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Company Admissions

Frequently Asked Questions

 

Q1. What sections of the Florida Statutes govern Property & Casualty, Life & Health, Managed Care and Specialty insurers and other related entities?

Property & Casualty

 

Life and Health

 

Managed Care

 

Specialty

 

Q2.  How long does it take to receive an insurance company or other related entity license to conduct business in the State of Florida?

A: Incomplete applications are the single most common cause of licensing delays.  After an application is accepted, and considered to be complete, we strive to conclude the review process within 60 days.

Q3. What steps can I take to avoid processing delays?

A: When submitting the initial application, make sure each Interrogatory, Component and/or Checklist item has been answered or otherwise addressed, and all attachments provided.  Be sure that every question on the biographical statement has been answered.  Enter N/A if the question is not applicable or none where appropriate.  On question 1 of the biographical statement, provide the full given birth name of the person for whom the biographical statement is being completed (initials are not acceptable).  Note, as part of the review process, information provided on the biographical affidavit is compared with information provided by the background investigation agency and results of fingerprint card submissions.  Discrepancies will require explanation.

During the review of the filing, provide prompt and thorough responses to the Office's requests for additional information or clarification.

Q4:  What are the filing fees for insurers in the State of Florida?

A: Information regarding filing fees can be found in Section 624.501, Florida Statutes.

Q5: How much money is required to start an insurance company?

A: The amount typically ranges from $2.5 to $5 million depending on the type of company. Amounts may increase based on elements of an insurer's business plan.  For additional information, refer to Section 624.407, Florida Statutes.

Q6: Does the State of Florida have a deadline as to when applications may be filed?

A: No.  The Office of Insurance Regulation accepts applications all twelve months of the year.  However, no business should be conducted until the application is approved.

Q7: How does a foreign insurer become authorized to conduct business in Florida?

A: Complete the UCAA Expansion Application Package.

Q8: What does my company need to do in order to add a line of business to its Certificate of Authority?

A: Complete the appropriate sections of the UCAA Corporate Amendments Package.

Q9: How do I file a name change for my insurance company?

A: Complete the appropriate sections of the UCAA Corporate Amendments Package.

Q10: Does Florida require biographical affidavits and background investigations?

A: Yes.  Unless the application package excludes, each controlling person of the applicant and parent companies, including but not limited to officers, directors, controlling shareholders, partners, and the like, must file with the Office an NAIC Biographical Affidavit (UCAA Form 11) and cause to be submitted to the Office a background investigation.

Q11: Does Florida require fingerprints?

A: Yes.  Unless the application package excludes, each person as determined in Q10 above must file fingerprint cards with the Office.  If you would like to order fingerprint cards, email us at appcoord@floir.com.

Florida residents have the option of having their fingerprints digitally scanned rather than providing paper fingerprint cards.  Information about digital scanning may be found at http://www.fldfsprints.com.

Q12: I haven't received my renewal Certificate of Authority.  How can I get it?

A: The Office does not mail renewal Certificates of Authority.  Each company's authorized lines of business are listed on the company's renewal invoice.

Q13: What are premium tax requirements and how do I file premium taxes?

A: For insurance companies holding a Certificate of Authority, premium taxes are collected by the Florida Department of Revenue (Forms DR-907 (quarterly) and DR-908 (annual)).  If you are in Florida, call 1.800.352.3671.  If you are outside Florida, call 850.488.6800.  For other entities and further details, click here.

Q14: Are there other state agency filing requirements?

A: Applicants may visit the Office's website at www.floir.com and view the various filings, reporting requirements and applicable Florida Statutes and Florida Administrative Code.

Q15:  How do I submit my application?

A: Applicants are required to submit electronically through the Industry Portal and by selecting iApply - Online Company Admissions.

Other questions?  Please email our Office at appcoord@floir.com.