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Captive Insurance Company

Florida's Minimum Capitalization and/or Surplus Requirements for a Captive Insurance or Reinsurance Company

Type of Captive Incorporation Requirements Unimpaired Paid-In Capital Unimpaired Surplus Total Capital and/or Surplus Requirement

Captive Reinsurance Company

Must incorporate as stock insurer

*See last column

*See last column

*In capital OR surplus, the greater of $300 million or 10% of reserves. The Office 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

*exception – no requirement to be incorporated in Florida if validly incorporated in another jurisdiction.

Mutual – N/A

Stock Insurer – $200,000

Mutual Insurer – $500,000

Stock Insurer – $300,000

Mutual Insurer – $500,000

Stock Insurer –$500,000

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)

Mutual – N/A

Stock Insurer – $100,000

Mutual Insurer – $250,000

Stock Insurer – $150,000

Mutual Insurer – $250,000

Stock Insurer –$250,000

Special Purpose Captive Insurance Company

Corporation or nonprofit corporation

*See last column

*See last column

To be determined by the Office 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.

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