner of the mark and other parties. See Florida Statutes 495.011
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Distribution: means the payment of a dividend or any part of the income or profit of a corporation to its members, directors, or officers. See Florida Statutes 617.01401
• District fair: means an annual public fair that serves at least five counties and has exhibits that meet the requirements of…. See Florida Statutes 616.001
• domestic corporation: means a corporation not for profit, subject to the provisions of this chapter, except a foreign corporation. See Florida Statutes 617.01401
• Electronic transmission: means any form of communication, not directly involving the physical transmission or transfer of paper, which creates a record that may be retained, retrieved, and reviewed by a recipient and which may be directly reproduced in a comprehensible and legible paper form by such recipient through an automated process. See Florida Statutes 617.01401
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Entry: means one item entered for competition or show. See Florida Statutes 616.001
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Ex officio: Literally, by virtue of one's office.
• Exhibit: means one or more entries entered for exhibition and constituting a unit. See Florida Statutes 616.001
• Exhibitor: means an individual, group of individuals, or business, including a fair association or third party contracting with a fair association, which has an exhibit. See Florida Statutes 616.001
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreign corporation: means a corporation not for profit organized under laws other than the laws of this state. See Florida Statutes 617.01401
• Fraud: Intentional deception resulting in injury to another.
• GAAP: means generally accepted accounting principles. See Florida Statutes 628.901
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
• Industrial insured: means an insured that:
  (a) Has gross assets in excess of $50 million;
  (b) Procures insurance through the use of a full-time employee of the insured who acts as an insurance manager or buyer or through the services of a person licensed as a property and casualty insurance agent, broker, or consultant in such person's state of domicile;
  (c) Has at least 100 full-time employees; and
  (d) Pays annual premiums of at least $200,000 for each line of insurance purchased from the industrial insured captive insurance company or at least $75,000 for any line of coverage in excess of at least $25 million in the annual aggregate. See Florida Statutes 628.901
• Industrial insured captive insurance company: means a company that provides insurance only to the industrial insureds that are its stockholders or members, and affiliates thereof, or to the stockholders, and affiliates thereof, of its parent corporation. See Florida Statutes 628.901
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Juristic person: includes a firm, partnership, corporation, union, association, or other organization capable of suing and being sued in a court of law. See Florida Statutes 495.011
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Mail: means the United States mail, facsimile transmissions, and private mail carriers handling nationwide mail services. See Florida Statutes 617.01401
• Mark: includes any trademark, service mark, certification mark, or collective mark entitled to registration under this chapter, whether or not registered. See Florida Statutes 495.011
• Member: means one having membership rights in a corporation in accordance with the provisions of its articles of incorporation or bylaws or the provisions of this chapter. See Florida Statutes 617.01401
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Office: means the Office of Insurance Regulation. See Florida Statutes 628.901
• Oversight: Committee review of the activities of a Federal agency or program.
• Parent: means any corporation, limited liability company, partnership, or individual that directly or indirectly owns, controls, or holds with power to vote more than 50 percent of the outstanding voting interests of a captive insurance company. See Florida Statutes 628.901
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: includes individual and entity. See Florida Statutes 617.01401
• person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• political subdivision: include counties, cities, towns, villages, special tax school districts, special road and bridge districts, bridge districts, and all other districts in this state. See Florida Statutes 1.01
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Public fair or exposition: means a project, activity, event, or program, and use by a fair association, including, but not limited to, the annual public fair, which serves the purposes specified in…. See Florida Statutes 616.001
• Pure captive insurance company: means a company that insures risks of its parent, affiliated companies, controlled unaffiliated businesses, or a combination thereof. See Florida Statutes 628.901
• Quorum: The number of legislators that must be present to do business.
• Registrant: means the person to whom the registration of a mark under this chapter is issued and the legal representatives, successors, or assigns of such person. See Florida Statutes 495.011
• Related company: means any person whose use of a mark is controlled by the owner of the mark with respect to the nature and quality of the goods or services on or in connection with which the mark is used. See Florida Statutes 495.011
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Service mark: means any word, name, symbol, or device, or any combination thereof, used by a person to identify and distinguish the services of such person, including a unique service, from the services of others, and to indicate the source of the services, even if that source is unknown. See Florida Statutes 495.011
• Service of process: The service of writs or summonses to the appropriate party.
• Special purpose captive insurance company: means a captive insurance company that is formed or licensed under this chapter that does not meet the definition of any other type of captive insurance company defined in this section. See Florida Statutes 628.901
• Specialized show: means a show or exhibition exhibiting and emphasizing livestock or poultry, or a fruit or vegetable festival, and must meet the minimum exhibit requirements specified in…. See Florida Statutes 616.001
• State fair: means an annual public fair that serves the entire state. See Florida Statutes 616.001
• Subpoena: A command to a witness to appear and give testimony.
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Trade name: means any name used by a person to identify a business or vocation of such person. See Florida Statutes 495.011
• Trademark: means any word, name, symbol, or device, or any combination thereof, used by a person to identify and distinguish the goods of such person, including a unique product, from those manufactured or sold by others, and to indicate the source of the goods, even if the source is unknown. See Florida Statutes 495.011
• Treasury rates: means the United States Treasury STRIPS asked yield as published in the Wall Street Journal as of a balance sheet date. See Florida Statutes 628.901
• Trustee: A person or institution holding and administering property in trust.
• Use: means the bona fide use of a mark in the ordinary course of trade and not used merely for the purpose of reserving a right in a mark. See Florida Statutes 495.011
• Voting power: means the total number of votes entitled to be cast for the election of directors at the time the determination of voting power is made, excluding a vote that is contingent upon the happening of a condition or event that has not yet occurred. See Florida Statutes 617.01401
• Whips: Assistants to the floor leaders who are also elected by their party conferences. The Majority and Minority Whips (and their assistants) are responsible for mobilizing votes within their parties on major issues. In the absence of a party floor leader, the whip often serves as acting floor leader.
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.
• writing: includes handwriting, printing, typewriting, and all other methods and means of forming letters and characters upon paper, stone, wood, or other materials. See Florida Statutes 1.01