Bill > S1408

This bill makes several changes to Florida's captive insurance laws, primarily by replacing the term "captive insurer" with "captive insurance company" throughout the relevant statutes to standardize terminology. It expands the types of risks that an industrial insured captive insurance company, which is a type of captive insurance company that insures only its industrial insured owners or their affiliates, can cover. Specifically, it allows these companies to provide certain insurance, including workers' compensation and employer's liability insurance above a certain threshold, if they maintain a minimum amount of unencumbered capital and surplus, which is a company's readily available funds. The bill also clarifies that captive insurance companies must deposit and maintain securities to protect their policyholders and makes other conforming changes to terms and requirements within the captive insurance framework.