Florida Gov. Rick Scott on Tuesday signed into law a measure allowing the formation of captive insurance companies in the state.
The measure, H.B. 1101, allows the formation of single-parent captives, special-purpose captives, industrial insurance captives and captive reinsurance companies.
Captives licensed in Florida will be required to hold at least one annual board meeting in the state and appoint a registered resident agent to act on their behalf in Florida. Captives and captive reinsurance companies must pay a $1,500 application fee and a $1,000…
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