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16th of May 2012

Florida captive bill passed unanimously

Vicky Beckett 18/01/2012

Florida captive insurance legislation was unanimously passed by the Senate Budget Subcommittee on General Government Appropriations and the House Economic Affairs Committee on January 12.
 
The new bill would potentially allow for the creation of pure captives, association, industrial insured, special purpose, and reinsurance captives.
 
Captives would be able to write any risks, except workers’ compensation, health insurance, personal motor vehicle and residential property insurance.
 
Dennis Harwick, president of the Captive Insurance Companies Association, predicted the effective date would be July 1 2012.
 
He said: “Based on the pattern in other states, I have every expectation that a Florida Captive Insurance Association will be formed if Florida becomes a captive domicile. 
 
“Creating the enabling legislation is only the first step in becoming an active captive domicile.  After that, we have to see if the Executive Branch and the Florida Office of Insurance Regulation embrace captives and devote the time and resources to growing Florida as a captive domicile.
 
“Florida could be an important addition to the captive community since it is a large state and large states have traditionally been sceptical, if not openly hostile, to captive insurance companies. 
 
“It is, however, another indication of how widely accepted captive insurance companies have become as a risk management tool.”
   
The bill’s insistence on an annual board of directors' meeting in Florida is hoped to aid the state’s businesses, hotels and restaurants in a tight economy.
 
The legislation was promoted by Miami's Beacon Council.

Tags: Captive, Florida, Government, Insurance, Senate

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David 20/02/2012 1:31pm

I have saherd this video on health insurance for single moms with some of my family members in this situation. I don't think most single moms realize this type of insurance coverage option is available. Thanks.

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