Debevoise & Plimpton, LLP, on behalf of Protective Life Insurance Company; The Petition for a Declaratory Statement was granted only with regard to the aspect of a funding agreement-backed securitization program which involves the ownership of a ...

 

DEPARTMENT OF FINANCIAL SERVICES
OIR – Insurance Regulation

NOTICE IS HEREBY GIVEN THAT the Office of Insurance Regulation has issued an order disposing of the petition for declaratory statement filed by Debevoise & Plimpton, LLP, on behalf of Protective Life Insurance Company on January 19, 2007. The following is a summary of the agency’s disposition of the petition:

The Petition for a Declaratory Statement was granted only with regard to the aspect of a funding agreement-backed securitization program which involves the ownership of a beneficial interest by an affiliate of Protective Life Insurance Company. The Office states that the ownership of a beneficial interest by an affiliate of Protective Life Insurance Company does not constitute the transaction of insurance within the meaning of Section 624.10, Florida Statutes, and the ownership of a beneficial interest by an affiliate of Protective Life Insurance Company does not constitute the sale of insurance within the meaning of Section 624.02, Florida Statutes. The Office does not make a declaration on the applicability of the Florida Insurance Code to funding agreement-backed securitization programs in general.

A copy of the Order Disposing of the Petition for Declaratory Statement may be obtained by contacting: General Counsel, Office of Insurance Regulation, Acting as Agency Clerk, 612 Larson Building, Tallahassee, Florida 32399-4206.