The Florida Senate

629.520  Abolition of existing authority of the department to issue a certificate of authority as a limited reciprocal insurer.--On October 1, 1991, the existing authority of the department to issue a certificate of authority as a limited reciprocal insurer pursuant to this chapter is abolished. Existing limited reciprocal insurers which continue to hold a certificate of authority after this date shall have until October 1, 1992, to convert their certificate of authority by meeting the requirements for a certificate of authority as another type of insurer authorized under this code. All existing certificates of authority as a limited reciprocal insurer not so converted shall automatically terminate on October 1, 1992. The authority of any limited reciprocal insurer to accept new business or renewals shall not continue beyond October 1, 1992; however, such limited reciprocal insurer shall continue to service its obligations previously incurred or with the approval of the department, arrange for the transfer of these obligations to an authorized insurer. All power of the department with respect to limited reciprocal insurers shall continue undiminished. This section does not affect any other power of the department or any other function of the department.

History.--ss. 81, 188, ch. 91-108; s. 4, ch. 91-429.