Florida Statute 627.902 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXVII
INSURANCE

Chapter 627
INSURANCE RATES AND CONTRACTS

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F.S. 627.902

627.902 Premium financing by an insurer or subsidiary.—

(1) An insurer, a subsidiary of an insurer, or a corporation under substantially the same management or control as an authorized insurer or group of authorized insurers may finance property, casualty, surety, and marine insurance premiums on policies issued or business produced by such insurer or insurers; however, any such insurer, subsidiary, or corporation or group of insurers that charges a total service charge per year or rate of interest which is substantially more than that provided in s. 627.901 shall be subject to part XV of this chapter. Notwithstanding any other provision of law, an insurer, a subsidiary of an insurer, or a corporation under substantially the same management or control as an authorized insurer or group of authorized insurers may charge one-half of the additional charge provided in s. 627.840, and the charges provided in s. 627.841.

(2) Nothing in this part or in part XV disallows or otherwise applies to a discount for any insured who pays the entire premium for the entire policy term at the inception of the term if the discount is found to be actuarially justified by the office and approved by the office pursuant to the provisions of part I. Such actuarially justified and approved discount shall not be deemed a component of or related to premium financing.

History.—s. 2, ch. 63-16; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 614, 617, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 114, ch. 92-318; s. 6, ch. 2000-365; s. 2, ch. 2002-252; s. 1, ch. 2009-84.

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Amendments to 627.902

Arrestable Offenses / Crimes under Fla. Stat. 627.902

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 627.902.

Annotations, Discussions, Cases:

Cases Citing Statute 627.902

Total Results: 1

Smith v. Foremost Ins. Co.

Court: Fla. Dist. Ct. App. | Date Filed: 2004-09-10T00:53:00-07:00

Citation: 884 So. 2d 341

Snippet: ) shall be subject to part XV of this chapter. 627.902 Premium financing by an insurer or subsidiary.… per year on the unpaid balance." Section 627.902 allows an insurer or subsidiary such as American…department-approved premium finance agreements. §§ 627.902, 627.826-.849. In ruling that Foremost's charges… Foremost, which fall within part XVI, section 627.902 of the Florida Insurance Code, are not to be confused…subject to part XV, pursuant to part XVI, section 627.902, if the total service charge per year or interest