FL S1408

Replaces the term "captive insurer" with "captive insurance company" throughout Part V of Chapter 628, Florida Statutes.

Expands risks that industrial insured captive insurance companies may insure to include workers' compensation and employer's liability insurance in excess of $25 million annually if the company maintains at least $20 million in unencumbered capital and surplus.

Revises the definition of "qualifying reinsurer parent company" to require companies to hold a certificate of authority or qualify for reinsurance credit under section 624.610(3), with consolidated GAAP net worth of at least $500 million and debt-to-capital ratio not exceeding 0.50.

Allows industrial insured captive insurance companies to insure risks of stockholders or members and their affiliates, or stockholders and affiliates of the parent corporation.

Effective date July 1, 2013.