November 28, 2020
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       Florida Senate - 2010                                    SB 2232
       
       
       
       By Senator Richter
       
       
       
       
       37-01259A-10                                          20102232__
    1                        A bill to be entitled                      
    2         An act relating to guaranty associations; amending s.
    3         631.52, F.S.; expanding an exemption from the
    4         applicability of certain provisions of state law to
    5         include workers’ compensation claims under employer
    6         liability coverage; amending s. 631.54, F.S.;
    7         conforming the definition of “account” to changes made
    8         by the act; amending s. 631.55, F.S.; revising the
    9         structure of the Florida Insurance Guaranty
   10         Association by combining the auto liability and auto
   11         physical damage accounts; amending s. 631.57, F.S.;
   12         conforming cross-references; providing legislative
   13         intent; deleting provisions relating to classification
   14         and payment of emergency assessments; providing
   15         guidelines for the calculation of recoupment factors;
   16         authorizing an insurer to apply a recalculated
   17         recoupment factor under certain conditions; providing
   18         for the return of excess assessments and recoupment
   19         charges; providing that amounts recouped pursuant to
   20         specified provisions of state law are not premium and
   21         not subject to premium taxes, fees, or commissions;
   22         requiring that insurers treat failure to pay a
   23         recoupment charge as failure to pay the premium;
   24         requiring that an insurer file with the Office of
   25         Insurance Regulation a statement containing certain
   26         information within a specified period before applying
   27         a recoupment factor to any policies; authorizing an
   28         insurer to use a recoupment factor after the
   29         expiration of such period; providing that an insurer
   30         need submit only one such statement for all lines of
   31         business; requiring that an insurer file with the
   32         office an accounting report containing certain
   33         information within a specified period after the
   34         completion of the recoupment process; amending s.
   35         631.713, F.S.; expanding the application of certain
   36         provisions of state law to certain residents of other
   37         states who own certain insurance policies; expanding
   38         the list of contracts and policies to which certain
   39         provisions of state law do not apply; amending s.
   40         631.714, F.S.; revising the definition of “insolvent
   41         insurer” to remove the requirement that an order of
   42         liquidation become final by the exhaustion of
   43         appellate review; expanding the definition of
   44         “resident” to account for persons other than
   45         individuals and residents of foreign countries and
   46         United State possessions, territories, and
   47         protectorates; amending s. 631.717, F.S.; limiting a
   48         guaranty association’s liability for cash surrender,
   49         net cash withdrawal, and annuity benefits with respect
   50         to life insurance on any one life; authorizing an
   51         association to issue substitute coverage under certain
   52         circumstances; requiring that such alternate policy or
   53         contract meet certain criteria; creating s. 631.7295,
   54         F.S.; authorizing an association to succeed to the
   55         rights of an insolvent insurer arising after an order
   56         of liquidation or rehabilitation with regard to
   57         certain contracts of reinsurance; requiring that such
   58         an association pay all unpaid premiums due under the
   59         contract; amending s. 631.735, F.S.; providing that
   60         certain provisions of state law do not prohibit a
   61         licensed insurance agent from explaining the existence
   62         or function of the association to policyholders,
   63         prospects, or applicants for coverage; amending s.
   64         631.904, F.S.; clarifying the definition of “covered
   65         claim” to include unpaid claims under any employer
   66         liability coverage of a workers’ compensation policy
   67         limited to the lesser of a specified amount and the
   68         limits of the policy; providing an effective date.
   69  
   70  Be It Enacted by the Legislature of the State of Florida:
   71  
   72         Section 1. Section 631.52, Florida Statutes, is amended to
   73  read:
   74         631.52 Scope.—This part shall apply to all kinds of direct
   75  insurance, except:
   76         (1) Life, annuity, health, or disability insurance;
   77         (2) Mortgage guaranty, financial guaranty, or other forms
   78  of insurance offering protection against investment risks;
   79         (3) Fidelity or surety bonds, or any other bonding
   80  obligations;
   81         (4) Credit insurance, vendors’ single interest insurance,
   82  or collateral protection insurance or any similar insurance
   83  protecting the interests of a creditor arising out of a
   84  creditor-debtor transaction;
   85         (5) Warranty, including motor vehicle service, home
   86  warranty, or service warranty;
   87         (6) Ambulance service, health care service, or preneed
   88  funeral merchandise or service;
   89         (7) Optometric service plan, pharmaceutical service plan,
   90  or dental service plan;
   91         (8) Legal expense;
   92         (9) Health maintenance, prepaid health clinic, or
   93  continuing care;
   94         (10) Ocean marine or wet marine insurance;
   95         (11) Self-insurance and any kind of self-insurance fund,
   96  liability pool, or risk management fund;
   97         (12) Title insurance;
   98         (13) Surplus lines;
   99         (14) Workers’ compensation, including claims under employer
  100  liability coverage;
  101         (15) Any transaction or combination of transactions between
  102  a person, including affiliates of such person, and an insurer,
  103  including affiliates of such insurer, which involves the
  104  transfer of investment or credit risk unaccompanied by the
  105  transfer of insurance risk; or
  106         (16) Any insurance provided by or guaranteed by government.
  107         Section 2. Subsection (1) of section 631.54, Florida
  108  Statutes, is amended to read:
  109         631.54 Definitions.—As used in this part:
  110         (1) “Account” means any one of the three accounts created
  111  by s. 631.55.
  112         Section 3. Subsection (2) of section 631.55, Florida
  113  Statutes, is amended to read:
  114         631.55 Creation of the association.—
  115         (2) For the purposes of administration and assessment, the
  116  association shall be divided into two three separate accounts:
  117         (a) The auto liability and auto physical damage account;
  118  and
  119         (b)The auto physical damage account; and
  120         (b)(c) The account for all other insurance to which this
  121  part applies.
  122         Section 4. Subsection (3) of section 631.57, Florida
  123  Statutes, is amended to read:
  124         631.57 Powers and duties of the association.—
  125         (3)(a) To the extent necessary to secure the funds for the
  126  respective accounts for the payment of covered claims, to pay
  127  the reasonable costs to administer the same, and to the extent
  128  necessary to secure the funds for the account specified in
  129  s.631.55(2)(b) s. 631.55(2)(c) or to retire indebtedness,
  130  including, without limitation, the principal, redemption
  131  premium, if any, and interest on, and related costs of issuance
  132  of, bonds issued under s. 631.695 and the funding of any
  133  reserves and other payments required under the bond resolution
  134  or trust indenture pursuant to which such bonds have been
  135  issued, the office, upon certification of the board of
  136  directors, shall levy assessments in the proportion that each
  137  insurer’s net direct written premiums in this state in the
  138  classes protected by the account bears to the total of said net
  139  direct written premiums received in this state by all such
  140  insurers for the preceding calendar year for the kinds of
  141  insurance included within such account. Assessments shall be
  142  remitted to and administered by the board of directors in the
  143  manner specified by the approved plan. Each insurer so assessed
  144  shall have at least 30 days’ written notice as to the date the
  145  assessment is due and payable. Every assessment shall be made as
  146  a uniform percentage applicable to the net direct written
  147  premiums of each insurer in the kinds of insurance included
  148  within the account in which the assessment is made. The
  149  assessments levied against any insurer shall not exceed in any
  150  one year more than 2 percent of that insurer’s net direct
  151  written premiums in this state for the kinds of insurance
  152  included within such account during the calendar year next
  153  preceding the date of such assessments.
  154         (b) If sufficient funds from such assessments, together
  155  with funds previously raised, are not available in any one year
  156  in the respective account to make all the payments or
  157  reimbursements then owing to insurers, the funds available shall
  158  be prorated and the unpaid portion shall be paid as soon
  159  thereafter as funds become available.
  160         (c) The Legislature finds and declares that all assessments
  161  paid by an insurer or insurer group as a result of a levy by the
  162  office, including regular and emergency assessments, constitute
  163  advances of funds from the insurer to the association. The
  164  insurer is entitled to fully recoup such advances by applying a
  165  separate recoupment factor to the premium of policies of the
  166  same kind line or type as were considered by the office in
  167  determining the assessment liability of the insurer or insurer
  168  group. Assessments shall be included as an appropriate factor in
  169  the making of rates.
  170         (d) No state funds of any kind shall be allocated or paid
  171  to said association or any of its accounts.
  172         (e)1.a. In addition to assessments otherwise authorized in
  173  paragraph (a) and to the extent necessary to secure the funds
  174  for the account specified in s. 631.55(2)(b) s. 631.55(2)(c) for
  175  the direct payment of covered claims of insurers rendered
  176  insolvent by the effects of a hurricane and to pay the
  177  reasonable costs to administer such claims, or to retire
  178  indebtedness, including, without limitation, the principal,
  179  redemption premium, if any, and interest on, and related costs
  180  of issuance of, bonds issued under s. 631.695 and the funding of
  181  any reserves and other payments required under the bond
  182  resolution or trust indenture pursuant to which such bonds have
  183  been issued, the office, upon certification of the board of
  184  directors, shall levy emergency assessments upon insurers
  185  holding a certificate of authority. The emergency assessments
  186  payable under this paragraph by any insurer shall not exceed in
  187  any single year more than 2 percent of that insurer’s direct
  188  written premiums, net of refunds, in this state during the
  189  preceding calendar year for the kinds of insurance within the
  190  account specified in s. 631.55(2)(b) s. 631.55(2)(c).
  191         b. Any emergency assessments authorized under this
  192  paragraph shall be levied by the office upon insurers referred
  193  to in sub-subparagraph a., upon certification as to the need for
  194  such assessments by the board of directors. In the event the
  195  board of directors participates in the issuance of bonds in
  196  accordance with s. 631.695, emergency assessments shall be
  197  levied in each year that bonds issued under s. 631.695 and
  198  secured by such emergency assessments are outstanding, in such
  199  amounts up to such 2-percent limit as required in order to
  200  provide for the full and timely payment of the principal of,
  201  redemption premium, if any, and interest on, and related costs
  202  of issuance of, such bonds. The emergency assessments provided
  203  for in this paragraph are assigned and pledged to the
  204  municipality, county, or legal entity issuing bonds under s.
  205  631.695 for the benefit of the holders of such bonds, in order
  206  to enable such municipality, county, or legal entity to provide
  207  for the payment of the principal of, redemption premium, if any,
  208  and interest on such bonds, the cost of issuance of such bonds,
  209  and the funding of any reserves and other payments required
  210  under the bond resolution or trust indenture pursuant to which
  211  such bonds have been issued, without the necessity of any
  212  further action by the association, the office, or any other
  213  party. To the extent bonds are issued under s. 631.695 and the
  214  association determines to secure such bonds by a pledge of
  215  revenues received from the emergency assessments, such bonds,
  216  upon such pledge of revenues, shall be secured by and payable
  217  from the proceeds of such emergency assessments, and the
  218  proceeds of emergency assessments levied under this paragraph
  219  shall be remitted directly to and administered by the trustee or
  220  custodian appointed for such bonds.
  221         c. Emergency assessments under this paragraph may be
  222  payable in a single payment or, at the option of the
  223  association, may be payable in 12 monthly installments with the
  224  first installment being due and payable at the end of the month
  225  after an emergency assessment is levied and subsequent
  226  installments being due not later than the end of each succeeding
  227  month.
  228         d. If emergency assessments are imposed, the report
  229  required by s. 631.695(7) shall include an analysis of the
  230  revenues generated from the emergency assessments imposed under
  231  this paragraph.
  232         e. If emergency assessments are imposed, the references in
  233  sub-subparagraph (1)(a)3.b. and s. 631.695(2) and (7) to
  234  assessments levied under paragraph (a) shall include emergency
  235  assessments imposed under this paragraph.
  236         2.In order to ensure that insurers paying emergency
  237  assessments levied under this paragraph continue to charge rates
  238  that are neither inadequate nor excessive, within 90 days after
  239  being notified of such assessments, each insurer that is to be
  240  assessed pursuant to this paragraph shall submit a rate filing
  241  for coverage included within the account specified in s.
  242  631.55(2)(c) and for which rates are required to be filed under
  243  s. 627.062. If the filing reflects a rate change that, as a
  244  percentage, is equal to the difference between the rate of such
  245  assessment and the rate of the previous year’s assessment under
  246  this paragraph, the filing shall consist of a certification so
  247  stating and shall be deemed approved when made. Any rate change
  248  of a different percentage shall be subject to the standards and
  249  procedures of s. 627.062.
  250         2.3.If In the event the board of directors participates in
  251  the issuance of bonds in accordance with s. 631.695, an annual
  252  assessment under this paragraph shall continue while the bonds
  253  issued with respect to which the assessment was imposed are
  254  outstanding, including any bonds the proceeds of which were used
  255  to refund bonds issued pursuant to s. 631.695, unless adequate
  256  provision has been made for the payment of the bonds in the
  257  documents authorizing the issuance of such bonds.
  258         4.Emergency assessments under this paragraph are not
  259  premium and are not subject to the premium tax, to any fees, or
  260  to any commissions. An insurer is liable for all emergency
  261  assessments that the insurer collects and shall treat the
  262  failure of an insured to pay an emergency assessment as a
  263  failure to pay the premium. An insurer is not liable for
  264  uncollectible emergency assessments.
  265         (f) The recoupment factor applied to policies in accordance
  266  with paragraph (c) shall be selected by the insurer or insurer
  267  group so as to provide for the probable recoupment of both
  268  regular and emergency assessments over a period of 12 months,
  269  unless the insurer or insurer group, at its option, elects to
  270  recoup the assessment over a longer period. The recoupment
  271  factor shall apply to all policies of the same kind, line, or
  272  type as were considered by the office in determining the
  273  assessment liability of the insurer or insurer group issued or
  274  renewed during a 12-month period. If the insurer or insurer
  275  group does not collect the full amount of the assessment during
  276  one 12-month period, the insurer or insurer group may apply
  277  recalculated recoupment factors to policies issued or renewed
  278  during one or more succeeding 12-month periods. If, at the end
  279  of a 12-month period, the insurer or insurer group has collected
  280  more than the amount of the assessment, all excess amounts
  281  collected by the insurer or insurer group shall be remitted to
  282  the association. Recoupment charges collected by an insurer or
  283  insurer group in excess of the assessment amount paid to the
  284  association shall be remitted to the association within 60 days
  285  after the end of the calendar year in which the excess
  286  recoupment charges were collected. The association may use such
  287  excess recoupment amounts submitted to reduce future
  288  assessments.
  289         (g) Amounts recouped under this subsection are not premium
  290  and are not subject to premium taxes, fees, or commissions.
  291  However, insurers shall treat the failure of an insured to pay a
  292  recoupment charge as a failure to pay the premium.
  293         (h) At least 15 days before applying the recoupment factor
  294  to any policies, the insurer or insurer group shall file with
  295  the office a statement for informational purposes only setting
  296  forth the amount of the recoupment factor and an explanation of
  297  how the recoupment factor will be applied. Such statement shall
  298  include documentation of the assessment paid by the insurer or
  299  insurer group and the arithmetic calculations supporting the
  300  recoupment factor. The insurer or insurer group may use the
  301  recoupment factor at any time after the expiration of the 15-day
  302  period. The insurer or insurer group need submit only one
  303  informational statement for all lines of business using the same
  304  recoupment factor.
  305         (i) No later than 90 days after the insurer or insurer
  306  group has completed the recoupment process, it shall file with
  307  the office, for information purposes only, a final accounting
  308  report documenting the recoupment. The report shall provide the
  309  amounts of assessments paid by the insurer or insurer group, the
  310  amounts and percentages recouped by year from each affected line
  311  of business, and the direct written premium subject to
  312  recoupment by year. The insurer or insurer group need submit
  313  only one informational statement for all lines of business using
  314  the same recoupment factor.
  315         Section 5. Paragraph (b) of subsection (2) of section
  316  631.713, Florida Statutes, is amended, paragraphs (n), (o), and
  317  (p) are added to subsection (3) of that section, and subsection
  318  (5) is added to that section, to read:
  319         631.713 Application of part.—
  320         (2) Coverage under this part shall be provided to:
  321         (b) Persons who are owners of or certificateholders under
  322  such policies or contracts, and who:
  323         1. Are residents of this state; or
  324         2. Are residents of other states, but only if:
  325         a. The insurers which issued such policies or contracts are
  326  domiciled in this state;
  327         b. Such insurers were not licensed never held a license or
  328  certificate of authority in the states in which such persons
  329  reside at the time specified in a state’s guaranty association
  330  law as necessary for coverage by that states association;
  331         c. Such other states have associations similar to the
  332  association created by this part; and
  333         d. Such persons are not eligible for coverage by such
  334  associations.
  335         (3) This part does not apply to:
  336         (n) A portion of a policy or contract, to the extent that
  337  the rate of interest on which it is based, or the interest rate,
  338  crediting rate, or similar factor determined by use of an index
  339  or other external reference stated in the policy or contract
  340  employed in calculating returns or changes in value:
  341         1. Averaged over the period of 4 years immediately
  342  preceding the date on which the member insurer becomes an
  343  impaired or insolvent insurer under this part, whichever is
  344  earlier, exceeds the rate of interest determined by subtracting
  345  2 percentage points from Moody’s Corporate Bond Yield Average
  346  averaged for that same 4-year period or for such lesser period
  347  if the policy or contract was issued less than 4 years before
  348  the member insurer becomes an impaired or insolvent insurer
  349  under this part, whichever is earlier; and
  350         2. On and after the date on which the member insurer
  351  becomes an impaired or insolvent insurer under this part,
  352  whichever is earlier, exceeds the rate of interest determined by
  353  subtracting 3 percentage points from the most current version of
  354  Moody’s Corporate Bond Yield Average.
  355         (o) A portion of a policy or contract to the extent it
  356  provides for interest or other changes in value to be determined
  357  by the use of an index or other external reference stated in the
  358  policy or contract, but which have not been credited to the
  359  policy or contract, or as to which the policy or contract
  360  owner’s rights are subject to forfeiture, as of the date the
  361  member insurer becomes an impaired or insolvent insurer under
  362  this part, whichever is earlier. However, if the interest or
  363  change in value determined by using the procedures defined in
  364  the policy or contract will be credited as if the contractual
  365  date of crediting interest or changing value were the date of
  366  impairment or insolvency, whichever is earlier, and any interest
  367  or change in value shall not be subject to forfeiture.
  368         (p) A policy or contract providing any hospital, medical,
  369  prescription drug, or other health care benefits pursuant to
  370  Medicare Part C or D or any regulations issued pursuant to
  371  Medicare Part C or D.
  372         (5) Notwithstanding any other provisions of this part, this
  373  part includes coverage to a person who is a payee under a
  374  structured settlement annuity, or a beneficiary if the payee is
  375  deceased, with a coverage limit of $300,000 by the association,
  376  if:
  377         (a) The payee is a resident of this state, regardless of
  378  where the contract owner resides; and
  379         (b) Neither the payee, beneficiary, nor contract owner is
  380  eligible for coverage by the association of the state in which
  381  the contract owner resides.
  382         Section 6. Subsections (6) and (10) of section 631.714,
  383  Florida Statutes, are amended to read:
  384         631.714 Definitions.—As used in this part, the term:
  385         (6) “Insolvent insurer” means a member insurer authorized
  386  to transact insurance in this state, either at the time the
  387  policy was issued or when the insured event occurred, and
  388  against which an order of liquidation with a finding of
  389  insolvency has been entered by a court of competent
  390  jurisdiction, if such order has become final by the exhaustion
  391  of appellate review.
  392         (10) “Resident” means any person who resides in this state
  393  at the time a member insurer is determined to be an impaired or
  394  insolvent insurer and to whom contractual obligations are owed
  395  by such impaired or insolvent member insurer. A person may be a
  396  resident of only one state, which in the case of a person other
  397  than an individual shall be the person’s principal place of
  398  business. Citizens of the United States who are residents of
  399  foreign countries or United States possessions, territories, or
  400  protectorates that do not have an association similar to the
  401  guaranty association created by this part, shall be deemed
  402  residents of the state of domicile of the insurer issuing the
  403  policies or contracts.
  404         Section 7. Subsection (9) of section 631.717, Florida
  405  Statutes, is amended, and paragraph (g) is added to subsection
  406  (12) of that section, to read:
  407         631.717 Powers and duties of the association.—
  408         (9) The association’s liability for the contractual
  409  obligations of the insolvent insurer shall be as great as, but
  410  no greater than, the contractual obligations of the insurer in
  411  the absence of such insolvency, unless such obligations are
  412  reduced as permitted by subsection (4), but the aggregate
  413  liability of the association shall not exceed $100,000 in net
  414  cash surrender and net cash withdrawal values for life
  415  insurance, $250,000 in present value of annuity benefits,
  416  including cash surrenders and net cash withdrawals, or $300,000
  417  for all benefits including cash values, with respect to any one
  418  life. In no event shall the association be liable for any
  419  penalties or interest.
  420         (12)
  421         (g) In carrying out its duties in connection with
  422  guaranteeing, assuming, or reinsuring policies or contracts
  423  under subsections (2) and (3), the association may, subject to
  424  approval of the receivership court, issue substitute coverage
  425  for a policy or contract that provides an interest rate,
  426  crediting rate, or similar factor determined by use of an index
  427  or other external reference stated in the policy or contract
  428  employed in calculating returns or changes in value by issuing
  429  an alternative policy or contract. In lieu of the index or other
  430  external reference provided for in the original policy or
  431  contract, the alternative policy or contract must provide for a
  432  fixed interest rate, payment of dividends with minimum
  433  guarantees, or a different method for calculating interest or
  434  changes in value. In such case:
  435         1. There is no requirement for evidence of insurability,
  436  waiting period, or other exclusion that would not have applied
  437  under the replaced policy or contract; and
  438         2. The alternative policy or contract shall be
  439  substantially similar to the replaced policy or contract in all
  440  other material terms.
  441         Section 8. Section 631.7295, Florida Statutes, is created
  442  to read:
  443         631.7295Reinsurance.—With respect to covered policies for
  444  which the association becomes obligated after an entry of an
  445  order of liquidation or rehabilitation, the association may
  446  elect to succeed to the rights of the insolvent insurer arising
  447  after the order of liquidation or rehabilitation under any
  448  contract of reinsurance to which the insolvent insurer was a
  449  party, to the extent that such contract provides coverage for
  450  losses occurring after the date of the order of liquidation or
  451  rehabilitation. As a condition to making such election, the
  452  association must pay all unpaid premiums due under the contract
  453  for coverage relating to periods before and after the date on
  454  which the order of liquidation or rehabilitation was entered.
  455         Section 9. Section 631.735, Florida Statutes, is amended to
  456  read:
  457         631.735 Prohibited advertisement of Florida Life and Health
  458  Insurance Guaranty Association Act in sale of insurance.—No
  459  person shall make, publish, disseminate, circulate, or place
  460  before the public, or cause directly or indirectly to be made,
  461  published, disseminated, circulated, or placed before the
  462  public, in any newspaper, magazine, or other publication, or in
  463  the form of a notice, circular, pamphlet, letter, or poster, or
  464  over any radio station or television station, or in any other
  465  way, any advertisement, announcement, or statement which uses
  466  the existence of the Insurance Guaranty Association of this
  467  state for the purpose of sales, solicitation, or inducement to
  468  purchase any form of insurance covered by the Florida Life and
  469  Health Insurance Guaranty Association Act. However, this section
  470  does shall not apply to the Florida Life and Health Insurance
  471  Guaranty Association or any other entity that which does not
  472  sell or solicit insurance, and does not prohibit a duly licensed
  473  insurance agent from explaining the existence or function of the
  474  association to policyholders, prospects, or applicants for
  475  coverage.
  476         Section 10. Subsection (2) of section 631.904, Florida
  477  Statutes, is amended to read:
  478         631.904 Definitions.—As used in this part, the term:
  479         (2) “Covered claim” means an unpaid claim, including a
  480  claim for return of unearned premiums, which arises out of, is
  481  within the coverage of, and is not in excess of the applicable
  482  limits of, an insurance policy to which this part applies, which
  483  policy was issued by an insurer and which claim is made on
  484  behalf of a claimant or insured who was a resident of this state
  485  at the time of the injury. The term “covered claim” includes
  486  unpaid claims under any employer liability coverage of a
  487  workers’ compensation policy limited to the lesser of $300,000
  488  and the limits of the policy. The term “covered claim” does not
  489  include any amount sought as a return of premium under any
  490  retrospective rating plan; any amount due any reinsurer,
  491  insurer, insurance pool, or underwriting association, as
  492  subrogation recoveries or otherwise; any claim that would
  493  otherwise be a covered claim that has been rejected by any other
  494  state guaranty fund on the grounds that the insured’s net worth
  495  is greater than that allowed under that state’s guaranty fund or
  496  liquidation law, except this exclusion from the definition of
  497  covered claim shall not apply to employers who, prior to April
  498  30, 2004, entered into an agreement with the corporation
  499  preserving the employer’s right to seek coverage of claims
  500  rejected by another state’s guaranty fund; or any return of
  501  premium resulting from a policy that was not in force on the
  502  date of the final order of liquidation. Member insurers have no
  503  right of subrogation against the insured of any insolvent
  504  insurer. This provision shall be applied retroactively to cover
  505  claims of an insolvent self-insurance fund resulting from
  506  accidents or losses incurred prior to January 1, 1994,
  507  regardless of the date the petition in circuit court was filed
  508  alleging insolvency and the date the court entered an order
  509  appointing a receiver.
  510         Section 11. This act shall take effect upon becoming a law.

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