Florida SB 990: Unemployment Compensation

Bill Text

990 
Protected Cell Captive Insurance Companies 
2025-12-19T07:59:27Z 
Specifying that a protected cell captive insurance company may only insure certain risks; revising the unimpaired paid-in capital requirements for captive insurance companies; authorizing one or more sponsors to form a protected cell captive insurance company; requiring applicant protected cell captive insurance companies to file certain information with the Office of Insurance Regulation; authorizing protected cell captive insurance companies to establish and maintain certain protected cells, subject to certain approvals granted by the office, etc. 
Original Filed Version 
2026 
S 
2026-07-01T00:00:00Z 
GB 
General Bill 
__ 

 Florida Senate - 2026 SB 990 

 By Senator Leek 

 7-01128-26 2026990__ 
 1 A bill to be entitled 
 2 An act relating to protected cell captive insurance 
 3 companies; amending s. 628.901, F.S.; revising the 
 4 definitions of the terms “captive insurance company” 
 5 and “special purpose captive insurance company”; 
 6 defining terms; amending s. 628.905, F.S.; specifying 
 7 that a protected cell captive insurance company may 
 8 only insure certain risks; amending s. 628.907, F.S.; 
 9 revising the unimpaired paid-in capital requirements 
 10 for captive insurance companies; revising the 
 11 unrestricted net asset requirements for captive 
 12 insurance companies incorporated as nonprofit 
 13 corporations; amending s. 628.908, F.S.; revising the 
 14 unimpaired surplus requirements for captive insurance 
 15 companies; amending s. 628.909, F.S.; revising 
 16 applicability; creating s. 628.921, F.S.; authorizing 
 17 one or more sponsors to form a protected cell captive 
 18 insurance company; requiring protected cell captive 
 19 insurance companies to be incorporated in a specified 
 20 manner; requiring applicant protected cell captive 
 21 insurance companies to file certain information with 
 22 the Office of Insurance Regulation; authorizing 
 23 protected cell captive insurance companies to 
 24 establish and maintain certain protected cells, 
 25 subject to certain approvals granted by the office; 
 26 specifying conditions on protected cell establishment 
 27 and maintenance; providing construction; specifying 
 28 requirements regarding protected cells’ assets and 
 29 liabilities and their attribution; requiring protected 
 30 cell captive insurance companies to file annual 
 31 reports, as required by the office, and to notify the 
 32 office when any protected cell is insolvent or unable 
 33 to meet its obligations; requiring the office’s 
 34 approval before a participant contract may take 
 35 effect; specifying requirements for any insurance 
 36 business written by a protected cell captive insurance 
 37 company and the security arrangements that must be 
 38 established; authorizing the office to take certain 
 39 actions in the event of an insolvency of a protected 
 40 cell captive insurance company; requiring certain 
 41 affidavits for owners of incorporated protected cells; 
 42 authorizing the assets of two or more protected cells 
 43 to be combined for a specified purpose; specifying 
 44 that such combination may not be construed in a 
 45 certain manner; authorizing the office to approve the 
 46 use of certain methods for valuation of certain assets 
 47 and liabilities and rating the risk attributable to a 
 48 protected cell; requiring a receiver to manage the 
 49 assets and liabilities of protected cell captive 
 50 insurance companies under certain circumstances; 
 51 prohibiting assets of protected cells from being used 
 52 to pay certain expenses and claims; requiring that 
 53 protected cell captive insurance companies’ capital 
 54 and surplus be available to pay certain expenses or 
 55 claims; specifying requirements in actions brought by 
 56 or against protected cell captive insurance companies; 
 57 specifying that certain legal actions are deemed to be 
 58 brought against the general account only; specifying 
 59 that protected cells not named in an action are not 
 60 deemed to be a party to the action and are entitled to 
 61 dismissal under certain circumstances; prohibiting the 
 62 assets of protected cells from being encumbered or 
 63 seized under certain circumstances; specifying that 
 64 protected cells do not have a duty to defend the 
 65 rights and obligations or other protected cells; 
 66 requiring protected cell captive insurance companies 
 67 and protected cells to be afforded a certain status 
 68 during discovery; specifying that nonparty protected 
 69 cells have standing under certain circumstances; 
 70 authorizing protected cells to be converted to any 
 71 authorized form of captive insurance company; 
 72 authorizing the office to issue a specified 
 73 certificate of authority; requiring converting 
 74 protected cells to file certain organizational 
 75 documents; specifying requirements for such documents; 
 76 specifying the formati