2012 INDUSTRY CONFERENCE. Mary Mostoller, Director, Company Admissions & Business Development

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1 2012 INDUSTRY CONFERENCE Mary Mostoller, Director, Company Admissions & Business Development June 14, 2012

2 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? 2

3 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: 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: 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 3

4 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 (jheinz@naic.org). PIP and Disaster Reporting contacts are self-reporting and are updated at Industry Portal. All other contact changes are filed as a Corporate Amendment. 4

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7 Sign - On to iapply 7

8 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 prior to submission of its application. The payment confirmation is a required component in iapply. 8

9 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 9

10 Components 10

11 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 11

12 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: select I-Apply Online Company Admissions Once logged in, select the task, Report New Officer or Director 12

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14 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 prior to submission of its application. The payment confirmation is a required component in iapply. 14

15 OFFICER OR DIRECTOR COMPONENTS *REQUIRED * Biographical Affidavit Confirmation of Fingerprint Processing Fee Confirmation of Investigation Report Fee Cover Letter Miscellaneous Documents * Point of Contact Foreign or non-u.s. based insurers need only file a Biographical Affidavit for the principal officers 15

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17 CAPTIVES HB 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 17

18 MINIMUM CAPITAL/SURPLUS FOR CAPTIVE INSURERS 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 Captive Reinsurance Company 18 Capital and surplus to be determined by OIR Capital or surplus not less than the greater of $300 million or 10% of reserves.

19 ALLOWABLE COVERAGE FOR CAPTIVES 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. 19

20 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 20

21 Application for Captive Insurer Application Form Utilize the UCAA Primary Application located at: Refer to the UCAA State Specific Information (Florida) and the UCAA State Charts (Florida) located at: Method of Submission Electronic through the Industry Portal located at: Select I-Apply Online Company Admissions Once logged in, select the task New Admissions Application, then select Captive 21

22 QUESTIONS? Request for Pre-Filing Conference Contact: Mary Mostoller Phone: (850)