Florida Statutes 624.10 – Other definitions
Current as of: 2024 | Check for updates
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As used in the Florida Insurance Code, the term:
(1) “Affiliate” means an entity that exercises control over or is directly or indirectly controlled by the insurer through:
(a) Equity ownership of voting securities;
Terms Used In Florida Statutes 624.10
- Contract: A legal written agreement that becomes binding when signed.
- 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
(b) Common managerial control; or
(c) Collusive participation by the management of the insurer and affiliate in the management of the insurer or the affiliate.
(2) “Affiliated person” of another person means:
(a) The spouse of the other person;
(b) The parents of the other person and their lineal descendants, or the parents of the other person’s spouse and their lineal descendants;
(c) A person who directly or indirectly owns or controls, or holds with the power to vote, 10 percent or more of the outstanding voting securities of the other person;
(d) A person, 10 percent or more of whose outstanding voting securities are directly or indirectly owned or controlled, or held with power to vote, by the other person;
(e) A person or group of persons who directly or indirectly control, are controlled by, or are under common control with the other person;
(f) An officer, director, partner, copartner, or employee of the other person;
(g) If the other person is an investment company, an investment adviser of such company, or a member of an advisory board of such company;
(h) If the other person is an unincorporated investment company not having a board of directors, the depositor of such company; or
(i) A person who has entered into a written or unwritten agreement to act in concert with the other person in acquiring or limiting the disposition of securities of a domestic stock insurer or controlling company.
(3) “Control,” including the terms “controlling,” “controlled by,” and “under common control with,” means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise. Control is presumed to exist if a person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing 10 percent or more of the voting securities of another person.
(4) “NAIC” means the National Association of Insurance Commissioners.
(5) “Transact” with respect to insurance includes any of the following, in addition to other applicable provisions of this code:
(a) Solicitation or inducement.
(b) Preliminary negotiations.
(c) Effectuation of a contract of insurance.
(d) Transaction of matters subsequent to effectuation of a contract of insurance and arising out of it.