FL S0610

Expands types of insurance captive insurers may provide to include all insurance authorized under the Florida Insurance Code, except workers' compensation, employer's liability, life, health, personal motor vehicle, and personal residential property insurance.

Creates three categories of captive insurance companies (pure captive, industrial insured captive, and special purpose captive) with different requirements for capital, surplus, and allowable risks insured.

Establishes minimum capital requirements of $100,000 for pure captive insurers and $200,000 for industrial insured captive insurers incorporated as stock insurers; requires minimum unimpaired surplus ranging from $150,000 to $500,000 depending on company type.

Authorizes captive reinsurance companies to write reinsurance contracts covering property and casualty risks across any state; requires minimum capitalization or reserves of at least the greater of $300 million or 10 percent of reserves.

Requires background investigations, biographical affidavits, and fingerprint processing for all officers and directors; restricts individuals involved with insolvent insurers or convicted of felonies involving moral turpitude, dishonesty, or breach of trust from serving in these positions.