Florida Statutes
Fla. Stat. § 628.341 (2025)
Nonassessable policies; mutual insurers.
✓ 2025 Florida Statutes — current through the 2025 Regular Session
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628.341 Nonassessable policies; mutual insurers.—
(1) While possessing surplus funds in amount not less than the paid-in capital stock required of a domestic stock insurer transacting like kinds of insurance, a domestic mutual insurer may, upon receipt of the order of the office so authorizing, extinguish the contingent liability of its members as to all its policies in force and may omit provisions imposing contingent liability in all its policies currently issued so long as such surplus funds meet such requirement as to amount.
(2) A foreign or alien mutual insurer may issue nonassessable policies to its members in this state pursuant to its articles of incorporation and the laws of its domicile.
History.—s. 654, 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. 665, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 1273, ch. 2003-261.
Notes of Decisions
Cited in 1
case, 1964–1964 · leading case: Michigan Mut. Liab. Co. v. Dade Cnty. Bd. of Pub. Instruction, 23 Fla. Supp. 61 (Fla. Cir. Ct., Miami-Dade Cty. 1964).
Michigan Mut. Liab. Co. v. Dade Cnty. Bd. of Pub. Instruction, 23 Fla. Supp. 61 (Fla. Cir. Ct., Miami-Dade Cty. 1964). “rovision of article IX, section 10 of the constitution of the state of Florida when a governmental agency such as the defendant, Dade County, Florida, Board of Public Instruction, a body corporate and politic under the laws of the state of Florida, purchases insurance from a…”
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