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The Florida Statutes

The 2001 Florida Statutes

Chapter 631
Insurer Insolvency; Guaranty Of Payment
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Section 631.001, Florida Statutes 2001

631.001  Title, construction, and purpose.--

(1)  This part constitutes and may be cited as the "Insurers Rehabilitation and Liquidation Act."

(2)  This part may not be interpreted to limit the powers granted the Department of Insurance by other provisions of law.

(3)  This part shall be liberally construed to effect the purpose stated in subsection (4).

(4)  The purpose of this part is the protection of the interests of insureds, creditors, and the public generally, through:

(a)  Early detection of any potentially dangerous condition in an insurer and prompt application of appropriate corrective measures which are neither unduly harsh nor subject to unwarranted publicity needlessly damaging to the insurer;

(b)  Improved methods for rehabilitating insurers, which methods involve the cooperation and management expertise of the insurance industry;

(c)  Enhanced efficiency and economy of liquidation through clarification and specification of the law to minimize legal uncertainty and litigation;

(d)  Equitable apportionment of any unavoidable loss; and

(e)  Lessening the problems of interstate rehabilitation and liquidation by facilitating cooperation between states in the liquidation process and by extension of the scope of personal jurisdiction over debtors of the insurer outside this state.

(5)  The Insurers Rehabilitation and Liquidation Act shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which in substance and effect enact the Insurers Rehabilitation and Liquidation Act. To the extent that the provisions of the Insurers Rehabilitation and Liquidation Act, when applicable, conflict with other provisions of this chapter, the provisions of such act shall control.

History.--s. 737, ch. 59-205; s. 1, ch. 70-27; s. 1, ch. 70-439; s. 809(1st), ch. 82-243; s. 1, ch. 83-38; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429.

Note.--Consolidation of s. 631.001 and former s. 631.211.

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