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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.

  1. Pure Captive Insurance Company – a company that insures risks of its parent, affiliated companies, controlled unaffiliated businesses, or a combination thereof.
  2. 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.
  3. 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 S. 628.905, F.S.

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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