628.703 Definitions. - Florida Statutes

628.703 Definitions.

For purposes of this part:

   (1) “Mutual insurance holding company” means an incorporated entity without permanent capital stock that is organized under this part and whose members are determined in accordance with this part.

   (2) “Subsidiary insurance company” means stock insurance company, the majority of the voting shares of the capital stock of which are at all times owned by a mutual insurance holding company. For purposes of this part, “majority of the voting shares of the capital stock” means shares of the capital stock of such company which carry the right to cast a majority of the votes entitled to be cast by all of the outstanding shares of the capital stock for the election of directors. The ownership of a majority of the voting shares of the capital stock of a former mutual reorganized insurance company which are required by this part to be at all times owned by a mutual insurance holding company includes indirect ownership through one or more intermediate holding companies. However, indirect ownership through one or more intermediate holding companies shall not result in a mutual insurance holding company owning less than the equivalent of a majority of the voting shares of the capital stock of the former mutual reorganized insurance company.

   (3) “Intermediate holding company” means a holding company which is a subsidiary of a mutual insurance holding company, and which directly or through a subsidiary intermediate holding company owns a majority of the voting shares of the capital stock of one or more subsidiary insurance companies.

   (4) “Paid premiums” means all premiums paid for insurance by a member of a mutual insurance holding company to a subsidiary insurance company.

History. s. 1, ch. 97-216; s. 1, ch. 2003-76.