Nathan Adams IV is a Partner in our
Tallahassee office. Beth A. Vecchioli is a
Tallahassee in our Sr Policy Advisor office .
After several decades, Florida is back in the business of
licensing captive insurance companies. On Aug. 11, 2016, the
Florida Office of Insurance Regulation issued a license to a
nonprofit Florida corporation, pursuant to Chapter 628, Part V,
Florida Statutes, to write medical malpractice, other liability and
miscellaneous casualty. It was the first license issued to a
domestic captive insurer since 1988, pursuant to a Florida statute
last amended in 2013.
Captive insurance can be characterized as a form of
self-insurance. It enables companies with excellent claims
histories due to strong compliance programs to retain the benefits
of their good risk management practices, rather than pay out the
benefits to independent insurance companies. Captives enable
companies to turn their risks into rewards and to obtain coverage
for risks that
