2019 Florida Statutes
Title XXXVII - Insurance
Chapter 624 - Insurance Code: Administration and General Provisions
Part III - Authorization of Insurers and General Requirements (Ss. 624.401-624.490)
624.45 - Participation of financial institutions in reinsurance and in insurance exchanges.
(1) Own or control, directly or indirectly, any insurer which is authorized or approved by the office, which insurer transacts only reinsurance in this state and which actively engages in reinsuring risks located in this state.
(2) Participate, directly or indirectly, as an underwriting member or as an investor in an underwriting member of any insurance exchange authorized in accordance with s. 629.401, which underwriting member transacts only aggregate or specific excess insurance over underlying self-insurance coverage for self-insurance organizations authorized under the Florida Insurance Code, for multiple-employer welfare arrangements, or for workers’ compensation self-insurance trusts, in addition to any reinsurance the underwriting member may transact.
Nothing in this section shall be deemed to prohibit a financial institution from engaging in any presently authorized insurance activity.
History.—s. 3, ch. 86-160; s. 188, ch. 91-108; s. 4, ch. 91-429; s. 823, ch. 2003-261.
