Who much money does it cost to start an insurance company?
I want to start an insurance company in Florida and was wondering how much it would cost to start one. Do not hesitate, give me your best estimate. Also, do insurance companies keep funds gathered through insurance policies in a fund or do they invest it? Comments? Thanks!
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Answer by Michael T
Each state has an insurance commissioner that decides whether the company will abide by the states policies and whether they have enough capital to provide insurance. That company will have to provide annual reports to the insurance commissioner indicating investments, capital reserves, and other things.
I would doubt that any state would allow an insurance company to start up with less than 10 million (probably much more) in capital since the state insures the insurance companies from default.
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Clarke Insurance Service, Miles City
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Clarke Insurance Service, 1009 Main Street, Miles City, Montana.
Orignal From: Who much money does it cost to start an insurance company? and Clarke Insurance Service, Miles City
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