Florida originally enacted legislation for captive insurance in 1982, which created provisions authorizing the creation of U.S. domiciled captive insurers by establishing operational criteria and standards.
In 2012, HB1101 was signed into law and augmented these provisions by further specifying criteria for the formation, incorporation, coverage, capital and surplus, reporting, licensure and reinsurance of captive insurers.
A Captive Insurance Company is a domestic insurer established under Chapter 628, which includes the three types of captive insurance companies available in Florida:
A Captive Reinsurance Company is a reinsurance company formed or licensed under Chapter 628 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.
Type of Captive
Unimpaired Paid-In Capital
Total Capital and/or Surplus Requirement
|Captive Reinsurance Company||Must incorporate as stock insurer||N/A||N/A||In capital OR surplus, the greater of $300 million or 10 percent of reserves. OIR may prescribe additional capital or surplus based upon the type, volume, and nature of the insurance business transacted.|
|Industrial Insured Captive Insurance Company||Incorporate as either a mutual or stock insurer. There is no requirement to be incorporated in Florida if validly incorporated in another jurisdiction.|
|Pure Captive Insurance Company||Incorporate as either stock insurer or as a public benefit, mutual benefit, or religious nonprofit corporation. Must adhere to the Florida Not for Profit Corporation Act.|
|Special Purpose Captive Insurance Company||Corporation or nonprofit corporation||N/A||N/A||To be determined by OIR given due consideration to the company’s business plan, feasibility study, and pro forma financial statements and projections, including the nature of the risks to be insured.|
To apply, an applicant must complete the Captive Insurance Application Form, which also contains general instructions. Visit the Company Admissions page for more information about general instructions related to the application package and FAQ's.
Before receiving a license, a captive insurance company formed as a corporation or a nonprofit corporation must file with OIR:
To evidence competence and trustworthiness of its officers and directors, the application for a license to act as a captive insurance or captive reinsurance company shall include, but is not limited to:
Captive Insurance Company
Captive Reinsurance Company
Approved Providers/Independent Directors
Principal Place of Business