625.55 – Custodial arrangements.
625.55 Custodial arrangements.— (1) In lieu of a deposit being made with it in fact, the department in its discretion may permit or require that the deposit be made with and held by the trust department of a national bank organized and existing under the laws of the United States Government or a state bank or savings […]
625.56 – Registration, conveyance of assets or securities.
625.56 Registration, conveyance of assets or securities.— (1) The insurer shall duly register in the name of the Chief Financial Officer all securities being deposited with the department under this code which are not negotiable by delivery. (2) In the case of securities or assets held under custodial arrangements pursuant to s. 625.55, the custodian’s receipt therefor shall […]
625.57 – Appraisal.
625.57 Appraisal.—The office or department may, in its discretion, prior to acceptance for deposit of any particular asset or security, or at any time thereafter while so deposited, have the same appraised or valued by competent appraisers. The reasonable costs of any such appraisal or valuation shall be borne by the insurer. History.—s. 173, ch. 59-205; […]
625.58 – Excess and deficit deposits.
625.58 Excess and deficit deposits.— (1) If securities or assets deposited by an insurer under this part are subject to material fluctuations in market value, the office or department may, in its discretion, require the insurer to deposit and maintain on deposit additional securities or assets in an amount as may be reasonably necessary to assure that […]
625.59 – Rights of insurer during solvency.
625.59 Rights of insurer during solvency.—So long as the insurer remains solvent and is in compliance with this code, it may: (1) Demand, receive, sue for, and recover the income from the securities or assets deposited; (2) Exchange and substitute for the deposited securities or assets, or any part thereof, other eligible securities and assets of equivalent or […]
625.60 – Levy upon deposit.
625.60 Levy upon deposit.—No judgment creditor or other claimant of an insurer shall have the right to levy upon any of the assets or securities held in this state as a deposit for the protection of the insurer’s policyholders or policyholders and creditors. As to deposits made pursuant to the retaliatory provision, s. 624.5091, levy thereupon […]
625.62 – Duration and release of deposit.
625.62 Duration and release of deposit.— (1)(a) Every certificate of deposit filed and every deposit made in this state by an insurer, prior to or pursuant to this code, made voluntarily or pursuant to specific requirements shall be subject to the applicable provisions of this code as amended from time to time. (b) If the deposit is required […]
625.63 – Proofs for release of deposit.
625.63 Proofs for release of deposit.— (1) Before authorizing the release of any deposit or excess portion thereof to the insurer, as provided in s. 625.62, the office or department shall require the insurer to file with the office or department a written statement in such form and with such verification as the office or department deems […]
625.52 – Securities eligible for deposit.
625.52 Securities eligible for deposit.— (1) All deposits by insurers and agents required for authority to transact insurance in this state must be limited to the following types: (a) Cash delivered to the department for the Treasury Cash Deposit Trust Fund. (b) United States Government bonds, notes, and bills for which the full faith and credit of the Government […]
625.53 – Depository.
625.53 Depository.— (1) Except as provided in s. 625.55, all deposits made in this state under this code shall be made with the department. The department shall take, receipt for, and hold in trust deposits made under this code for the purpose or purposes for which the respective deposits were so made, subject to the provisions of […]