The Florida Senate

¹625.322  Collateral loans.--An insurer may invest in loans with a maturity not in excess of 12 years from the date thereof which are secured by the pledge of assets permitted by part I of this chapter. Loans made pursuant to this section shall not be admitted as an asset when it is considered probable that any portion of the amounts due under the contractual terms of the loan will not be collected. Collateral loans reported in financial statements filed with the department shall not exceed the value of the collateral held by the company.

History.--s. 147, ch. 59-205; s. 3, ch. 70-188; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 122, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 20, ch. 2001-213.

¹Note.--Section 24, ch. 2001-213, provides that "[a]ny quarterly or annual statement that is required to be filed after [June 13, 2001] shall be prepared in accordance with the provisions of this act." Section 25, ch. 2001-213, provides for retroactive applicability of s. 24, ch. 2001-213, to January 1, 2001.