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The scope of captive insurance in Florida could be significantly expanded if captive-specific legislation pending in the 2011 Florida Legislature is ultimately enacted. Although no licensed Florida captives currently exist, state law presently allows for the creation of ”captive insurers” and “industrial insured captive insurance companies.” Both of the currently filed bills, HB 1235, sponsored by Rep. Jeanette Nunez, R-Miami, and its identical counterpart, SB 1836, introduced by Sen. Miguel Diaz de la Portilla, R-Miami, would change Florida’s requirements for both currently authorized captive insurers and create other types of permitted captive insurance companies. 

HB 1235 and SB 1836 may spur captive development in Florida as a result of the lowering of captives’ capital and surplus requirements, as well as the expansion of the types of captives permitted in Florida, including the creation of a “special purpose captive insurance company.”  

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