Florida Statutes 627.943 – Risk retention groups certified in Florida
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 627.943
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liability: means legal liability for damages, including costs of defense, legal costs and fees, and other claims expenses, because of injuries to other persons, damage to their property, or other damage or loss to such other persons resulting from or arising out of:(a) Any business, whether for profit or nonprofit, trade, product, services (including professional services), premises, or operations; or(b) Any activity of any state or local government, or any agency or political subdivision thereof. See Florida Statutes 627.942
- Plan of operation or a feasibility study: means an analysis which presents the expected activities and results of a risk retention group, including, at a minimum:
(a) For each state in which it intends to operate, the coverages, deductibles, coverage limits, rates, and rating classification systems for each line of insurance the group intends to offer. See Florida Statutes 627.942- Risk retention group: means any corporation or other limited liability association:
(a) Whose primary activity consists of assuming and spreading all or any portion of the liability exposure of its group members. See Florida Statutes 627.942- State: means any state of the United States or the District of Columbia. See Florida Statutes 627.942
(1) A risk retention group seeking to be certified in this state shall first obtain a permit pursuant to chapter 628. The risk retention group shall then be organized as a limited liability association or corporation under the laws of this state and shall obtain and maintain a certificate of authority as a domestic insurer authorized to write only liability insurance by the Florida Insurance Code and, except as provided elsewhere in this part, shall comply with all of the provisions of the Florida Insurance Code, rules, statutes, and other laws applicable to domestic liability insurers, including requirements governing the use of agents, and with the provisions of s. 627.944 to the extent the provisions of s. 627.944 are not a limitation on the applicable provisions of the Florida Insurance Code and related rules or other statutory or legal requirements of this state.(2) Before it may offer insurance in any state, each risk retention group shall also submit for approval to the office a plan of operation or a feasibility study. Before additional lines of liability insurance are offered in this or any other state approval shall be obtained from the office.(3) A proposed risk retention group shall provide to the office a summary of the application for a certificate of authority at the time it files the application. The summary information shall include the name of the risk retention group, the identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group, the amount and nature of initial capitalization, and the states in which the group intends to operate. A copy of the summary shall be provided by the office to the National Association of Insurance Commissioners.(4) Domestic risk retention groups shall be subject to all taxes imposed on domestic insurers.(5) Domestic risk retention groups shall be subject to the provisions of s. 627.944(7), (8), and (9).