August 04, 2020
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The Florida Statutes

The 2001 Florida Statutes

Chapter 631
Insurer Insolvency; Guaranty Of Payment
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Section 631.59, Florida Statutes 2001

631.59  Duties and powers of Department of Insurance.--

(1)  The department shall:

(a)  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; and

(b)  Upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer.

(2)  The department may:

(a)  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 publication in a newspaper of general circulation shall be sufficient.

(b)  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 department 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.

(c)  Revoke the designation of any servicing facility if it finds claims are being handled unsatisfactorily.

History.--s. 10, ch. 70-20; s. 21, ch. 78-95; s. 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429.

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