Fla. Stat. 628.471
Mergers; mutual insurers

(1)

A domestic mutual insurer shall not merge with a stock insurer.

(2)

A domestic mutual insurer may merge with another mutual insurer under the applicable procedures prescribed by the statutes of this state applying to corporations formed for profit, except as hereinbelow provided.

(3)

The plan and agreement for merger shall be submitted to and approved by at least two-thirds of the members of each mutual insurer voting thereon at meetings called for the purpose pursuant to such reasonable notice and procedure as has been approved by the office. If a life insurer, the right to vote may be limited to members whose policies are other than term and group policies and have been in effect for more than 1 year.

(4)

No such merger shall be effectuated unless in advance thereof the plan and agreement therefor have been filed with the office and approved by it. The office shall give such approval unless it finds such plan or agreement:Is inequitable to the policyholders of any domestic insurer involved; orWould substantially reduce the security of and service to be rendered to policyholders of the domestic insurer in this state and elsewhere.

(a)

Is inequitable to the policyholders of any domestic insurer involved; or

(b)

Would substantially reduce the security of and service to be rendered to policyholders of the domestic insurer in this state and elsewhere.

Source: Section 628.471 — Mergers; mutual insurers, https://www.­flsenate.­gov/Laws/Statutes/2024/0628.­471 (accessed Aug. 7, 2025).

628.011
Scope of part 628.021
“Stock insurer” defined 628.031
“Mutual insurer” defined 628.041
Applicability of general corporation statutes 628.051
Application for permit to form insurer 628.061
Investigation of proposed organization 628.071
Granting, denial of permit 628.081
Incorporation of domestic insurer 628.091
Filing, approval of articles of incorporation 628.101
Amendment of certificate of incorporation 628.111
Amendment of articles of incorporation 628.121
Capital stock 628.131
Limitation on organization and stock sales expenses 628.151
Insurance business exclusive 628.152
Domestic stock insurers 628.161
Initial qualifications 628.171
Formation of mutual insurer 628.221
Bylaws of mutual insurer 628.231
Directors 628.251
Management and exclusive agency contracts 628.255
Person with effective control cannot receive commission unless contract approved 628.261
Notice of change of director or officer 628.271
Office and records 628.281
Exceptions to requirement that office, records, and assets be maintained in this state 628.291
Unauthorized transactions in other states 628.301
Membership in mutual insurer 628.341
Nonassessable policies 628.351
Nonassessable policies 628.361
Participating policies 628.371
Dividends to stockholders 628.381
Dividends to mutual policyholders 628.391
Illegal dividends 628.401
Borrowed surplus 628.411
Impairment of capital or assets 628.421
Assessment of stockholders or members 628.431
Mutualization of stock insurers 628.441
Converting mutual insurer 628.451
Merger or share exchange of stock insurers and other entities 628.461
Acquisition of controlling stock 628.471
Mergers 628.481
Bulk reinsurance 628.491
Mergers and consolidations 628.501
Mutual member’s share of assets on liquidation 628.511
Ownership or transfer of securities without physical delivery of certificates 628.520
Change of domicile of a foreign insurer 628.525
Change of domicile of a domestic insurer 628.530
Effects of redomestication 628.535
Authority to adopt rules 628.4615
Specialty insurers

Current through Fall 2025

§ 628.471. Mergers; mutual insurers's source at flsenate​.gov