Fla. Stat. 628.491
Mergers and consolidations; mutual insurers; agreement of bulk reinsurance

(1)

A domestic mutual insurer may reinsure all or substantially all its business in force, or all or substantially all of a major class thereof, with another insurer, stock or mutual, by an agreement of bulk reinsurance after compliance with this section. No such agreement shall become effective unless filed with the office and approved by it.

(2)

The office shall approve such agreement if it finds it to be fair and equitable to each domestic insurer involved, and that such reinsurance if effectuated would not substantially reduce the protection or service to its policyholders.

(3)

The plan and agreement for such reinsurance must be approved by vote of not less than two-thirds of each domestic mutual insurer’s members voting thereon at meetings of members called for the purpose, pursuant to such reasonable notice and procedure as the office may approve. If a life insurer, the right to vote may be limited to members whose policies are other than term or group policies and have been in effect for more than 1 year.

(4)

If for reinsurance of a mutual insurer in a stock insurer, the agreement must provide for payment in cash to each member of the insurer entitled thereto, as upon conversion of such insurer pursuant to s. 628.441, of his or her equity in the business reinsured as determined under a fair formula approved by the office, which equity shall be based upon such member’s equity in the reserves, assets (whether or not admitted assets), and surplus, if any, of the mutual insurer to be taken over by the stock insurer.

Source: Section 628.491 — Mergers and consolidations; mutual insurers; agreement of bulk reinsurance, https://www.­flsenate.­gov/Laws/Statutes/2024/0628.­491 (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

§ 628.491. Mergers & consolidations; mutual insurers; agreement of bulk reinsurance's source at flsenate​.gov