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FL S0990
Bill
AI Summary
- Establishes a legal framework for protected cell captive insurance companies in Florida, allowing one or more sponsors to form such companies with segregated "protected cells" that insulate each participant's assets and liabilities from those of other cells and the company's general account
- Sets minimum capital requirements for protected cell captive insurance companies at $100,000 in unimpaired paid-in capital, $100,000 in unrestricted net assets (if incorporated as a nonprofit), and $100,000 in unimpaired surplus
- Requires protected cell captive insurance companies to obtain prior written approval from the Office of Insurance Regulation for plans of operation, participant contracts, new cell additions, cell terminations, and any asset distributions from a protected cell
- Provides legal protections ensuring that assets of one protected cell cannot be seized or encumbered to satisfy obligations of another cell or the general account, and establishes litigation procedures requiring pleadings to specify which cells are parties to a suit
- Authorizes conversions between protected cells and other captive insurance company forms, permits cells to disaffiliate and re-affiliate with different protected cell captive insurance companies, and allows mergers between individual protected cells with office approval and without a hearing, effective July 1, 2026
Legislative Description
Protected Cell Captive Insurance Companies
Last Action
Laid on Table, refer to CS/CS/HB 883
3/4/2026
Committee Referrals
Rules2/18/2026
Appropriations Subcommittee on Agriculture, Environment, and General Government2/4/2026
Full Bill Text
No bill text available