2010 Florida Code
TITLE XXXVII INSURANCE
Chapter 628 STOCK AND MUTUAL INSURERS; HOLDING COMPANIES
PART V STOCK AND MUTUAL INSURERS: ORGANIZATION AND CORPORATEPROCEDURES(ss. 628.011-628.535)
628.131 Limitation on organization and stock sales expenses.
628.131 Limitation on organization and stock sales expenses.
(1) The total expense involved in the incorporation and financing of a new domestic stock insurer, including incorporation fees, underwriting fees and costs, attorneys’ fees, printing costs, and other services and costs, shall not exceed 15 percent of the funds actually received by or on behalf of the corporation from the sale of its securities.
(2) No president, vice president, secretary, treasurer, director, or other executive officer of any such insurer shall participate, either directly or indirectly, in the commissions of any person selling or negotiating the sale of any security of such an insurer.
History. s. 633, ch. 59-205; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 642, 665, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429.
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