Florida Statutes 628.919 – Standards to ensure risk management control by parent company
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 628.919
- Affiliated company: means a company in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management. See Florida Statutes 628.901
- Captive insurance company: means a domestic insurer established under this part. See Florida Statutes 628.901
- Controlled unaffiliated business: means a company:(a) That is not in the corporate system of a parent and affiliated companies;(b) That has an existing contractual relationship with a parent or affiliated company; and(c) Whose risks are managed by a captive insurance company in accordance with…. See Florida Statutes 628.901
- 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
- Pure captive insurance company: means a company that insures risks of its parent, affiliated companies, controlled unaffiliated businesses, or a combination thereof. See Florida Statutes 628.901
A pure captive insurance company shall submit to the office for approval standards to ensure that a parent or affiliated company is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by the pure captive insurance company.