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 […]
642.021 – Certificate of Authority.
642.021 Certificate of authority.— (1) It is unlawful for any person to engage in a legal expense insurance business in this state without a valid certificate of authority issued by the office, pursuant to ss. 642.011-642.049, except that a domestic, foreign, or alien insurer authorized to transact life or casualty insurance in this state may transact legal […]
642.022 – Insurance Business Not Authorized.
642.022 Insurance business not authorized.—Nothing in the Florida Insurance Code or this chapter shall be deemed to authorize any legal expense corporation to transact any insurance business other than that of legal expense insurance or to otherwise engage in any other type of insurance unless it is authorized under a certificate of authority issued by the […]
642.023 – Required Deposit or Bond.
642.023 Required deposit or bond.— (1) To assure the faithful performance of its obligations in the event of insolvency, each legal expense insurance corporation, prior to the issuance of its certificate of authority, shall deposit and maintain with the department securities of the type eligible for deposit by insurers under s. 625.52, which securities shall be held […]
642.024 – Levy Upon Deposit.
642.024 Levy upon deposit.—No judgment creditor or other claimant of a legal expense insurance corporation shall have the right to levy upon any of the assets or securities held in this state as a deposit under s. 642.023. History.—ss. 41, 52, ch. 85-321; ss. 6, 7, ch. 93-147.
642.025 – Policy and Certificate Forms.
642.025 Policy and certificate forms.— (1) Legal expense insurance may be written as individual, group, blanket, or franchise insurance. Each contractual obligation for legal expense insurance shall be evidenced by a policy. Each person insured under a group policy shall be issued a certificate of coverage. (2) No policy or certificate of legal expense insurance may be issued […]
641.57 – Disposition of moneys collected under this part.
641.57 Disposition of moneys collected under this part.—Fees, administrative penalties, examination expenses, and other sums collected by the Agency for Health Care Administration under this part shall be deposited to the credit of the Health Care Trust Fund to be administered by the agency and shall be used to defray the expenses of the agency in […]
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.
641.58 – Regulatory assessment; levy and amount; use of funds; tax returns; penalty for failure to pay.
641.58 Regulatory assessment; levy and amount; use of funds; tax returns; penalty for failure to pay.— (1) In addition to any other license or excise tax now or hereafter imposed, and such taxes as may be imposed under other statutes, there is hereby assessed and imposed upon every organization authorized to engage in business in this state, […]
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.