Florida Statutes Part II - Florida Insurance Guaranty Of Payments (Ss. 631.50-631.70)
- 631.50 - Title.
This part shall be known and may be cited as the “Florida Insurance Guaranty Association Act.”History.—s. 1, ch. 70-20; s. 809(1st), ch. 82-243; ss. 187,...
- 631.51 - Purposes.
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...
- 631.52 - Scope.
This part shall apply to all kinds of direct insurance, except:(1) Life, annuity, health, or disability insurance;(2) Mortgage guaranty, financial guaranty, or other forms of insurance offering...
- 631.53 - Construction.
This part shall be liberally construed to effect the purposes set forth in s. 631.51, which shall constitute an aid and guide to interpretation.History.—s. 4,...
- 631.54 - Definitions.
As used in this part:(1) “Account” means one of the accounts created by s. 631.55.(2) “Assessment year” means the 12-month period, which may begin on the first...
- 631.55 - Creation Of The Association.
(1) There is created a nonprofit corporation to be known as the “Florida Insurance Guaranty Association, Incorporated.” All insurers defined as member insurers in s. 631.54...
- 631.56 - Board Of Directors.
(1) The board of directors of the association shall consist of not less than five or more than nine persons serving terms as established in the...
- 631.57 - Powers And Duties Of The Association.
(1) The association shall:(a)1. Be obligated to the extent of the covered claims existing:a. Prior to adjudication of insolvency and arising within 30 days after the determination of...
- 631.58 - Plan Of Operation.
(1)(a) The association shall submit to the department a proposed plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable, and...
- 631.582 - Public Records Exemption.
(1) The following records of the Florida Insurance Guaranty Association are confidential and exempt from s. 119.07(1) and s. 24(a), Art. I of the State Constitution:(a) Claims...
- 631.59 - Duties And Powers Of Department And Office.
(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...
- 631.60 - Effect Of Paid Claims.
(1) Any person recovering under this part shall be deemed to have assigned her or his rights under the policy to the association to the extent...
- 631.61 - Nonduplication Of Recovery.
(1) Any person having a claim against an insurer under any provision in an insurance policy other than a policy of an insolvent insurer which is...
- 631.62 - Prevention Of Insolvencies.
To aid in the detection and prevention of insurer insolvencies:(1) It shall be the duty of the board of directors, upon majority vote, to notify the...
- 631.63 - Examination Of The Association.
The association shall be subject to examination and regulation by the department. The board of directors shall submit, not later than March 30 of each...
- 631.64 - Recognition Of Assessments.
Charges or recoupments shall be separately displayed on premium statements to enable policyholders to determine the amount charged for association assessments but may not be...
- 631.65 - Advertisement Or Solicitation.
An advertisement or a solicitation that uses the existence of the association for the purpose of sales, solicitation, or inducement to purchase any form of...
- 631.66 - Immunity.
There shall be no liability on the part of, and no cause of action of any nature shall arise against, any member insurer, the association...
- 631.67 - Stay Of Proceedings; Reopening Of Default Judgments.
All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court or before any quasi-judicial body...
- 631.68 - Limitation; Certain Actions.
A covered claim as defined herein with respect to which settlement is not effected and suit is not instituted against the insured of an insolvent...
- 631.695 - Revenue Bond Issuance Through Counties Or Municipalities.
(1) The Legislature finds:(a) The potential for widespread and massive damage to persons and property caused by hurricanes making landfall in this state can generate insurance claims...
- 631.70 - Attorney’s Fee.
The provisions of s. 627.428 providing for an attorney’s fee shall not be applicable to any claim presented to the association under the provisions of...
Last modified: September 23, 2016