Florida Statutes 628.909 – Applicability of other laws
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(1) The Florida Insurance Code does not apply to captive insurance companies or industrial insured captive insurance companies except as provided in this part and subsections (2) and (3).
(2) The following provisions of the Florida Insurance Code apply to captive insurance companies who are not industrial insured captive insurance companies to the extent that such provisions are not inconsistent with this part:
(a) Chapter 624, except for ss. 624.407, 624.408, 624.4085, 624.40851, 624.4095, 624.411, 624.425, and 624.426.
Terms Used In Florida Statutes 628.909
- Captive insurance company: means a domestic insurer established under this part. See Florida Statutes 628.901
- 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(b) Chapter 625, part II.(c) Chapter 626, part IX.(e) Chapter 628.
(3) The following provisions of the Florida Insurance Code shall apply to industrial insured captive insurance companies to the extent that such provisions are not inconsistent with this part:
(a) Chapter 624, except for ss. 624.407, 624.408, 624.4085, 624.40851, 624.4095, 624.411, 624.425, 624.426, and 624.609(1).
(b) Chapter 625, part II, if the industrial insured captive insurance company is incorporated in this state.
(c) Chapter 626, part IX.