630.071 Requirements and contents of trust agreement. - Florida Statutes

630.071 Requirements and contents of trust agreement.

Trusteed assets of an alien insurer held in this state under this chapter shall be subject to, and the trust agreement shall make provisions consistent with, the following conditions:

   (1) Legal title to the trusteed assets is vested in the trustee or trustees, and their successors lawfully appointed, in trust for the purposes and duration as stated in s. 630.041.

   (2) Substitution of a new trustee or trustees in case of a vacancy by death, resignation or otherwise may be made, subject to the office’s approval.

   (3) All trusteed assets shall at all times be maintained as a trust fund separate and distinct from all other assets.

   (4) The trustee or trustees shall maintain a record at all times sufficient to identify the assets of the trust.

   (5) Withdrawal of or from the trusteed assets shall be made only as provided in s. 630.081.

History. s. 707, ch. 59-205; ss. 13, 35, ch. 69-106; s. 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 1334, ch. 2003-261.