642.0261 – Net Worth Required of Applicants.
642.0261 Net worth required of applicants.—To receive authority to transact legal expense insurance, an applicant applying for a certificate of authority after October 1, 1993, must possess a net worth not less than the greater of: (1) Ten thousand dollars; or (2) Ten percent of the applicant’s total liabilities. History.—ss. 3, 7, ch. 93-147.
642.0262 – Net Worth Required to Maintain Certificate of Authority.
642.0262 Net worth required to maintain certificate of authority.—To maintain a certificate of authority to transact legal expense insurance, a legal expense insurance corporation must maintain a net worth of not less than the greater of: (1) Ten thousand dollars; or (2) Ten percent of the insurer’s total liabilities. History.—ss. 4, 7, ch. 93-147; s. 83, ch. 2000-158.
642.027 – Premium Rates.
642.027 Premium rates.—No policy of legal expense insurance may be issued in this state unless the premium rates for the insurance have been filed with and approved by the office. Premium rates shall be established and justified in accordance with generally accepted insurance principles, including, but not limited to, the experience or judgment of the insurer […]
642.029 – Contracts by Insurers.
642.029 Contracts by insurers.— (1) Contracts made between the insurer and participating attorneys, management contracts, or contracts with providers of other services covered by the legal expense insurance policy shall be filed with and approved by the office. (2) An insurer shall annually report to the office the number and geographical distribution of attorneys and providers of other […]
642.011 – Short Title.
642.011 Short title.—Sections 642.011-642.049 may be cited as the “Legal Expense Insurance Act.” History.—s. 1, ch. 79-103; s. 2, ch. 81-318; ss. 20, 21, ch. 83-278; ss. 6, 7, ch. 93-147.
642.013 – Purpose.
642.013 Purpose.—The purpose of ss. 642.011-642.049 is to authorize certification and regulation of certain organizations which provide programs for the payment of the costs of legal services or provide legal services. History.—s. 1, ch. 79-103; s. 2, ch. 81-318; ss. 20, 21, ch. 83-278; ss. 6, 7, ch. 93-147.
642.015 – Definitions.
642.015 Definitions.—As used in ss. 642.011-642.049, the term: (1) “Gross written premiums” means the total amount of premiums paid by the consumer for the entire period of the legal expense insurance contract, including commissions. (2) “Insurer” means any person authorized to conduct a life or casualty insurance business in this state or a legal expense insurance corporation authorized […]
642.016 – Chapter Exclusive; Applicability of Other Laws.
642.016 Chapter exclusive; applicability of other laws.—Except as provided in this chapter, legal expense insurance corporations shall be governed by this chapter and shall be exempt from all other provisions of the Florida Insurance Code. History.—ss. 29, 52, ch. 85-321; ss. 6, 7, ch. 93-147.
642.017 – Exemptions.
642.017 Exemptions.—The provisions of the Florida Insurance Code do not apply to: (1) Retainer contracts made by attorneys at law with individual clients with fees based on estimates of the nature and amount of services to be provided to the specific client and similar contracts made with a group of clients involved in the same or closely […]
642.019 – Organization of Legal Expense Insurance Corporations.
642.019 Organization of legal expense insurance corporations.— (1) Any number of corporations or adult natural persons may organize a legal expense insurance corporation under the law of this state relating to corporations generally. (2) The articles of incorporation shall conform to the requirements applicable to corporations, and, in addition: (a) The name of the corporation shall indicate that legal […]