624.40711 Restrictions on insurers that are wholly owned subsidiaries of insurers to do business in state. - Florida Statutes

624.40711 Restrictions on insurers that are wholly owned subsidiaries of insurers to do business in state.

Effective December 31, 2008, and notwithstanding any other provision of law:

   (1) A new certificate of authority for the transaction of residential property insurance may not be issued to any insurer domiciled in this state that is a wholly owned subsidiary of an insurer authorized to do business in any other state.

   (2) The rate filings of any insurer domiciled in this state that is a wholly owned subsidiary of an insurer authorized to do business in any other state shall include information relating to the profits of the parent company of the insurer domiciled in this state.

History. s. 25, ch. 2007-90.