Florida Statutes 631.59 – Duties and powers of department and office
Current as of: 2023 | Check for updates
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(1) The department shall notify the association of the existence of an insolvent insurer not later than 3 days after it receives notice of the determination of the insolvency.
(2) The department may require that the association notify the insureds of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this part. Such notification shall be by mail at their last known addresses, when available, but if sufficient information for notification by mail is not available, notice by e-mail or telephone shall be sufficient.
(3) The office shall, upon request of the board of directors, provide the association with a statement of the direct written premiums of each member insurer.
(4) The office may:
(a) Suspend or revoke the certificate of authority to transact insurance in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the office may levy a fine on any member insurer which fails to pay an assessment when due. Such fine may not exceed 5 percent of the unpaid assessment per month, except that no fine shall be less than $100 per month.
Terms Used In Florida Statutes 631.59
- Association: means the Florida Insurance Guaranty Association, Incorporated. See Florida Statutes 631.54
- Direct written premiums: means direct gross premiums written in this state on insurance policies to which this part applies, less return premiums thereon on such direct business. See Florida Statutes 631.54
- Insolvent insurer: means a member insurer authorized to transact insurance in this state, either at the time the policy was issued or when the insured event occurred, and against which an order of liquidation with a finding of insolvency has been entered by a court of competent jurisdiction if such order has become final by the exhaustion of appellate review. See Florida Statutes 631.54
- Member insurer: means any person who writes any kind of insurance to which this part applies under…. See Florida Statutes 631.54
(b) Revoke the designation of any servicing facility if it finds claims are being handled unsatisfactorily.