625.172 – Replacing certain assets; reporting certain liabilities.
625.172 Replacing certain assets; reporting certain liabilities.— (1) The office, upon determining that an insurer’s asset has not been evaluated according to applicable law or that it does not qualify as an asset, shall require the insurer to properly reevaluate the asset or replace the asset with an asset suitable to the office. (2) The office, upon determining […]
625.181 – Assets received as capital or surplus contributions.
625.181 Assets received as capital or surplus contributions.—Assets received by an insurer as a capital or surplus contribution shall, for purposes of this code, be deemed to be purchased by the insurer at a cost equal to, in the discretion of the office, their market value, their appraised value, or prices determined by the office as […]
625.121 – Standard Valuation Law; life insurance.
625.121 Standard Valuation Law; life insurance.— (1) SHORT TITLE.—This section shall be known as the “Standard Valuation Law.” (2) ANNUAL VALUATION.—The office shall annually value, or cause to be valued, the reserves for all outstanding life insurance policies and annuity and pure endowment contracts of each life insurer doing business in this state. In the case of an […]
625.1212 – Valuation of policies and contracts issued on or after the operative date of the valuation manual.
625.1212 Valuation of policies and contracts issued on or after the operative date of the valuation manual.— (1) APPLICABILITY.—This section applies to life insurance contracts, accident and health insurance contracts, and deposit-type contracts issued on or after the operative date of the valuation manual unless the manual requires or permits an insurer to determine reserves according to […]
625.1214 – Use of confidential information.
625.1214 Use of confidential information.— (1) Documents, reports, materials, and other information created, produced, or obtained pursuant to ss. 625.121 and 625.1212 are privileged, confidential, and exempt as provided in s. 624.4212, and are not subject to subpoena or discovery directly from the office. However, the department or office may use the confidential and exempt information in […]
625.141 – Valuation of bonds.
625.141 Valuation of bonds.— (1) All bonds or other evidences of debt having a fixed term and rate of interest held by an insurer may, if amply secured and not in default as to principal or interest, be valued as follows: (a) If purchased at par, at the par value. (b) If purchased above or below par, on the […]
625.151 – Valuation of other securities.
625.151 Valuation of other securities.— (1) Securities, other than those referred to in s. 625.141, held by an insurer shall be valued, in the discretion of the office, at their market value, or at their appraised value, or at prices determined by it as representing their fair market value. (2) Preferred or guaranteed stocks or shares while paying […]
625.01115 – Definitions.
625.01115 Definitions.—As used in this chapter, the term “statutory accounting principles” means accounting principles as defined in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual as of March 2002 and subsequent amendments thereto if the methodology remains substantially consistent. History.—s. 14, ch. 2001-213; s. 864, ch. 2003-261.
625.161 – Valuation of property.
625.161 Valuation of property.— (1) Real property owned by an insurer which is reported in financial statements filed with the office shall be valued at the lower of depreciated cost or fair market value. (2) Real property acquired pursuant to a mortgage loan or contract for sale, in the absence of a recent appraisal deemed by the office […]
625.012 – “Assets” defined.
625.012 “Assets” defined.—In any determination of the financial condition of an insurer, there shall be allowed as “assets” only such assets as are owned by the insurer and which consist of: (1) Cash or cash equivalents, in the possession of the insurer, or in transit under its control, and including the true balance of any deposit in […]