Florida Statutes 625.322 – Collateral loans
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Terms Used In Florida Statutes 625.322
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
An insurer may invest in loans with a maturity not in excess of 12 years from the date thereof which are secured by the pledge of assets permitted by part I of this chapter. Loans made pursuant to this section shall not be admitted as an asset when it is considered probable that any portion of the amounts due under the contractual terms of the loan will not be collected. Collateral loans reported in financial statements filed with the office shall not exceed the value of the collateral held by the company.