2024 Florida Statutes
< Back to Statute SearchTitle XXXVII INSURANCE
Chapter 629
RECIPROCAL INSURERS
SECTION 011Definitions.
629.011 Definitions.—As used in this part, the term:
(1) “Affiliated person” of another person means any of the following:
(a) The spouse of the other person.
(b)1. The parents of the other person or their lineal descendants.
2. The parents of the other person’s spouse or their lineal descendants.
(c) A person who directly or indirectly owns or controls, or holds with the power to vote, 10 percent or more of the outstanding voting securities of the other person.
(d) A person who directly or indirectly owns 10 percent or more of the outstanding voting securities that are directly or indirectly owned or controlled, or held with the power to vote, by the other person.
(e) A person or group of persons who directly or indirectly control, are controlled by, or are under common control with the other person.
(f) A director, officer, trustee, partner, owner, manager, joint venturer, or employee, or another person who is performing duties similar to those of persons in such positions, of the other person.
(g) If the other person is an investment company, any investment adviser of such company or any member of an advisory board of such company.
(h) If the other person is an unincorporated investment company not having a board of directors, the depositor of such company.
(i) A person who has entered into an agreement, written or unwritten, to act in concert with the other person in acquiring, or limiting the disposition of:
1. Securities of an attorney in fact or controlling company that is a stock corporation; or
2. An ownership interest of an attorney in fact or controlling company that is not a stock corporation.
(2) “Attorney in fact” or “attorney” means the attorney in fact of a reciprocal insurer. The attorney in fact may be an individual, a corporation, or another person.
(3) “Controlling company” means a person, corporation, trust, limited liability company, association, or other entity owning, directly or indirectly, 10 percent or more of the voting securities of one or more attorneys in fact that are stock corporations, or 10 percent or more of the ownership interest of one or more attorneys in fact that are not stock corporations.
(4) “Reciprocal insurance” means an interexchange among persons, known as subscribers, of reciprocal agreements of indemnity, the interexchange being effectuated through an attorney in fact common to all such persons.
(5) “Reciprocal insurer” means an unincorporated aggregation of subscribers operating individually and collectively through an attorney in fact to provide reciprocal insurance among themselves.
History.—s. 671, ch. 59-205; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 681, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 12, ch. 2024-182.