Florida Statutes 642.0261 – Net worth required of applicants
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Terms Used In Florida Statutes 642.0261
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
To receive authority to transact legal expense insurance, an applicant applying for a certificate of authority after October 1, 1993, must possess a net worth not less than the greater of:
(1) Ten thousand dollars; or
(2) Ten percent of the applicant’s total liabilities.