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 […]
625.171 – Valuation of purchase money mortgages.
625.171 Valuation of purchase money mortgages.—Purchase money mortgages on real property referred to in s. 625.161(2) shall be valued in an amount not exceeding the acquisition cost to the insurer of real property covered thereby or 90 percent of the fair value of such real property, whichever is less. History.—s. 125, ch. 59-205; s. 3, ch. […]
625.031 – Assets not allowed.
625.031 Assets not allowed.—In addition to assets impliedly excluded by the provisions of s. 625.012, the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer: (1) Trade names, patents, agreements not to compete, and other like intangible assets. (2) Advances (other than policy loans) to officers and directors, whether […]
625.041 – Liabilities, in general.
625.041 Liabilities, in general.—In any determination of the financial condition of an insurer, liabilities to be charged against its assets include: (1) The amount, estimated in accordance with this code, necessary to pay all of its unpaid losses and claims incurred on or before the date of statement, whether reported or unreported, together with the expenses of […]
625.051 – Unearned premium reserve.
625.051 Unearned premium reserve.— (1) As to insurance against loss or damage to property, except as provided in s. 625.061, and as to all general casualty insurance and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force. (2) The office may require that such reserves be equal to the unearned portions of […]
625.061 – Unearned premium reserve for marine and transportation insurance.
625.061 Unearned premium reserve for marine and transportation insurance.—As to marine and transportation insurance, the entire amount of premiums on trip risks not terminated shall be deemed unearned; and the office may require the insurer to carry a reserve equal to 100 percent of premiums on trip risks written during the month ended as of the […]
625.071 – Special reserve for bail and judicial bonds.
625.071 Special reserve for bail and judicial bonds.—In lieu of the unearned premium reserve required on surety bonds under s. 625.051, the office may require any surety insurer or limited surety insurer to set up and maintain a reserve on all bail bonds or other single-premium bonds without definite expiration date, furnished in judicial proceedings, equal […]
625.081 – Reserve for health insurance.
625.081 Reserve for health insurance.—For all health insurance policies, the insurer shall maintain an active life reserve which places a sound value on the insurer’s liabilities under such policies; is not less than the reserve according to appropriate standards set forth in rules issued by the commission; and, with the exception of credit disability insurance, in […]
625.091 – Losses and loss adjustment expense reserves; liability insurance and workers’ compensation insurance.
625.091 Losses and loss adjustment expense reserves; liability insurance and workers’ compensation insurance.—The reserve liabilities recorded in the insurer’s annual statement and financial statements for unpaid losses and loss adjustment expenses shall be the estimated value of its claims when ultimately settled and shall be computed as follows: (1) For all liability and workers’ compensation claims, the […]
625.101 – Increase of inadequate loss reserves.
625.101 Increase of inadequate loss reserves.—If loss experience shows that an insurer’s loss reserves, however computed or estimated, are inadequate, the office shall require the insurer to maintain loss reserves in such additional amount as is needed to make them adequate. This section does not apply as to life insurance. History.—s. 118, ch. 59-205; ss. 13, […]