What type of insurance can be purchased only for certain select individuals according to Florida law?

Controlled business insurance is a specific type of insurance that can be purchased only for certain select individuals as per Florida law. This type of insurance is primarily applicable to agents or producers who provide coverage for individuals or entities in which they have a financial interest, such as family members, business partners, or other closely connected individuals.

The key aspect of controlled business insurance is its intention to limit the coverage to those with whom the agent has a personal or business relationship. This is designed to ensure that insurance agents do not solely profit from selling insurance to themselves or their relatives without proper distribution practices that cater to the general market. It promotes ethical practices within the insurance industry by regulating how agents engage with their own clients, preventing potential conflicts of interest and ensuring that agents are providing fair service to others.

In contrast, public insurance would not be limited to specific individuals but available to any member of the public, while private insurance generally refers to all insurance policies offered by private companies. Restricted insurance implies limitations but does not precisely capture the specific framework outlined in Florida law regarding who is eligible to purchase the insurance. Therefore, controlled business insurance stands out as the term that aligns accurately with the stipulations defined in Florida's regulations.