625.53
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625.53 Depository.—
(1) Except as provided in s. 625.55, all deposits made in this state under this code shall be made with the department. The department shall take, receipt for, and hold in trust deposits made under this code for the purpose or purposes for which the respective deposits were so made, subject to the provisions of this part.
(2) The department shall hold all such deposits in safekeeping in the vaults located in the offices of the department.
(3) Securities or other assets deposited with or through the department under this part by a foreign or alien insurer shall not, on account of such securities or assets thus being in this state, be subject to taxation.
(4) The state shall be responsible for the safekeeping of all securities or other assets deposited with the department under this code.
History.—s. 169, ch. 59-205; ss. 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 126, 134, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 893, ch. 2003-261.
Notes of Decisions
Cited in 1
case, 1979–1979 · leading case: Missouri Division of Insurance v. State ex rel. Department of Insurance
Missouri Division of Insurance v. State ex rel. Department of Insurance (1979)
“411(2), Florida Statutes (1977), providing: Such deposits shall be for the protection of the insurer’s policyholders or its policyholders and creditors And it is subject to Section 625.53, providing: The Department shall take, receipt for and hold in trust deposits made under…”
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