HB 1235 - Captive Insurance

• Expands types of insurance captive insurers may provide beyond commercial property and casualty to include all insurance authorized under the insurance code, except workers' compensation and homeowners/personal motor vehicle coverage.

• Establishes minimum capital requirements ranging from $100,000 for pure captive insurers to $500,000 for sponsored captive insurers, with surplus requirements of $150,000 to $1,000,000 depending on company type.

• Creates new captive insurance company types including association captive, industrial insured captive, sponsored captive, special purpose captive, and captive reinsurance companies, each with specific eligibility criteria and operational restrictions.

• Requires captive insurers to maintain principal places of business in Florida, hold annual board meetings in state, appoint resident registered agents, and file annual financial reports with the Commissioner of Insurance Regulation.

• Authorizes foreign and alien captive insurers to redomesticate as domestic captive insurers and establishes procedures for conversions and mergers of existing insurers into reciprocal structures, with commissioner approval.