CS/CS/HB 379 - Captive Insurance

• Expands types of insurance captive insurers may provide including commercial property, casualty, marine, life, health, and personal motor vehicle coverage, with restrictions on pure and special purpose captive companies.

• Establishes minimum capital and surplus requirements: pure captive insurance companies require $100,000 capital and $250,000 surplus; industrial insured captive companies require $200,000; special purpose amounts determined by Office of Insurance Regulation.

• Requires background investigations, biographical affidavits, and fingerprints for all officers and directors; prohibits individuals convicted of felonies involving moral turpitude from serving in these roles unless previously serving in insolvent companies.

• Creates requirements for captive reinsurance companies including minimum capital of greater of $300 million or 10% of reserves, requiring at least 35% of assets be managed by in-state asset managers.

• Allows foreign or alien captive insurance companies to become domestic captive insurers through redomestication and permits industrial insured captive insurers to operate without Florida incorporation if validly incorporated elsewhere.