Insurance companies conducting business in Florida are subject to regulation and oversight by the Florida Office of Insurance Regulation ("OIR"). OIR establishes collateral requirements for many insurance companies under several statutes that govern Florida's insurance industry. Any collateral requirement established by OIR is administered by BCM. Assets that are eligible as collateral for insurance companies are listed in Section 625.52, Florida Statutes.
BCM must be informed on all new or additional collateral deposits, releases, or substitutions of collateral. Notification of collateral transactions must be on company letterhead and signed by an authorized signer if the transaction involves releasing or exchanging any collateral. Transaction letters may be sent by mail or email. Please include all relevant information in the body of the letter regarding the transaction your company wishes to execute. At a minimum the letter must contain:
If you do not know which statutory authority applies to your collateral requirement, please contact the Florida Office of Insurance Regulation or Cheri Morgan of our office at Cheri.Morgan@MyFloridaCFO.com or (850) 413-3334.