Captive Insurance Company
What is a Captive Insurance Company?
Captive Insurance Company – a domestic insurer established under S.
Chapter 628, F.S., includes the three types of captive insurance companies
available in Florida.
- Pure Captive Insurance Company – a company that insures risks of
its parent, affiliated companies, controlled unaffiliated businesses, or a
- Industrial Insured Captive Insurance Company – a captive
insurance company that provides insurance only to the industrial insureds
that are its stockholders or members, and affiliates thereof, or to the
stockholders, and affiliates thereof, of its parent corporation. They can
also provide reinsurance to insurers only on risks written by such insurers
for the industrial insureds that are the stockholders or members, and
affiliates thereof, of the industrial insured captive insurer, or the
stockholders, and affiliates thereof, of the parent corporation of the
industrial insured captive insurer.
- Special Purpose Captive Insurance Company – a captive insurance
company that is formed or licensed under
Chapter 628, F.S. that does not meet the definition of any other type of
captive insurance company defined in
Part V, Chapter 628. A special purpose captive insurance company may insure only the risk of its parent under
What is a Captive Reinsurance Company?
Captive Reinsurance Company – a reinsurance company that is formed
and licensed under
Chapter 628, F.S. and is wholly owned by a
qualifying reinsurance parent company. A captive reinsurance company must be a stock corporation
and may not directly insure risks.
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