Florida Statutes 630.121 – Domestication of alien insurer; definitions
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Terms Used In Florida Statutes 630.121
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(1) “Domestication” as used in ss. 630.131–630.161 means the reorganization of the United States branch of an alien insurer as the result of which a domestic insurer shall succeed to all the business and assets and assume all the liabilities of the United States branch of the alien insurer.
(2) “United States branch” means the business unit through which business is transacted within the United States by an alien insurer and the assets and liabilities of such insurer within the United States pertaining to such business.
(3) “Domestic insurer” as used in such sections means a stock insurer incorporated under the laws of this state.