Florida Statutes 628.911 – Reports and statements
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 628.911
- Captive insurance company: means a domestic insurer established under this part. See Florida Statutes 628.901
- Captive reinsurance company: means a reinsurance company that is formed and licensed under this part and is wholly owned by a qualifying reinsurance parent company. See Florida Statutes 628.901
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Office: means the Office of Insurance Regulation. See Florida Statutes 628.901
- Parent: means any corporation, limited liability company, partnership, or individual that directly or indirectly owns, controls, or holds with power to vote more than 50 percent of the outstanding voting interests of a captive insurance company. See Florida Statutes 628.901
(1) A captive insurance company may not be required to make any annual report except as provided in this part.
(2) Annually no later than March 1, a captive insurance company or a captive reinsurance company shall submit to the office a report of its financial condition verified by oath of two of its executive officers. Except as provided in this part, a captive insurance company or a captive reinsurance company must report using generally accepted accounting principles, unless the office approves the use of statutory accounting principles, with useful or necessary modifications or adaptations required or approved or accepted by the office for the type of insurance and kinds of insurers to be reported upon, and as supplemented by additional information required by the office. The Financial Services Commission may adopt by rule the form in which captive insurance companies shall report.
(3) A captive insurance company may make written application for filing the required report on a fiscal year end that is consistent with the parent company’s fiscal year. If an alternative reporting date is granted, the annual report is due 60 days after the fiscal year end.