Florida Statutes 631.51 – Purposes
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 631.51
- Association: means the Florida Insurance Guaranty Association, Incorporated. See Florida Statutes 631.54
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
The purposes of this part are to:
(1) Provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders because of the insolvency of an insurer;
(2) Assist in the detection and prevention of insurer insolvencies;
(3) Create a nonprofit corporation to administer and supervise the operation of such association; and
(4) Assess the cost of such protection among insurers.