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2012 INDUSTRY CONFERENCE
Mary Mostoller, Director, Company Admissions & Business Development
June 14, 2012
AGENDA
CORPORATE AMENDMENTS What are they? Who files? How do you file? NOTIFICATION OF CHANGE IN AN OFFICER OR DIRECTOR OF A LICENSEE Who files? When do you file? How do you file?
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CORPORATE AMENDMENTS OVERVIEW Purpose –
• Request amendments to an existing insurer’s Certificate of Authority; domestic and non-domestic (foreign) insurers • File more than one change/amendment at the same time, utilizing one application • Utilize the UCAA Corporate Amendments Application located at: http://www.naic.org/industry_ucaa_corp_amend.htm
Timeline – • Goal is to process in 60 calendar days • Request for additional information is made within 30 days
Common mistake – • Documents not current
Method of Submission – • Electronic through the Industry Portal located at: https://iportal.fldfs.com/ifile/default.asp select I-Apply – Online Company Admissions
Exceptions – • Refer to UCAA State Specific Information (Florida) and UCAA State Charts (Florida) for each type of Corporate Amendment
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TYPES OF CORPORATE AMENDMENTS • Adding and Deleting Lines of Business • Name Change • Redomestication of a Foreign Insurer • Change of Address/Contact Notification* • Merger of Two or More Foreign Insurers • Proposed/Completed Change of Control of Foreign Insurers • Amended Articles of Incorporation (Domestic Insurers Only) • Amended Bylaws (Domestic Insurers Only) • Statement of Withdrawal/Complete Surrender of COA
* Exception: Florida requires notification to the National Association of Insurance Commissioners (NAIC) if there is any change of address and/or financial statement contact ([email protected]). PIP and Disaster Reporting contacts are self-reporting and are updated at www.floir.com, Industry Portal. All other contact changes are filed as a Corporate Amendment.
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Accessing Corporate Amendments
If the application package selected requires fingerprinting, Applicant is advised to proceed with processing of fingerprints by utilizing the LiveScan option as detailed in the specific application package, or submit the completed fingerprint cards to the Florida Office of Insurance Regulation, Company Admissions Section, 200 E. Gaines Street, Tallahassee, FL 32399-0332 prior to submission of its application. The payment confirmation is a required component in iApply.
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CORPORATE AMENDMENTS COMPONENTS *REQUIRED
Articles of Incorporation Articles of Merger Bylaws Collateral Security Deposit Cover Letter Lines of Insurance Form Minimum Capital/Surplus Requirement Miscellaneous Documents Name Approval Document (Certificate of Status) Original COA or Affidavit of Lost COA State of Approval State-Specific Information Statutory Membership UCAA Certificate of Compliance UCAA Change of Address/Contact Notification UCAA Corporate Amendment +/- Lines Questionnaire
* UCAA Corporate Amendment Application Checklist * UCAA Corporate Amendment Application Form
UCAA Filing Fee UCAA Plan of Operation UCAA ProForma Financial Statement (Property & Casualty) UCAA ProForma Financial Statement (Life & Health) UCAA ProForma Financial Statement (Title) Uniform Consent to Service of Process
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CHANGE IN OFFICER OR DIRECTOR OF A LICENSEE
Statutes and/or Administrative Rules Require –
• Notification to the Office of a change in any officer or director of a domestic insurer holding a Certificate of Authority, a managed care entity or a specialty licensee
• Notification to the Office of a change in a principal officer of a foreign or a non-U.S. based insurer holding a Certificate of Authority, surplus lines insurer or reinsurer; principal officer includes President/CEO, Secretary and Treasurer/CFO
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WHEN TO FILE A CHANGE IN AN OFFICER OR DIRECTOR OF A LICENSEE
• Timeline –
• Domestic insurers holding a Certificate of Authority are required to notify the Office within 45 days of a change
• All other entities are subject to notifying the Office upon change; recommend filing no later than within 45 days of the change
• Method of Submission –
• Electronic through the Industry Portal located at:
https://iportal.fldfs.com/ifile/default.asp select I-Apply – Online Company Admissions
• Once logged in, select the task, Report New Officer or Director
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If the application package selected requires fingerprinting, Applicant is advised to proceed with processing of fingerprints by utilizing the LiveScan option as detailed in the specific application package, or submit the completed fingerprint cards to the Florida Office of Insurance Regulation, Company Admissions Section, 200 E. Gaines Street, Tallahassee, FL 32399-0332 prior to submission of its application. The payment confirmation is a required component in iApply.
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* Biographical Affidavit Confirmation of Fingerprint Processing Fee Confirmation of Investigation Report Fee Cover Letter Miscellaneous Documents
* Point of Contact
OFFICER OR DIRECTOR COMPONENTS *REQUIRED
Foreign or non-U.S. based insurers need only file a Biographical Affidavit for the principal officers
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CAPTIVES HB 1101- EFFECTIVE APRIL 24, 2012
Redefines “Captive Insurer” to include the following types:
• Pure Captives – insures risks of its parent, affiliated companies, controlled unaffiliated businesses or a combination thereof
• Special Purpose Captives – insures only the risks of its parent
• Industrial Insured Captives – insures industrial insureds that are its stockholders, members and affiliates, or the stockholders and affiliates of its parent corporation
• Captive Reinsurance Companies – may only reinsure
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Captive Formation Capital Surplus Total
Pure Captive
$100,000 $150,000 $250,000
Industrial Captive - stock
$200,000 $300,000 $500,000
Industrial Captive – mutual
N/A $500,000 $500,000
Special Purpose Captive
Capital and surplus to be determined by OIR
Captive Reinsurance Company Capital or surplus not less than the greater of $300 million or 10% of reserves.
MINIMUM CAPITAL/SURPLUS FOR CAPTIVE INSURERS
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A captive insurer may, if permitted by its charter or articles, apply to do any and all insurance authorized under the Florida Insurance Code, other than workers’ compensation, employer’s liability, life, health, personal motor vehicle and personal residential insurance coverage.
ALLOWABLE COVERAGE FOR CAPTIVES
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TO CONDUCT INSURANCE BUSINESS A CAPTIVE INSURER MUST
• Obtain a license from the OIR to insure or reinsure in Florida • Hold at least one board of directors’ meeting each year in Florida • Maintain its principal place of business in Florida • Appoint a resident registered agent to act on its behalf in Florida
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Application Form Utilize the UCAA Primary Application located at: http://www.naic.org/industry_ucaa_primary.htm Refer to the UCAA State Specific Information (Florida) and the UCAA State Charts (Florida) located at: http://www.naic.org/industry_ucaa.htm Method of Submission – Electronic through the Industry Portal located at: https://iportal.fldfs.com/ifile/default.asp Select I-Apply – Online Company Admissions Once logged in, select the task “New Admissions Application,” then select “Captive”
Application for Captive Insurer
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Request for Pre-Filing Conference Contact: Mary Mostoller Phone: (850) 413-5350 Email: [email protected]
QUESTIONS?
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