Florida Statutes 627.949 – Restrictions on insurance purchased by purchasing groups
Current as of: 2023 | Check for updates
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(1) In order to purchase insurance or coverage for a risk located in this state, which risk is a subject of insurance of a member of the purchasing group, a purchasing group shall only purchase insurance or coverage from:
(a) A risk retention group that is certificated or licensed in one of the states of the United States;
Terms Used In Florida Statutes 627.949
- Purchasing group: means any group which:(a) Has as one of its purposes the purchase of liability insurance on a group basis. 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
(b) An authorized insurer; or(c) An eligible surplus lines insurer.(2) A purchasing group shall utilize an agent licensed and appointed in this state in order to solicit, transact, or purchase insurance or coverage for a risk located in this state, which risk is a subject of insurance of a member of the purchasing group.