| 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.
|