Florida HB 883: Protected Cell Captive Insurance Companies

Bill Text

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CS/CS/HB 883 2026 Legislature

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An act relating to protected cell captive insurance 2
companies; amending s. 628.901, F.S.; revising the 3
definitions of the terms "captive insurance company" 4
and "special purpose captive insurance company"; 5
defining terms; amending s. 628.905, F.S.; specifying 6
that a protected cell captive insurance company may 7
only insure certain risks; amending s. 628.907, F.S.; 8
revising the unimpaired paid-in capital requirements 9
for captive insurance companies; revising the 10
unrestricted net asset requirements for captive 11
insurance companies incorporated as nonprofit 12
corporations; amending s. 628.908, F.S.; revising the 13
unimpaired surplus requirements for captive insurance 14
companies; amending s. 628.909, F.S.; revising 15
applicability; creating s. 628.921, F.S.; authorizing 16
one or more sponsors to form a protected cell captive 17
insurance company; requiring protected cell captive 18
insurance companies to be incorporated in a specified 19
manner; requiring applicant protected cell captive 20
insurance companies to file certain information with 21
the Office of Insurance Regulation; authorizing 22
protected cell captive insurance companies to 23
establish and maintain certain protected cells, 24
subject to certain approvals granted by the office; 25

ENROLLED
CS/CS/HB 883 2026 Legislature

CODING: Words stricken are deletions; words underlined are additions.
hb883 -02-er
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S

specifying conditions on protected cell establishment 26
and maintenance; providing construction; specifying 27
requirements regarding protected cells' assets and 28
liabilities and their attribution; requiring protected 29
cell captive insurance companies to file annual 30
reports, as required by the office, and to notify the 31
office when any protected cell is insolvent or unable 32
to meet its obligations; requiring the office's 33
approval before a participant contract may take 34
effect; specifying requirements for any insurance 35
business written by a protected cell captive insurance 36
company and the security arrangements that must be 37
established; authorizing the office to take certain 38
actions in the event of an insolvency of a protected 39
cell captive insurance company; requiring certain 40
affidavits for owners of incorporated protected cells; 41
authorizing the assets of two or more protected cells 42
to be combined for a specified purpose; specifying 43
that such combination may not be construed in a 44
certain manner; authorizing the office to approve the 45
use of certain methods for valuation of certain assets 46
and liabilities and rating the risk attributable to a 47
protected cell; requiring a receiver to manage the 48
assets and liabilities of protected cell captive 49
insurance companies under certain circumstances; 50

ENROLLED
CS/CS/HB 883 2026 Legislature

CODING: Words stricken are deletions; words underlined are additions.
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S

prohibiting assets of protected cells from being used 51
to pay certain expenses and claims; requiring that 52
protected cell captive insurance companies' capital 53
and surplus be available to pay certain expenses or 54
claims; specifying requirements in actions brought by 55
or against protected cell captive insurance companies; 56
specifying that certain legal actions are deemed to be 57
brought against the general account only; specifying 58
that protected cells not named in an action are not 59
deemed to be a party to the action and are entitled to 60
dismissal under certain circumstances; prohibiting the 61
assets of protected cells from being encumbered or 62
seized under certain circumstances; specifying that 63
protected cells do not have a duty to defend the 64
rights and obligations or other protected cells; 65
requiring protected cell captive insurance companies 66
and protected cells to be afforded a certain status 67
during discovery; specifying that nonparty protected 68
cells have standing under certain circumstances; 69
authorizing protected cells to be converted to any 70
authorized form of captive insurance company; 71
authorizing the office to issue a specified 72
certificate of authority; requiring converting 73
protected cells to file certain organizational 74
documents; specifying requirements for such documents; 75

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CS/CS/HB 883 2026 Legislature

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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S

specifying the formation date upon conversion; 76
requiring converted protected cells to possess certain 77
assets and liabilities; requiring the converting 78
protected cell to submit amended or