FL H0883

Creates a comprehensive regulatory framework for protected cell captive insurance companies in Florida, allowing one or more sponsors to form these entities as stock insurers, mutual corporations, nonprofit corporations, or limited liability companies

Establishes minimum capital and surplus requirements of $100,000 each for protected cell captive insurance companies, compared to $100,000-$200,000 capital and $150,000-$500,000 surplus requirements for other captive insurance company types

Requires strict asset and liability segregation between protected cells, prohibiting assets of one cell from being used to pay expenses or claims of other cells or the general account, with the remedy of tracing available if assets are improperly commingled

Mandates Office of Insurance Regulation approval for establishment of protected cells, participant contracts, and any transfers or distributions from protected cells, with annual financial reporting requirements for each cell

Authorizes protected cells to convert to other captive insurance company forms, merge with other protected cells, or disaffiliate and affiliate with different protected cell captive insurance companies, with the effective date of July 1, 2026